News
American Standard Companies Sells Bath and Kitchen Business
The kitchen and bath industry has a major sale in the making. Manufacturer American Standard Companies has entered into an agreement to sell its worldwide Bath and Kitchen business to private investment firm Bain Capital Partners. The deal is for 1.76 billion in cash.
With the sale, slated to close early in the fourth quarter, Bain Capital will own all of American Standard’s Bath and Kitchen business, which carries 2006 annual sales of $2.4 billion, 26,000 employees, and 54 production facilities in 23 countries worldwide. Brands affected by the transaction include American Standard, Ideal Standard, Armitage Shanks, Porcher, Jado, Ceramica Dolomite, and Vidima.
The move will enable American Standard–which will change its name to Trane, the flagship brand of its global Air Conditioning Systems and Services business–to repurchase common stock and reduce debt, in order to keep the company at investment-grade standards.
via interiordesign
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