NEWS RELEASE FOR IMMEDIATE RELEASE
AMERICAN STANDARD COMPLETES MEDICAL BUSINESS EXIT WITH DIASORIN SALE
PISCATAWAY, NJ -- August 3, 2000 -- American Standard Companies Inc. (NYSE: ASD)
announced today a definitive agreement to sell its DiaSorin medical unit to a
group consisting of SNIA, a $1.2 billion high-tech industrial firm; Interbanca,
a leading Italian merchant bank; Iniziativa Piemonte, a private equity firm; and
four members of DiaSorin's current management. The sale, subject to regulatory
approvals, has been approved by the boards of all companies involved, and is
expected to close in the third quarter of this year.
The sale includes DiaSorin's blood-testing products as well as its Copalis(R)
and other diagnostic analyzer systems. DiaSorin has factories in Jundiai,
Brazil; Saluggia, Italy; and Stillwater, Minnesota, in the United States. Upon
completion of the transaction, these locations and more than 500 employees will
become part of the new business being established by the buyers.
In October 1999, American Standard announced its intention to sell the medical
businesses. Since then, the company has treated DiaSorin as a discontinued
operation. The reserves established in the fourth quarter of 1999 cover the cost
of the company's exit from the medical businesses.
"We are now completely out of the medical business," said Frederic Poses,
American Standard chairman and CEO. "We're pleased with this sale for our
shareowners, customers and employees."
American Standard is a global manufacturer with market leading positions in
three businesses: Trane(R), the United States' leading supplier of central air
conditioning systems and service for commercial and institutional buildings and
a premier brand for residential buildings; American Standard(R) and Ideal
Standard(R), the world's largest manufacturer of plumbing products; and
WABCO(R), the leading supplier of electronic braking and control systems to the
world's manufacturers of heavy-duty trucks and buses. The company employs
approximately 58,000 people in 36 countries. American Standard is included in
the Standard & Poor's MidCap 400 Index.
For more information, reporters may contact:
American Standard -- Lisa Glover,732 980-6048, [email protected], or
Shelly London, 732 980-6175, [email protected]
For more information, investors and financial analysts may contact:
American Standard -- Phil Bradtmiller, 732 980-6038,
[email protected], or Bruce Fisher, 732 980-6095,
[email protected]
Additional information is available at http://www.americanstandard.com. U.S.
callers can listen to the latest news release and other corporate information by
dialing (888) ASD-NEWS.
