Lixil and Grandland Agree to Terminate Planned Permasteelisa Transaction

Glass Magazine
December 3, 2018

Lixil Group Corp. decided to terminate the share transfer agreement between Lixil Corp. and Grandland Holdings Group Ltd. The decision follows the announcement on Oct. 22 that Lixil Group and Grandland were unable to secure approval from the Committee on Foreign Investment in the United States for the planned transfer of shares of Permasteelisa S.p.A., a subsidiary of Lixil, to Grandland.

Lixil Group is now focused on developing a strategy to support Permasteelisa’s long-term growth as part of Lixil.

"We are really pleased with today's announcement by our shareholders, as it confirms that Lixil Group is fully committed to supporting and working with Permasteelisa to put the business back on a strong growth footing,” says Riccardo Mollo, CEO, Permasteelisa Group.