PISCATAWAY, N.J. -- American Standard Cos. Inc. announced Oct. 31 that it had completed the sale of its global Bath and Kitchen products business to funds advised by Bain Capital Partners LLC, a private investment firm, for $1.745 billion including closing adjustments. A definitive sales agreement had been announced on July 23, 2007.
The Bath and Kitchen products business had 2006 sales of $2.4 billion, 26,000 employees and production facilities in 23 countries worldwide. The business manufactures and markets industry-leading products under brand names such as American Standard, Ideal Standard, Armitage Shanks, Porcher, Jado, Ceramica Dolomite and Vidima.
"Bath and Kitchen is a business with the size, global reach, market leadership and organizational talent to drive future success," said Fred Poses, American Standard Cos. chairman and CEO. "The all-cash payment for Bath and Kitchen provides excellent value for our shareowners, and the net proceeds met our expectations. Now we will focus on our global Air Conditioning Systems and Services business, which has leading market positions in commercial and residential markets. Before the end of the year, we will move forward with changing our name to Trane."