American Standard (ASD) Completes Sale of Bath and Kitchen Biz; Announces $750M Buyback
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American Standard Companies Inc. (NYSE: ASD) announced completion of the sale of its global Bath and Kitchen products business to funds advised by Bain Capital Partners, LLC, a leading private investment firm, for $1.745 billion including closing adjustments.
American Standard Companies intends to use the net proceeds after expenses and taxes to repurchase common stock and reduce debt to keep the company at investment-grade standards. The company's board of directors has authorized an additional $750 million for the repurchase of common stock through December 2008.
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Mergers and AcquisitionsStock Buybacks
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