News

New owner takes over Sevlievo bathroom fixtures co's

Ideal Standard International, owned by global private investment firm Bain Capital Partners, will take over the worldwide bath and kitchen products business of U.S. American Standard Companies Inc. Last month, American Standard Companies Inc. said is has finalised the sale of its bath and kitchen business to Bain Capital Partners for $1.755 bln in cash. In Bulgaria, American Standard owns two plants in the city of Sevlievo, a maker of sanitary ware and a tapware factory. There will be no lay-offs in the two Sevlievo plants, assured Elitsa Tsaneva from Ideal Standard Bulgaria. The two plants account for a third of Ideal Standard International employee headcount in Europe. '08 investment spending is seen at $2-3 mln, earmarked mainly for new technological equipment and staff training.