Ideal Standard

For histories of the French, German, and English operations of the Ideal Standard group see European operations of the American Radiator Company
Ideal Standard International SA
Industry Bathroom and sanitary ware manufacturer
Founded

1901(as Ideal Standard)

2007(as Ideal Standard International)
Headquarters Zaventem,Belgium
Website www.idealstandardinternational.com

Ideal Standard International is a privately held multinational bathroom, sanitary ware and plumbing fixture company headquartered in Belgium. It operates primarily in Europe, Middle East and North Africa.

The brand Ideal Standard dates to the early 1900s. By the late 1940s, Ideal Standard used some products of companies of the American Standard group.[1] The "Ideal" brand traces back to the "Ideal Boilers" and "American Radiators" brands used by the American Radiator Company.[2][3]

Overview

Old Ideal Standard Logo
Ceramic sanitary ware designed by Gio Ponti for Ideal Standard, 1954 ca. Photo by Paolo Monti.

An 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.[4] 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.[5]

The company was then restructured, implementing cost cutting measures, and 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.[6]

The restructuring program was complete in 2011, but the company was loss making in 2012/3 due to poor sales.[7] In 2013 the company reduced its workforce by 250 due to poor sales;[8] further restructuring was proposed in 2014, including a debt for equity swap with bondholder Anchorage Capital.[9] In 2014 the EU competition commission approved Anchorage Capital becoming joint owner of the company together with Bain Capital.[10]

As of 2014 the company is headquartered in Belgium, and has 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.[11]

See also

References

  1. ↑ "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
  2. ↑ Ideal Boilers, American Radiators (Catalogue), American Radiator Company, 1902
  3. ↑ "(American Radiator Company)", Everbody's Magazine (Adverts), 38: 69, 71, 83
  4. ↑ 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
  5. ↑ 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.
  6. ↑ Haffenden, Chris; Lee, Adelene (20 March 2009). "Ideal Standard sponsor Bain hires financial adviser as 2007 LBO falters". FT.com.
  7. ↑ "RPT-Fitch Downgrades Ideal Standard International SA to 'CC'", www.reuters.com, 8 May 2013
  8. ↑ "Ideal Standard to cut 250 jobs across Europe as it looks to 'restructure cost base'", www.kbbdaily.com, 20 November 2013
  9. ↑ Casiraghi, Luca (2 May 2014), "Bain’s Ideal Standard Said to Offer New Terms for Restructuring", www.bloomberg.com
  10. ↑ M.7206 BAIN CAPITAL / ANCHORAGE CAPITAL / IDEAL STANDARD, EU Competition Commission, 20 Mar 2014
  11. ↑ "About the Company", www.idealstandardinternational.com, retrieved 2014 Check date values in: |access-date= (help)
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