SALEM - American Standard Brands has been purchased by a building supplies products company headquartered in Tokyo, Japan but all U.S. existing facilities will remain open.
LIXIL Corp. announced Friday the $542 million transaction with an affiliate of Sun Capital Partners Inc. for 100 percent of the share capital of ASD Americas Holding Corp., the parent company of American Standard Brands, headquartered in New Jersey. American Standard will continue to be headquartered in the U.S. and operate all existing facilities. The sale is subject to regulatory approval.
LIXIL already owns the American Standard brand in the Asia Pacific market, so the transaction will strengthen the brand and the company's considerable manufacturing capabilities and technological best practices, according to Yoshiaki Fujimori, president of LIXIL Corp.
"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," Fujimori said in a written release.
Jay Gould, American Standard Brands president and CEO, indicated the transaction will help sustain the company's position as a leader in the kitchen and bath products industry.
"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," he said.
A representative from the Salem facility was not immediately available for comment on the sale.