DuPont 2012 Annual Report Download - page 19
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continued
Divestiture of Performance CoatingsIn third quarter 2012, the company entered into a definitive agreement with Flash Bermuda Co. Ltd., a Bermuda
exempted limited liability company formed by affiliates of The Carlyle Group (collectively referred to as "Carlyle") in which Carlyle agreed to purchase certain
subsidiaries and assets comprising the company's Performance Coatings business for approximately $4.9 billion in cash and the assumption of certain
liabilities. On February 1, 2013, the sale of Performance Coatings was completed, resulting in about $4.0 billion in after-tax proceeds.
In accordance with GAAP, the results of Performance Coatings are presented as discontinued operations and, as such, have been excluded from continuing
operations and segment results for all periods presented. See Note 2 to the Consolidated Financial Statements for additional information.
Acquisition of DaniscoIn 2011, the company acquired Danisco in a transaction valued at $6.4 billion, plus net debt assumed of $0.6 billion. As part of
this acquisition, DuPont incurred $85 million in transaction related costs during 2011, which were recorded in costs of goods sold and other operating
charges. In 2011, the businesses acquired from Danisco contributed net sales of $1.7 billion and net income attributable to DuPont of $(7) million, which
excludes $30 million after-tax ($39 million pre-tax) of additional interest expense related to the debt issued to finance the acquisition. Danisco's contributions
included a $125 million after-tax ($175 million pre-tax) charge related to the fair value step-up of inventories acquired and sold during 2011. See Note 4 to the
Consolidated Financial Statements for additional information.
(Dollars in millions)
$34,812 $ 33,681 $ 27,700
2012 versus 2011 The table below shows a regional breakdown of 2012 consolidated net sales based on location of customers and percentage variances from
prior year:
(Dollars in billions)
Worldwide $34.8 3 4 (2)(2)3
U.S. & Canada 14.2 8 6 — — 2
EMEA 8.1 (1)3(6) (4) 6
Asia Pacific 8.0 (4)(1)(1) (5) 3
Latin America 4.5 11 9 (5) 5 2
Sales increased 3 percent, reflecting a 3 percent net increase from portfolio changes, principally the Danisco acquisition, and 4 percent higher local prices,
partly offset by 2 percent lower volume and a 2 percent negative currency impact. The 2 percent decline in worldwide sales volume principally reflects higher
Agriculture, Nutrition & Health, and Industrial Biosciences volume, more than offset by lower volume for the other segments combined, particularly
Performance Chemicals. Higher local prices were driven principally by increases for seeds, titanium dioxide, and specialty polymers. Currency effect
primarily reflects the weaker Euro and Brazilian Real. Sales in developing markets of $11.9 billion improved 6 percent from 2011, and the percentage of total
company sales in these markets increased to 34 percent from 33 percent in 2011.
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