LIXIL Completes Acquisition of ASD Americas Holding Corp.
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®.
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