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 20pc of LIXIL Group revenues.
Led by President and CEO Yoshiaki Fujimori, LIXIL Group Corporation 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.
However, 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.
--ANI (Posted on 22-08-2013)