PRESS RELEASEFor Immediate Release
January 22, 2014
LIXIL Corporation

GROHE Group S.à r.l.

LIXIL and DBJ Complete the Acquisition of 87.5 Percent of
GROHE Group S.à r.l.

TOKYO, January 22, 2014 – LIXIL Corporation (Headquarters: Tokyo, Japan; President and CEO:Yoshiaki Fujimori), and the Development Bank of Japan Inc. (“DBJ”; Headquarters: Tokyo, Japan;President and CEO: Toru Hashimoto) have completed the acquisition of 87.5% of the share capital of
GROHE Group S.à r.l., one of the world’s leading providers of premium sanitary fittings (CorporateCentre: Düsseldorf, Germany; CEO: David Haines. Hereafter called GROHE).
The implied enterprise value, including the assumption of debt, is €3.06 billion (428.4 billion JPY, €1=140JPY), as announced on September 26, 2013. The shares were purchased from Glacier Luxembourg OneS.à r.l., indirectly owned by TPG and DLJ Merchant Banking Partners. GROHE and Joyou, GROHE’ssubsidiary company, became LIXIL-affiliated companies on January 21.
The transaction represents the largest ever German investment by a Japanese company and is anothersignificant step in the implementation of LIXIL’s highly successful strategy to become the global leader inthe building materials and housing equipment industry. It follows the acquisitions of American Standard
Brands in August 2013, a leading North American manufacturer of a wide range of high quality kitchen
and bath products; Permasteelisa Group in 2011, a high-end curtain wall contractor in Italy; and American
Standard Asia Pacific in 2009.
LIXIL will leverage GROHE’s extensive distribution network to expand its faucet business and, moregenerally, to strengthen its product offerings for complete bathroom solutions globally.

About LIXIL Corporation
Led by President and CEO Yoshiaki Fujimori, LIXIL Group Corporation (TSE Code: 5938) is a listed
holding company posting 1.4 trillion JPY in consolidated sales in FY March 2013. The Group is involvedin a broad spectrum of housing-related businesses, ranging from the manufacture and sales of building
materials and housing equipment to the operation of home centers and a network of homebuilding
franchises.
LIXIL Corporation, a consortium of building material companies, is a core enterprise of the Group,
generating 80% of consolidated sales. The largest housing and building materials company in Japan witha vast and unique business portfolio, it is a leader in eight market categories, with a 55% share inexteriors, 50% share in housing sashes and doors, 50% share in curtain walls and 40% share insanitary ware. LIXIL is also a leading brand in tiles, bathroom furniture, and bathroom and kitchen units.
Launched in April 2011 under its present structure and name, LIXIL has been active in strategicacquisitions and partnerships in order to fortify and accelerate its growth in foreign markets. It currently
operates in more than 30 countries through various brands offering a broad lineup of products andservices. Permasteelisa, Gartner and Shanghai Meite, for example, spearhead our project business(building materials and curtain walls), while LIXIL, American Standard Asia Pacific, Inax and Tostem arepower players that feature an impressive brand portfolio including kitchen units, bathroom fixtures,
windows and doors. For more information about LIXIL Group, please visit http://www.lixil-group.co.jp/
About GROHEGROHE is one of the world’s leading providers of sanitary fittings. Under the global GROHE brand forsanitary products and systems, GROHE sets a high standard in quality, design, technology andresponsibility, providing water to perfection. With the Joyou brand, the Group covers the fast growing
Chinese market. Spearheaded by GROHE Group S.à r.l., Luxembourg, GROHE has a global workforce
averaging 9,000 (including some 3,400 at Joyou), of whom some 2,300 work at GROHE companies inGermany. In 2012, GROHE generated consolidated sales of some €1,405 million, 85 percent of whichcame from outside Germany. GROHE has nine production plants of its own, of which six are locatedoutside Germany (one each in Portugal, Thailand and Canada, and three in China). For more information
about GROHE Group, please visit http://www.grohe.com/