.st0{fill:#0081C9;} Permasteelisa LIXIL Announces Agreement to Sell Permasteelisa to Atlas Holdings 01 May 2020 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 water and housing technology businesses Tokyo – LIXIL Group Corporation (“LIXIL Group”, TSE Code: 5938), maker of pioneering water and housing 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 a diversified group of global manufacturing, distribution and construction businesses with a unique emphasis 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 and interiors. 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 the World 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 with architects 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 the human 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 non-core 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 in these high growth areas.” The transaction is in line with LIXIL Group’s ongoing efforts to simplify its business structure and focus on its core businesses, enabling further synergies and efficiencies through enhanced integration. As Permasteelisa’s operations are significantly different to those of LIXIL Group’s core business operations in terms of business cycles and other factors, the sale will also enable LIXIL Group 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 well capitalized,” said Timothy J. Fazio, Co-Founder and Managing Partner of Atlas. “The company has a strong management team led by Klaus Lother, and a skilled workforce. When coupled with our expertise 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 in the 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 to achieve works of excellence worldwide. Under LIXIL’s guidance and with the consolidation of our leadership role, we were able to respond to significant challenges in an increasingly complex and competitive landscape. We are now entering a new phase of our evolution. We thank LIXIL for its full and constant support and are confident that with the ownership and support of Atlas Holdings, we will continue our evolution whilst generating value within the construction sector.” While details of accounting treatments and presentation methods are now under discussion with the auditor, in line with International Financial Reporting Standards (“IFRS”), Permasteelisa will be classified as discontinued operations in LIXIL Group’s financial reports. In addition, contingent liability is expected to decrease by approximately 150 billion yen, which is expected to have a positive impact on fund raising costs, etc. As a result of this transaction and other factors, LIXIL Group 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.” Latest News Go to prev slide Go to next slide 01 44 Permasteelisa Group at the CTBUH 2021 International Conference Permasteelisa Group is Gold Sponsor to the Council on Tall Building and Urban Habitat (CTBUH) 2021 International Conference “The Future City: Addressing Carbon, Climate & Societal Crises”. DISCOVER MORE Permasteelisa Group at the Architectural Ceramic Assemblies Workshop 2021 HOK, TriPyramid, and Permasteelisa Group - through its subsidiaries Permasteelisa North America and Josef Gartner - teamed up together to design a Structural Terra Cotta mullion, presented at the sixth edition of Architectural Ceramic Assemblies Workshop (ACAW). DISCOVER MORE Congratulations to the 2021 CTBUH Innovation Award Category Winners Being the exclusive Sponsor of the Innovation Award Category, Permasteelisa Group congratulates Skidmore, Owings & Merrill LLP, Thornton Tomasetti, Inc. and Magnusson Klemencic Associates for their awards. DISCOVER MORE VIEW ALL This website uses technical cookies to improve your browsing experience and third-party analytics cookies to collect aggregate statistical information. If you want to learn more or withdraw your consent, please refer to the cookie policy. By closing this banner or continuing to browse on our website you agree to the use of cookies. Projects Projects Hub Featured Projects About us Profile History Certifications Permasteelisa Group News & Media News Video Gallery Press Releases In The Media Careers Work With Us Your Place With Us Join Us Contacts Corporate Data Terms & Conditions Privacy Policy Cookie Policy Employee Links © 2021 Permasteelisa S.p.A. | All rights reserved