Tokyo, Sept.27 (ANI): Japan's leading player in housing equipment Lixil Corporation in association with Development Bank of Japan (DBJ) has agreed to buy 87.5 per cent stakes in Grohe Group, a global brand in sanitary products, for 4.13 billion dollars, making it the largest Japanese investment in Germany.
The deal, expected to be closed by first quarter of 2014, includes sale of 87.5 per cent of Grohe group's shares from its current private owners TPG Capital, a US-based private investment firm and Credit Suisse, an international financial services group. Lixil and DBJ will each own 50 per cent interests.
Commenting on the news, Yoshiaki Fujimori, President and CEO, Lixil Corporation said, "GROHE is one of the most well-known brands in the global sanitary market. In addition to its high quality standards, GROHE has received acclaim globally for its leading product design and innovation. This deal would allow us to make further progress in building the leading platform in the global sanitary industry whilst also strengthening our distribution network across Asia."
David Haines, CEO, Grohe group said Grohe and Lixil are a perfect match for each other.
"For Grohe, Lixil is a perfect match. It has a strong track record as a global leader in the building materials and housing equipment industry. Lixil has always been the preferred partner to support us with our growth strategy, especially in emerging markets", he added.
The deal represents a significant step for Lixil which already has operations in more than 30 countries.
This transaction follows the successful acquisition of American Standard Asia Pacific in 2009, Permasteelisa, an architectural firm in Italy in 2011, and American Standard Brands in the USA earlier this year. (ANI)
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