LIXIL and Grandland agree to terminate planned Permasteelisa transaction

Permasteelisa S.p.A., a leading global contractor in the engineering, project management, manufacturing, and installation of curtain walls and interior systems, welcomes the LIXIL Group Corporation’s announcement about the agreement with Grandland Holdings Group Limited, a leading Chinese architectural design and construction company, to terminate planned Permasteelisa transaction.

The decision follows the announcement on October 22 that LIXIL Group and Grandland were unable to secure approval from the Committee on Foreign Investment in the United States ("CFIUS") for the planned transfer of shares of Permasteelisa to Grandland. LIXIL Group is now focused on developing a strategy to support Permasteelisa’s long-term growth as part of LIXIL. 

Permasteelisa Group CEO Riccardo Mollo, says, "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”.

As confirmed by LIXIL Group Chairman and CEO, Yoichiro Ushioda and by LIXIL Group COO Hirokazu Yamanashi, LIXIL is confident that Permasteelisa has a positive future and is committed to working through all options to ensure that a robust plan is put in place will not only strengthen Permasteelisa but also the broader LIXIL Group.

“After a period of uncertainty” concludes Mr. Mollo “we will now work hard with our Shareholders to strengthen even further our leadership position in the market, based on our unrivalled ability to turn the greatest architects’ vision into reality".