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Article: American Standard Announces Definitive Agreement to Sell Water Heater Business to Grupo Industrial Saltillo.
- Article from:
- PR Newswire
- Article date:
- December 8, 2000
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PISCATAWAY, N.J. and SALTILLO, Mexico, Dec. 8 /PRNewswire/ --
American Standard Companies Inc. (NYSE: ASD) and Grupo Industrial Saltillo S.A. de C.V. (BMV: GISSA; OTC: GISQY) announced today a definitive agreement for the sale of American Standard's Calorex water heater business to Grupo Industrial Saltillo (GISSA). GISSA will purchase the business for $68 million. The transaction has been approved by Comission Federal de Competencia, Mexico's anti-trust commission.
The sale includes Calorex's commercial and residential water heater product line and its factory in Ixtapalapa, Mexico. Calorex's 500 employees will become part of GISSA's Building Products ...