LIXIL to Acquire Parent of American Standard Brands

July 05, 2013

LIXIL Corporation has reached a definitive agreement to acquire 100 percent of the share capital of ASD Americas Holding Corp., the parent company of American Standard Brands at an enterprise value of $542 million from an affiliate of Sun Capital Partners, Inc.

On completion of the transaction, which is subject to regulatory approval, American Standard will remain headquartered in the U.S. and continue operating all existing facilities.

“American Standard is the leader in the kitchen and bath products market with a deep history of more than 130 years,” said Yoshiaki Fujimori, president of LIXIL Corp. “LIXIL is targeting one trillion JPY sales revenue in its international businesses, with the goal for the international business to grow to approximately 30 percent of total LIXIL Group revenues. American Standard will serve as a key platform for LIXIL as we continue to fulfill our ambitions to become a worldwide leader in the building materials and housing equipment market. LIXIL already owns American Standard Brands in the Asia Pacific market, and this transaction will strengthen the brand and the company’s considerable manufacturing capabilities and technological best practices.”

“This transaction marks an exciting chapter in our 137-year history,” said Jay D. Gould, American Standard Brands president and CEO. “We and our customers will surely benefit by combining LIXIL’s quality control, manufacturing technology and product development with American Standard’s sales networks, and I believe these will help the company maintain our position as a market leader.”

“The market leadership that American Standard enjoys today has been fueled by considerable operational improvements, an expanded product platform achieved through four strategic acquisitions and a commitment to innovation,” said Marc Leder, co-CEO at Sun Capital, a leading private investment firm specializing in leveraged buyouts and investments in market–leading companies. “I expect LIXIL will continue to invest in these strategies and that the combined technology and product development capabilities of American Standard and LIXIL will ensure significant progress in the years ahead.”
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