TOKYO, Japan – LIXIL Corporation, Japan's largest manufacturer group for building materials and housing equipment today announced that it has reached a definitive agreement to acquire 100% of the share capital of ASD Americas Holding Corp., the parent company of NJ-based American Standard Brands for $542 million from an affiliate of Sun Capital Partners, Inc.
American Standard is a leading North American manufacturer of a wide range of kitchen and bath products. Upon completion of the transaction, which is subject to regulatory approval, the company will remain headquartered in the U.S., and continue operating all existing facilities.
LIXIL Group, a $15.3 billion building products company, has been actively expanding its global business. Its' global operations are present in more than 30 countries. The addition of American Standard will provide LIXIL with greater scale and more opportunities in North America, and will continue the growth of the international business towards its mid-term goals.
Yoshiaki Fujimori, president of LIXIL Corporation, said, “American Standard is the leader in the kitchen and bath products market, with a deep history of more than 130 years. LIXIL is targeting 1 trillion JPY 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 the American Standard Brand 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 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.”