Ideal Standard
 | |
| Industry | Manufacturing |
|---|---|
| Founded | 1901 (as Ideal Standard) 2007 (as Ideal Standard International) |
| Headquarters | , Belgium |
| Brands | Ideal Standard, Armitage Shanks, Porcher, Vidima, American Standard |
| Owner |
|
| Website | idealstandard |
Ideal Standard is a privately held multinational plumbing fixture company headquartered in Belgium.
Operating primarily in Latin America and Europe, the brand dates back to 1949, when it was used to brand fixtures of the foreign operations of the American Standard group.[1] The "Ideal" name traces back to the "Ideal Boilers" brand used by the American Radiator Company.[2][3]
In September 2023, it was announced Ideal Standard had been acquired by the Mettlach-headquartered ceramics manufacturer, Villeroy & Boch for €600 million.[4] The transaction was completed in March 2024.[5]
Overview
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A new company, known as Ideal Standard International, was formed in 2007 by the sale of the bath and kitchen products businesses of American Standard Companies for $1.745 billion to Bain Capital Partners.[6] The North American and Asian operations of American Standard were sold to Sun Capital and Lixil Group respectively, with the European and Latin American operations retained as Ideal Standard.[7]
The company was then restructured, implementing cost-cutting measures, as well as moving some of company's production facilities to Asia and Eastern Europe – a new production site was opened in Bulgaria. The acquisition by Bain Capital was facilitated by Credit Suisse and Bank of America; the creditors subsequently struggled to dispose of their debt.[8]
The restructuring program was complete in 2011, but the company was loss making in 2012 due to poor sales.[9] In 2013 the company reduced its workforce by 250 due to poor sales;[10] further restructuring was proposed in 2014, including a debt for equity swap with bondholder Anchorage Capital.[11] In 2014 the EU competition commission approved Anchorage Capital becoming joint owner of the company together with Bain Capital.[12]
As of 2014[update] the company was headquartered in Belgium, and had over 10,000 employees. Its products include bathroom fittings including bathrooms, sanitary ware, and showers, sold under brands including Armitage Shanks, Ceramica Dolomite, Porcher, and Vidima.[13]
See also
- Ideal House, London
- American Radiator Company and Standard Sanitary Manufacturing Company, predecessor companies
References
- ^ "Opinion of Mr Advocate General Gulmann - IHT Internationale Heiztechnik GmbH and Uwe Danzinger v Ideal-Standard GmbH and Wabco Standard GmbH.", European Courts Reports, 9 February 1994
- ^ Ideal Boilers, American Radiators (Catalogue), American Radiator Company, 1902
- ^ "(American Radiator Company)", Everybody's Magazine (Adverts), 38: 69, 71, 83, 1918
- ^ "Villeroy & Boch Acquires Ideal Standard". www.insightdiy.co.uk. Retrieved 2023-09-19.
- ^ "Villeroy & Boch completes acquisition of Ideal Standard". Trade Arabia. Retrieved 2024-03-06.
- ^ "American Standard Companies Announces Completion of Sale of Bath and Kitchen Business to Bain Capital" (press release). 31 Oct 2007. Archived from the original on 5 May 2009.
- ^ Hagerty, James R. (28 June 2013). "Japanese Toilet Maker Lixil Buys American Standard". online.wsj.com.
The more than century-old American Standard was sold in 2007 to a Bain Capital Partners LLC fund for $1.76 billion. Bain sold the North American part of the business to Sun Capital for about $130 million and later sold the Asian business to Lixil, then known as JS Group, while retaining the European and Latin American operations, known as Ideal Standard.
- ^ Haffenden, Chris; Lee, Adelene (20 March 2009). "Ideal Standard sponsor Bain hires financial adviser as 2007 LBO falters". FT.com. Archived from the original on 2022-12-11. Retrieved 2012-10-14.
- ^ "RPT-Fitch Downgrades Ideal Standard International SA to 'CC'". reuters.com. 8 May 2013.
- ^ "Ideal Standard to cut 250 jobs across Europe as it looks to 'restructure cost base'". kbbdaily.com. 20 November 2013.
- ^ Casiraghi, Luca (2 May 2014). "Bain's Ideal Standard Said to Offer New Terms for Restructuring". bloomberg.com.
- ^ "M.7206 BAIN CAPITAL / ANCHORAGE CAPITAL / IDEAL STANDARD". EU Competition Commission. 20 March 2014.
- ^ "About the Company". idealstandardinternational.com. Archived from the original on 2015-09-24. Retrieved 2015-09-24.
External links
- Official website
Media related to Ideal Standard International at Wikimedia Commons
