August 4, 2011
LIXILCorporation
Permasteelisa
S.p.A.

LIXIL to acquire Permasteelisa
Aims to capture growth opportunities in global markets
Milan, Italy, August 4, 2011 – Japan’s leader in housing and building materials, LIXIL
Corporation and global manufacturer of curtain walls headquartered in Vittorio Veneto,
Permasteelisa S.p.A., jointly announced today that LIXIL will acquire all shares inPermasteelisa. The transaction is likely to be completed by December 2011 after
obtaining regulatory clearance.
On completion, LIXIL will pay approximately €573 million in cash for 100% ofPermasteelisa’s shares which are owned by Cima Claddings S.A., a company indirectly
controlled by European private equity firms InvestIndustrial and Alpha. Permasteelisa’s
current management team, led by CEO Nicola Greco, will remain with the business andwill play an instrumental role in continuing to build the brand and execute LIXIL’sinternational expansion strategy.
The purchase of Permasteelisa by LIXIL is closely aligned to its business strategy
aimed at bringing significant business growth from overseas. The top management ofLIXIL has announced the ambition to increase LIXIL’s presence and sales in overseas
markets in order to move beyond Japan to become a global company.
On Permasteelisa’s side, the sale of its shares to LIXIL paves way for stronger global
presence. By joining the LIXIL group of brands, it gains synergies to propel further
growth by enhanced efficiency.
“First of all, I would like everyone to confirm that this agreement is based on our long
history of respect for each other and our pride as a first class player. Once thetransaction is completed, we will be truly honoured to be joined by Permasteelisa and itsemployees who share with us the same corporate philosophy of providing world firstclass products and services to satisfy our client needs.” said Toshimasa Iue, LIXIL’s
Global Business Company President. “We recognize the strong reputation ofPermasteelisa’s innovative technology in curtain walls that has been built over 30 years.
This has come from the inspiration of its founders and the dedication of its employees. I
am personally committed to making sure that we realize Permasteelisa’s ambitions forfurther growth as we, too, step up pace to becoming a truly unique global building
solution provider. Permasteelisa’s current resources will be at the heart of our overseas
growth strategy. We have numerous factors which enable us to accelerate each other’s
growth and there are huge potentials in all the aspects such as technology, production
and sales.”Copyright(C) LIXIL Corporation.All rights reserved.

“We have great expectations about the projected operation that confirms the importanceand the appeal of Permasteelisa as global leader in the reference market, and also
certifies the quality of the turnaround developed in the last years. This integration will
provide both LIXIL and Permasteelisa with strong synergies in marketing, procurement,
production around the world” said Mr. Nicola Greco, CEO of Permasteelisa. “Goingforward, we are certain that our global reputation and experience will provide a precious
contribution to LIXIL's global business and there are surely strong benefits that we will
gain from LIXIL's technologies and infrastructure.”Acquisition summary
Acquiring company: LIXIL Corporation
Permasteelisa S.p.A.’s shares (25,613,544) was fully owned by Cima Claddings S.
A. (A group company owned by the private equity firms InvestIndustrial and Alpha,and Andimahia)
Acquisition amount: €573 million
Management after acquisition: Permasteelisa’s current management members will
stay on to manage the business of Permasteelisa

About LIXIL
JS Group is listed as a holding company and is a group which holds 10 formerly listed
subsidiaries. The group’s consolidated sales in fiscal year 2010 were 1.2 trillion yen.
LIXIL, a consortium of businesses related to building materials, is the core company of agroup formed by eight of the formerly listed companies. The company started on April 1,
2011 under current structure and name. Furthermore, JS Group has been carrying out
several important acquisitions and alliances in order to accelerate its overseas business.
These companies all became subsidiaries of LIXIL. Acquisition of American Standard
Asia Pacific (2009) and Shanghai Meite Curtain Wall System (2011) and strategic
alliances with LG-TOSTEM (2010) and Haier-LIXIL (2011) are notable examples.
LIXIL is Japan’s biggest housing and building materials company with top share in eight
different categories. Those include approx. 55% share in exteriors, approx. 50% sharein housing sashes/doors, approx. 50% in curtain walls and approx. 40% in sanitary
wares. LIXIL also is a top brand in tiles, washstand cabinet units, bathroom units andkitchen units. LIXIL, through the integration, now has a vast and unique businessportfolio. The merger resulted in the establishment of a company with about 60,000
employees (as of April 1) with the total sales of JPY 444.725 billion (Euro 4 billion as ofMarch 31). It is now affiliated with a multitude of subsidiaries in charge of sales,manufacturing, maintenance and other services including 17 sites overseas.
LIXIL has been participating in various global design events proving the quality andglobal competitiveness of its products. Especially in Italy, LIXIL participated in Milano
Salone 2011 and will participate in Cersaie for the eighth consecutive year.
Note:
Brands owned by LIXIL operating in each market are brands such as LIXIL, TOSTEM,INAX, TOEX, SHiNNiKKEi, SUNWAVE, American Standard (Asia Pacific), Shanghai
Meitei

Copyright(C) LIXIL Corporation.All rights reserved.

About Permasteelisa
Permasteelisa Group is a worldwide leading Contractor in the engineering, project
management, manufacturing and installation of architectural envelopes and interiorsystems with more than 38 years of international success. The Group possesses almost
50 companies in 27 countries and 13 production plants. The Group brings its Know-Howand expertise to all projects, in particular when dealing with Special Features Buildings,
beginning with the design development phases all the way to the successful completion,achieving the customer's expectations. With over 5,500 employees present at fourcontinents, the Group yearly generates a total turnover of around €1 billion.
Financial and Legal AdvisersNomura Securities Co. Ltd. and Nomura International Plc acted as financial advisers toJS Group. Clifford Chance Studio Legale Associato acted as legal adviser to JS Group.
Credit Suisse Securities (Europe) Limited and Mediobanca – Banca di Credito
Finanziario S.p.A. acted as financial advisers to InvestIndustrial and Alpha. Cleary
Gottlieb Steen & Hamilton LLP acted as legal adviser to InvestIndustrial and Alpha.

Copyright(C) LIXIL Corporation.All rights reserved.