American Standard to Sell Bulgarian Business

Business | February 3, 2007, Saturday // 00:00

American Standard Companies Inc. has announced that its board of directors has completed a strategic review of the company and unanimously approved a plan to separate its three businesses in 2007.

Upon completion of the plan, American Standard will focus on its global market-leading air conditioning systems and services business with 2006 sales of USD 6.8 B. It will change the company's name to Trane, the company's flagship air conditioning brand.

The planned move means the US company will quit its two business in Sevlievo, central Bulgaria - Ideal Standard and Ideal Standard Vidima.

The statement posted on the US corporate web sites said that American Standard plans to sell its bath and kitchen business with 2006 sales of USD 2.4 B, a large share of which is contribution of the Bulgaria-based business. The company expects to complete the sale of Bath and Kitchen "by early fall of this year".

However, nor the American, neither the Bulgarian offices of the company were available to comment immediately the announcement.

The Bulgarian company is a leading producer of ceramic and stainless steel shower pieces, lavatory pans and washbasins, with an annula output capacity of 2.2 million pieces of pottery ware. The US-Bulgarian joint venture has created nearly 4,000 job places making Sevlievo an exemplary town of nearly zero-rate unemployment in Bulgaria.

Vidima Ideal was founded in 1923, but its most recent history began in 1992, when a joint enterprise with the US-based American Standard Inc. was founded. Since then the Sevlievo-located factory has been a leading supplier of sanitary pottery for Bulgaria and the Eastern Europe.

In the end of 2006 Vidima Ideal received a top-brand recognition being placed in the prestigious global ranking Superbrands.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria