Monday, July 23, 2007

Bain Buys American Standard's Bath & Kitchen Business for $1.76 Billion

American Standard is selling its bath and kitchen business to investors advised by private equity firm Bain Capital Partners LLC for $1.755 billion.
The company said the sale of the bath unit, which has annual sales of $2.4 billion and sells plumbing products under names such as American Standard, Jado, Ideal-Standard and Porcher, is expected to be completed in the fourth quarter.
Venesta Washroom Systems, a business that had been part of the bath and kitchen unit, was sold earlier this year, bringing total proceeds for the bath and kitchen sale to $1.92 billion.
American Standard was formed in 1929, when the American Radiator Company merged with The Standard Sanitary Manufacturing Company. In the 1930's it was estimated to supply fixtures and fittings for about half of all the homes in the U.S. and Europe. Among its innovations are the one-piece toilet, enamel cast-iron tubs, and combination faucets. It has 26,000 employees and 54 production facilities in 23 countries worldwide.

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