TRENTHAM, England, and PISCATAWAY, N.J., March 30: American Standard Companies Inc. (NYSE:ASD) and RS Building Products Ltd. today announced completion of the sale of American Standard's Venesta Washroom Systems business in the U.K. to RS Building Products for approximately $165 million. The sale represents an after-tax gain of about $50 million for American Standard.
With 2006 sales of approximately $62 million, Venesta is a leading supplier of specialized commercial washroom products in the U.K. and part of American Standard's $2.4 billion Bath and Kitchen business. It designs and manufactures a comprehensive range of washroom cubicles, ducting, vanities, lockers, benches and accessories.
RS Building Products was formed in November 2006 as a management buy-in vehicle to acquire companies in the commercial washrooms sector. Martin Rees, executive chairman, said, "We are delighted with the acquisition of Venesta, a business with a strong track record in the commercial washrooms market."
Earlier this year, American Standard announced its intention to sell its global Bath and Kitchen business by early autumn as part of a plan to separate American Standard into three standalone companies.
"We're pleased with the Venesta sale as part of our overall plan to sell the Bath and Kitchen business," said Fred Poses, chairman and CEO of American Standard Companies. "Venesta's products are unique within our Bath and Kitchen business, so we believe this business and its people will have greater growth opportunities as part of RS Building Products."
Venesta and the entire Bath and Kitchen business will be reported as discontinued operations in American Standard's quarterly earnings announcement on April 19.
Lincoln International LLC served as exclusive financial advisor to American Standard for the Venesta sale.
Lazard is serving as financial advisor to American Standard for the overall plan to sell the company's global Bath and Kitchen business.
American Standard Companies Inc. is an $11.2 billion global manufacturer with market-leading positions in three businesses: air conditioning systems and services, sold under the Trane(R) and American Standard(R) brands for commercial, institutional and residential buildings; bath and kitchen products, sold under such brands as American Standard(R) and Ideal Standard(R); and vehicle control systems, including electronic braking and air suspension systems, sold under the WABCO(R) name to the world's leading manufacturers of heavy-duty trucks, buses, SUVs and luxury cars. The company employs approximately 62,000 people and has manufacturing operations in 28 countries. American Standard is included in both the S&P 500 and the Dow Jones Sustainability North America Index, which recognizes the top 20 percent of leaders in corporate sustainability in North America.
Additional information is available at www.americanstandard.com/.
Source: American Standard Companies Inc.
CONTACT: Skip Colcord, (732) 980-3065, firstname.lastname@example.org,
Shelly London, (732) 980-6175, email@example.com, American Standard Companies
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Web site: http://www.americanstandard.com/