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Axalta to explore sale of company as it reviews 'strategic alternatives'

Michelle Caffrey
Axalta to explore sale of company as it reviews 'strategic alternatives'

Axalta Coating Systems is exploring a potential sale of the company, as it initiates a "comprehensive review of strategic alternatives to maximize shareholder value." Axalta, which was called DuPont Performance Coatings when the Carlyle Group bought it from DuPont for $4.9 billion in 2013, employs more than 14,000 worldwide, including about 600 across offices in Philadelphia, its Navy Yard, Exton and Glen Mills. Carlyle sold its final stake in the vehicle coatings company in 2016, and Warren Buffet's Berkshire Hathaway Inc. is now its largest investor, owning 10% of outstanding shares. The review committee will be led by Axalta (NYSE: AXTA) independent director Mark Garrett along with Samuel Smolik, also an independent director, and CEO Robert Bryant.