The Carlyle Group (Washington) has agreed to purchase DuPont’s performance coatings unit (DPC) for $4.9 billion in cash.

DuPont’s performance coatings unit is a global supplier of vehicle and industrial coating systems with 2011 sales of $4.3 billion, pretax operating income of $271 million, and more than 11,000 employees. More than 75% of the unit’s 2011 sales were outside U.S.

“DuPont Performance Coatings is a successful business with attractive market positions, next-generation technology, and established brands,” says Greg Ledford, Carlyle managing director and head of the industrial and transportation team. “Through targeted investments, we will support DPC’s product development and growth objectives as it transitions to a stand-alone company. We look forward to working with management to fully realize [its] great potential.”

The transaction is expected to close in first-quarter 2013, subject to customary closing conditions and regulatory approvals.

“We have determined that [performance coatings] full growth potential would be best realized outside DuPont and through the sale to Carlyle,” says DuPont chair and CEO Ellen Kullman. “This transaction is consistent with our … long-term strategy of driving competitive advantages in agriculture and nutrition, advanced materials, and biotechnology, which represent high-growth, high-margin opportunities.”

DuPont says it will use the net after-tax proceeds from the sale “in a manner consistent with its cash deployment principles and goal to maximize shareholder value creation.”

DuPont says it plans to eliminate corporate overhead costs previously allocated to the performance coatings business and will provide additional detail during its third-quarter earnings announcement. Carlyle will assume $250 million of DuPont’s unfunded pension liabilities as part of the transaction.

DuPont says it remains committed to serving the automotive sector. Following the closing of this transaction, DuPont will generate more than $3 billion in sales of advanced materials to the auto industry. DuPont’s remaining automotive products include engineering plastics, refrigerants, and next-generation biofuels.