Lixil Group Corp. has reached an agreement to buy ASD Americas Holding Corp., the New Jersey-based maker of American Standard kitchen and bath products, from an affiliate of Sun Capital Partners, Inc., in a deal valued at $542 million.
On completion of the transaction, which is subject to regulatory approval, American Standard will remain headquartered in the U.S. and continue operating all existing facilities.
, a $15.3 billion building products company headquartered in Tokyo, has been actively expanding its global business and operates in more than 30 countries. The addition of American Standard
will provide Lixil with greater scale and more opportunities in North America.
“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," said Yoshiaki Fujimori, Lixil president, in a statement. "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 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.”