DuPont (NYSE:DD) is reportedly considering a sale of its performance coatings division.
Bloomberg News first reported that the company is exploring a sale of the division, which makes auto paints, that may total as much as $4 billion.
Bloomberg said DuPont has hired Credit Suisse (NYSE:CS) to look for potential buyers, and that it has hired Greenhill & Co. to separately handle a sale of a powder-coatings unit within the division.
Bloomberg noted that the performance coatings business accounted for 12% of DuPont’s $31.5 billion in revenue last year.
Transportation coatings competitors – and potential strategic buyers – include PPG Industries (NYSE:PPG), BASF and Akzo Nobel, according to reports.
DuPont sells its coatings to auto producers like Ford (NYSE:F) and General Motors (NYSE:GM) as well as auto paint refinishers.
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