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Japanese firm Lixil buys American Standard
ASD Americas Holding Corp will be bought by Lixil Group Corp. from Japan, according to the company's press statement today. The toilet and plumbing facilities manufacturer and distributor will be purchased for $542 million said Lixil Group Corp. Lixil is a Japanese housing facilities maker.
ASD Americas Holding Corp holds the American Standards Brand, headquartered in New Jersey. The portfolio company is a leading kitchen and bath product manufacturer. Upon the closing of the deal, the company will continue its operation in New Jersey.
Lixil has been actively increasing its investment as it continues its international campaign. The company has been performing relatively well, posting revenues as much as JPY200 billion.
The addition of the American company will provide the Japanese firm a gateway to the North American products market. This is one of Lixil's mid-term goals, according to Yoshiaki Fujimor, president of Lixil.
"American Standard is the leader in the kitchen and bath products market with a deep history of more than 130 years. LIXIL is targeting 1 trillion JPY sales revenue in its international businesses, with the goal for the international business to grow to approximately 30% of total LIXIL Group revenues," Fujimori added.