West Palm Beach, FL - Jacuzzi Brands, Inc. has agreed to sell its Eljer Plumbingware business to an affiliate of private investment firm Sun Capital Partners, Inc., the company announced.
The transaction was expected to close by early this month. Terms were not disclosed.
The Dallas-based Eljer, part of Jacuzzi's Consumer Bath Division, manufactures a line of ceramic, composite and iron sanitaryware, including bathtubs, toilets, bidets, sinks and faucets. During its last fiscal year, the company recorded an operating loss of $30.7 million on sales of $150.5 million.
According to Jacuzzi, the buyer will assume substantially all current assets and liabilities of Eljer, the long-term retiree medical liability and certain other liabilities, as well as the company's Ford, PA and Tupelo, MS manufacturing facilities.
The publicly traded Jacuzzi said the move is aimed at realigning the company to "better focus" on the Jacuzzi and Zurn brands.
Bud Terry, managing director of Sun Capital, said the new owner intends to operate Eljer as a stand-alone company and maintain the corporate presence in Dallas.
Sun Capital Partners' holdings are in excess of $20 billion, according to the company.