American Standard America, Crane and Eljer Complete Merger,
Creating a Leading North American Bath and Plumbing Company
Piscataway, NJ (EWORLDWIRE) - Published: March 06, 2008
The leaders of American Standard America, Crane Plumbing Holding Corp. ("Crane") and Eljer Holding Corp. ("Eljer") are pleased to announce the merger of their respective companies is now complete. The new combined company will conduct business under the name of American Standard Brands. Donald C. Devine, previously President and CEO of American Standard America, has been named CEO of American Standard Brands, effective immediately. Until integration plans are complete, Kevin Oak will retain his role as CEO of Crane as will Jim Harris as CEO of Eljer. Both will report to Donald C. Devine. Once integration plans are complete, Kevin Oak will assume the COO position of American Standard Brands and Jim Harris will continue to serve on the merger integration leadership team.
The new company, American Standard Brands, will offer a broader brand portfolio, a more comprehensive set of product lines, enhanced distribution opportunities, cost benefits and greater scale in its relevant markets. "We are excited to join forces with Crane and Eljer to create a leading North American bath and plumbing company that will offer a stronger, more compelling value proposition to our commercial, retail, showroom and residential customers," said Donald C. Devine, CEO of American Standard Brands. "Our customers will now be able to select from a broader mix of products and rely on consistently high levels of quality, value and customer service."
Devine continued, "As previously announced, we are in the process of integration planning. Integration takes time and must be done right, but we are excited to bring these world-class firms together as quickly as we can and will provide updates where appropriate and through your regular company contact."
The three companies first announced their intention to merge on February 13, 2008. American Standard America, Crane Plumbing Holding Corp. and Eljer Holding Corp. are affiliated portfolio companies of Sun Capital Partners, Inc. ("Sun Capital"), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies. Through their investment in Ideal Standard, Bain Capital Partners, Inc. ("Bain Capital") is a minority partner in American Standard America, and will remain a minority partner in the new consolidated entity.
ABOUT AMERICAN STANDARD AMERICA
American Standard America is a leading North American manufacturer of bath and kitchen products. The Company participates in all key product categories, including bathroom and kitchen faucets, fixtures and furniture, with leading positions in toilets and the number two position in bathroom fixtures in the U.S. and overall category leadership in Canada, the Dominican Republic and Mexico. Products are marketed under brand names such as American Standard, Porcher and Jado. American Standard America delivers products to a wide range of customers in both residential and commercial markets and for new construction and replacement-remodeling. The network includes wholesalers (including showrooms), retailers (including do-it-yourself centers) and specialty merchants.
ABOUT CRANE PLUMBING HOLDING CORP.
Crane Plumbing manufactures and distributes plumbing fixtures and specialty plumbing products in the United States and Canada under the Crane Plumbing, Fiat, Showerite, Universal-Rundle and Sanymetal brand names. Products are sold to over 3,000 plumbing wholesale outlets and 4,000 retail stores including Lowe's, Home Depot and Menard's.
ABOUT ELJER HOLDING CORP.
Eljer manufactures and markets vitreous china fixtures, cast iron sinks, whirlpool tubs, and other related plumbing products for the kitchen and bathroom markets. Products are distributed through a network of wholesale distributors, hardware stores and do-it-yourself home centers serving the residential, commercial construction, remodeling and repair markets in both the U.S. and Canada.
ABOUT SUN CAPITAL PARTNERS, INC.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments, in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 185 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Tokyo, and Shenzhen.
ABOUT BAIN CAPITAL PARTNERS, INC.
Bain Capital Partners, Inc. is a global private investment firm that manages several pools of capital including private equity, high-yield assets, mezzanine capital and public equity with approximately US $60 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in over 250 companies around the world. Headquartered in Boston, Bain Capital has offices in New York, London, Munich, Hong Kong, Shanghai, and Tokyo.
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