American
Standard Companies announced that it has signed a definitive agreement to
sell the company's worldwide Bath and Kitchen products business to funds advised
by Bain
Capital Partners, LLC , a leading global private investment firm, for $1.755
billion in cash.
Upon completion of the sale, Bain Capital will acquire all of
American Standard's Bath and Kitchen business with 2006 annual sales of $2.4
billion, 26,000 employees and 54 production facilities in 23 countries
worldwide. The business manufactures and markets products under brand names such
as American Standard(R), Ideal Standard(R), Armitage Shanks(R), Porcher(R),
Jado(R), Ceramica Dolomite(R) and Vidima(R). The sale closing is expected to
occur early in the fourth quarter.
Read more about the sale HERE.
