LIXIL to Acquire American Standard
LIXIL Corp. recently announced it has reached a definitive agreement to acquire 100% 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. American Standard will remain headquartered in the U.S. and will continue to operate 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. “LIXIL is targeting ¥1 trillion (~ $10 billion) sales revenue in its international businesses, with the goal for the international business to grow to approximately 30% 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, president and CEO of American Standard Brands. “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.”