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American Standard Sells Its Plumbing

BIZ BriefsManufacturer American Standard Companies Inc. in Piscataway last week inked a deal to sell its bath and kitchen products division to New York City private investment firm Bain Capital Partners LLC for $1.76 billion in cash. The business segment generated $2.4 billion in revenue last year and employs 26,000 workers at 54 production facilities around the world. American Standard is selling the division to simplify its operations, change its name to Trane and focus on its Trane air conditioning systems and services. The bath and kitchen division makes products under the brand names American Standard, Armitage Shanks and Ceramica Dolomite. American Standard says the deal is expected to close by early fourth quarter and will use proceeds to repurchase stock and reduce debt.

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