American Standard Companies Inc. (ASD) on Wednesday revealed the completion of the sale of its global Bath and Kitchen products business to funds advised by Bain Capital Partners, LLC, for $1.745 billion including closing adjustments. Combined with the March 2007 sale of Venesta Washroom Systems, American Standard Companies' gross proceeds from the sale of Bath and Kitchen now total $1.91 billion.
American Standard Companies said it plans to use the net proceeds after expenses and taxes to repurchase common stock and reduce debt to keep the company at investment-grade standards.
In addition, the company's board of directors authorized an additional $750 million for the repurchase of common stock through December 2008.
For comments and feedback: editorial@rttnews.com