TOKYO, Aug. 20, 2013 /PRNewswire/ -- LIXIL
Corporation (Headquarters: Tokyo,
Japan; President: Yoshiaki
Fujimori), acquired yesterday for an enterprise value of
$542 million (¥53.1 billion,
$1=¥98) 100% of the share capital of
ASD Americas Holding Corp., the parent company of American Standard
Brands (Headquarters: New Jersey,
US; President and CEO: Jay Gould,
hereafter called "American Standard Brands") . The shares were
acquired from an affiliate of Sun Capital Partners, Inc.
LIXIL Group has been actively expanding its global business. In
North America, Permasteelisa
Group, a high-end curtain wall contractor owned by LIXIL Group, has
existing revenues of approximately ¥39 billion (1euro=¥130) . The addition of American Standard
Brands, a leading North American manufacturer of a wide range of
high quality kitchen and bath products, will provide LIXIL with
greater scale and more opportunities in North America, and this transaction will
strengthen the company's considerable manufacturing capabilities
and technological best practices. LIXIL Group's international sales
are expected to increase to approximately ¥350 billion comprising
approximately 20% of LIXIL Group revenues.
About LIXIL Corporation
Led by President and CEO
Yoshiaki Fujimori, LIXIL Group
Corporation (TSE Code: 5938) is a listed holding company posting
¥1.4 trillion in consolidated sales in FY2012. The Group engages in
a broad spectrum of housing businesses, ranging from the
manufacture and sales of building materials and housing equipment
to the operation of home centers and a network of homebuilding
franchises.
LIXIL Corporation, a consortium of building material companies,
is a core enterprise of the Group generating 80% of consolidated
sales. The largest housing and building materials company in
Japan with a vast and unique
business portfolio, it is a leader in eight market categories, with
a 55% share in exteriors, 50% share in housing sashes and doors,
50% share in curtain walls and 40% share in sanitary wares. LIXIL
is also a leading brand in tiles, washstand cabinet units, and
bathroom and kitchen units.
Launched in April 2011 under its
present structure and name, LIXIL has been active in strategic
acquisitions and partnerships in order to fortify and accelerate
its growth in foreign markets. It currently operates in more than
30 countries through premium brands offered over a broad product
lineup and services. Permasteelisa, Gartner and Shanghai Meite, for
example, spearhead our project business (building materials and
curtain walls), while LIXIL, American Standard Asia Pacific, Inax
and Tostem are power players that feature an impressive brand
portfolio including kitchen units, bathroom fixtures, windows and
doors. For more information about LIXIL, please visit
http://global.lixil.co.jp/
About American Standard Brands
American Standard
Brands is a leading manufacturer of a wide range of high-quality
kitchen and bath products for residential and commercial customers
in the North America, Canada and Mexico. The company employs more than 5,000
people and markets products under the brand names of American
Standard®, Jado®, Porcher®, Safety Tubs®, Crane Plumbing®, Eljer®,
Fiat® and Decorative Panels International®.
For more information about American Standard Brands, visit:
www.americanstandard.com/
twitter.com/AmStandard
www.facebook.com/AmericanStandardPlumbing
About Sun Capital Partners, Inc
Sun Capital Partners, Inc. is a leading private investment firm
focused on leveraged buyouts, equity, debt, and other investments
in companies that can benefit from its in–house operating
professionals and experience. Sun Capital affiliates have invested
in more than 325 companies worldwide with combined sales in excess
of $45 billion since Sun Capital's
inception in 1995. Sun Capital has offices in Boca Raton, Los
Angeles, and New York, as
well as affiliates in London,
Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit
www.SunCapPart.com.
SOURCE LIXIL Corporation