For Immediate Release
May 1, 2020
LIXIL Group Corporation

LIXIL Announces Agreement to Sell
Permasteelisa to Atlas Holdings
In Atlas, LIXIL Group believes it has found an ideal owner for Permasteelisa,
committed to continuing the turnaround of the company into a
profitable, standalone business;
Transaction enables LIXIL Group to further focus on its core waterand housing technology businesses
Tokyo – LIXIL Group Corporation (“LIXIL Group”, TSE Code: 5938), maker of pioneering water andhousing products, announced today it has entered into a definitive agreement to sell Permasteelisa
S.p.A (“Permasteelisa”) to Atlas Holdings LLC (“Atlas”). Atlas and its affiliates own and operate adiversified group of global manufacturing, distribution and construction businesses with a uniqueemphasis on safety and operational improvement. The transaction is subject to customary closing
conditions and regulatory approvals. Terms of the transaction were not disclosed.
Permasteelisa is a leading global contractor in the engineering, project management, manufacturing,installation and after-sales services of advanced building facades, architectural envelopes andinteriors. The company has brought to life some of the most iconic buildings defining city skylines
today, from the Shard in London to Apple’s HQ campus in Cupertino, the World Trade Center
redevelopment in New York, where the group worked on 1WTC, 3WTC and 7WTC, through to theWorld Financial Center in Shanghai and the International Commerce Center in Hong Kong.
Operating out of its group headquarters in Vittorio Veneto in Italy, the company has worked witharchitects around the world on over 3,500 projects to date.
“We are pleased to have reached an agreement that will allow Permasteelisa, a world-class brand in
the area of highly specialized curtain walls, to become part of the Atlas family of global businesses.
We believe Atlas is the ideal owner for Permasteelisa, as they bring a strong record of delivering thehuman and financial capital necessary to strengthen businesses for the long-term,” said Kinya Seto,
CEO of LIXIL Group. “For LIXIL, today’s agreement enables us to reduce our risk exposure in noncore areas of operation and represents a new chapter in our transformation as we focus on
strengthening our water and housing technology businesses and seek to invest more resources inthese high growth areas.”The transaction is in line with LIXIL Group’s ongoing efforts to simplify its business structure andfocus on its core businesses, enabling further synergies and efficiencies through enhanced
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integration. As Permasteelisa’s operations are significantly different to those of LIXIL Group’s corebusiness operations in terms of business cycles and other factors, the sale will also enable LIXILGroup to simplify and eliminate ongoing exposure to different types of risks. This transaction is also
expected to strengthen the company’s balance sheet as well as financial strength by generating cash,reducing debt, and improving working capital efficiency, enabling LIXIL Group to further invest in
new and profitable growth areas across its core businesses as it strives to make better homes a
reality for everyone, everywhere.
“We are excited to have reached an agreement to acquire Permasteelisa, as we believe the company
has a solid foundation in place for success, particularly as a focused, standalone business that is wellcapitalized,” said Timothy J. Fazio, Co-Founder and Managing Partner of Atlas. “The company has astrong management team led by Klaus Lother, and a skilled workforce. When coupled with ourexpertise in the building materials and commercial construction markets and our attention to client
satisfaction, innovation and operational improvements, we will build an even stronger company inthe months and years ahead.”
Permasteelisa Group CEO, Klaus Lother added, "Permasteelisa drives innovation in the curtain wall
sector by integrating design, engineering, manufacturing capabilities and project management toachieve works of excellence worldwide. Under LIXIL’s guidance and with the consolidation of ourleadership role, we were able to respond to significant challenges in an increasingly complex andcompetitive landscape. We are now entering a new phase of our evolution. We thank LIXIL for its fulland constant support and are confident that with the ownership and support of Atlas Holdings, wewill continue our evolution whilst generating value within the construction sector.”
While details of accounting treatments and presentation methods are now under discussion with theauditor, in line with International Financial Reporting Standards (“IFRS”), Permasteelisa will beclassified as discontinued operations in LIXIL Group’s financial reports. In addition, contingentliability is expected to decrease by approximately 150 billion yen, which is expected to have apositive impact on fund raising costs, etc. As a result of this transaction and other factors, LIXILGroup today also announced a revision to its full year financial forecast. Full details can be found in
the timely disclosure, “Announcement Regarding Revision of the Forecast of Business Performance
For the Fiscal Year Ended March 2020 (Consolidation) and Recording of Extraordinary Loss from a
Subsidiary in Japan.”-End-2|P a g eAbout LIXIL
LIXIL makes pioneering water and housing products that solve everyday, real-life challenges, making better homes a reality
for everyone, everywhere. Drawing on our Japanese heritage, we create world-leading technology and innovate to makehigh quality products that transform homes. But the LIXIL difference is how we do this; through meaningful design, an
entrepreneurial spirit, a dedication to improving accessibility for all, and responsible business growth. Our approach comesto life through industry leading brands, including INAX, GROHE, American Standard, and TOSTEM. Approximately 75,000
colleagues operating in more than 150 countries are proud to make products that touch the lives of more than a billion
people every day.
LIXIL Group Corporation (TSE Code: 5938) is the listed holding company for LIXIL’s portfolio of businesses.

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