American Standard Companies

American Standard Companies was a diversified American industrial manufacturer whose principal activities were plumbing fixtures, heating, ventilation and air-conditioning equipment, and automotive or commercial-vehicle control systems. Its corporate lineage began in 1929, when the American Radiator Company, founded in 1892, merged with the Standard Sanitary Manufacturing Company, founded in 1875. The resulting enterprise was named American Radiator and Standard Sanitary Corporation and combined two established building-equipment businesses: one associated primarily with radiators and heating equipment and the other with plumbing and sanitary products. The group expanded beyond its original product base through acquisitions and portfolio changes. In 1929 it acquired Kewanee Boiler Company, retaining that business until the early 1970s. In 1968 it purchased earthmoving and mining equipment activities from the Westinghouse Air Brake Company, although those assets were later divested in 1984. The same year, American Standard acquired Trane, an HVAC manufacturer that subsequently became central to the group’s identity and ultimately provided the name for the company’s post-separation successor. The company simplified its name to American Standard in 1967, reflecting the broader use of that name across both its plumbing and heating operations. In 1999 it acquired control of the United Kingdom-based plumbing-fixture company Armitage Shanks and the Italian sanitaryware company Ceramica Dolomite from Blue Circle Industries. These transactions strengthened its international plumbing portfolio and added established regional brands to the group. By the 2000s, American Standard Companies operated three major divisions with materially different customers and industry exposures. The plumbing division supplied bathroom fixtures and related products for residential, commercial, and institutional construction. The Trane business served building owners, contractors, and industrial customers with heating and air-conditioning systems. The automotive division supplied control and braking-related systems to commercial-vehicle manufacturers and other transportation-equipment customers. This structure gave the company international scale but also linked its performance to construction, building investment, housing activity, and vehicle production. On February 1, 2007, the company announced a plan to separate its three divisions. The automotive business was spun off as WABCO Vehicle Control Systems. The plumbing-fixtures business was sold to Bain Capital for $1.745 billion, after which its regional operations were reorganized under different ownership arrangements. In North America, the business operated as American Standard Brands, while other activities were associated with Ideal Standard or transferred to later owners, including Sun Capital and Lixil Group. The remaining HVAC business adopted the Trane name. Ingersoll Rand agreed to acquire Trane in December 2007, and the transaction closed on June 5, 2008. These transactions ended American Standard Companies as an independent diversified public company. The American Standard name continued in plumbing products through successor ownership, while Trane and WABCO continued as separate business identities. The historical corporation should therefore be distinguished from American Standard Brands, Trane Technologies, WABCO, and other successor companies that later carried parts of its businesses or brand portfolio.

American Standard Companies originated in the consolidation of two established American manufacturers. In 1929, the American Radiator Company and the Standard Sanitary Manufacturing Company merged to form the American Radiator and Standard Sanitary Corporation. The former had roots in heating equipment, while the latter had roots in plumbing and sanitary products. The combination created a substantial building-products enterprise with complementary activities in heating and plumbing. The company also acquired Kewanee Boiler Company in 1929 and retained it until the early 1970s. The group’s name and portfolio changed over the following decades. Although the plumbing business continued to use the Standard label for many years, the corporation adopted the name American Standard Corporation in 1967. The American Standard name was then used across both its heating and plumbing activities. In 1968, the company expanded into transportation and heavy equipment by acquiring earthmoving and mining product activities from the Westinghouse Air Brake Company. Those assets were later divested in 1984. A major strategic development occurred in 1984, when the group acquired Trane, a manufacturer of heating and air-conditioning equipment. Trane eventually became the central identity of the company’s remaining business after the later separation. The group also expanded its plumbing operations internationally. In 1999, it purchased control of Armitage Shanks in the United Kingdom and Ceramica Dolomite in Italy from Blue Circle Industries. These companies added regional plumbing and sanitaryware capabilities to American Standard’s portfolio. During its final phase, the company was organized around three principal divisions: plumbing fixtures, HVAC systems, and automotive or commercial-vehicle control equipment. The plumbing division served residential, commercial, and institutional construction. The HVAC division, centered on Trane, supplied systems for building heating and air conditioning. The automotive division supplied control systems and related equipment to commercial-vehicle manufacturers. The businesses were commercially distinct, and their separation became the basis of the company’s final restructuring. On February 1, 2007, American Standard Companies announced that it would break up the group. The automotive division was spun off as WABCO Vehicle Control Systems. The plumbing-fixtures division was sold to Bain Capital for $1.745 billion. Subsequent ownership arrangements divided or transferred regional operations: the North American and Asian businesses were sold to Sun Capital and Lixil Group respectively, while European and Latin American activities continued under Ideal Standard. The transaction also allowed the North American plumbing business to use the American Standard name through American Standard Brands. The remaining company adopted the Trane name. Ingersoll Rand announced an agreement to acquire Trane on December 17, 2007, and completed the acquisition on June 5, 2008. Ingersoll Rand later changed its corporate name to Trane Technologies. The former American Standard Companies entity consequently ceased to exist as an independent diversified operating company. Its legacy survives through successor businesses and brands, but those successors should not be treated as the same corporate entity.

1. 2008Trane acquisition completed

   Ingersoll Rand completed its acquisition of Trane on June 5, ending the independent corporate existence of American Standard Companies.

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2. 2007Three-way corporate separation announced

   The automotive, plumbing, and HVAC divisions were placed on separate corporate paths through a spin-off, sale, and renaming of the remaining business.

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3. 1999International plumbing expansion

   The company acquired control of Armitage Shanks and Ceramica Dolomite from Blue Circle Industries.

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4. 1984Acquisition of Trane

   American Standard acquired HVAC manufacturer Trane, which later became the identity of the company’s remaining business.

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5. 1968Expansion into earthmoving and mining equipment

   The group acquired earthmoving and mining product activities from the Westinghouse Air Brake Company.

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6. 1967Name simplified to American Standard

   The corporation adopted the American Standard name, which was subsequently used across its plumbing and heating activities.

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7. 1929Formation through merger

   American Radiator Company and Standard Sanitary Manufacturing Company merged to create American Radiator and Standard Sanitary Corporation.

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8. 1929Kewanee Boiler acquisition

   The newly formed group acquired Kewanee Boiler Company and retained the business until the early 1970s.

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A diversified industrial manufacturer serving building-equipment, plumbing, HVAC, and commercial-vehicle markets.

• Plumbing fixtures and sanitarywareBuilding equipment

  The plumbing division produced bathroom fixtures, sanitaryware, plumbing products, and related installation equipment for residential, commercial, and institutional buildings. Its portfolio included businesses operating under established regional names such as Standard Sanitary, Armitage Shanks, and Ceramica Dolomite. After the 2007 sale, the North American business continued under the American Standard Brands name, while other regional operations followed separate ownership and branding arrangements.

• Trane HVAC systemsHeating, ventilation and air conditioning

  The Trane division supplied heating and air-conditioning equipment and systems for buildings and related commercial applications. It became the principal identity of the business left after the automotive and plumbing divisions were separated. The remaining Trane-centered company was acquired by Ingersoll Rand in 2008 and later became part of the corporate lineage of Trane Technologies.

• Commercial-vehicle control systemsAutomotive components

  The automotive division supplied control, braking, and related systems primarily for trucks, buses, and other commercial vehicles. It served vehicle manufacturers and transportation-equipment customers rather than selling complete vehicles to consumers. In the 2007 restructuring, the division was spun off as WABCO Vehicle Control Systems.

• Kewanee boilersBoilers and heating equipment1929

  Kewanee Boiler Company represented an early expansion of the group’s heating-equipment portfolio. American Standard acquired the business in 1929 and retained it until the early 1970s.

• Earthmoving and mining equipmentHeavy equipment1968

  The company briefly held earthmoving and mining equipment activities acquired from the Westinghouse Air Brake Company in 1968. These operations were later divested in 1984 and were not part of the group’s final business structure.

• 2007Separate the three operating divisionsStrategy

  American Standard Companies operated businesses in plumbing, HVAC, and commercial-vehicle controls, each with different customers, markets, and capital requirements.

  What changed. The company announced that the automotive division would be spun off, the plumbing division sold to Bain Capital, and the remaining business renamed Trane.

  Aftermath. The restructuring ended the company’s diversified public-company structure. WABCO became independent, the plumbing business continued through successor owners including American Standard Brands, and the remaining Trane business was acquired by Ingersoll Rand.

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• 2007Sale of plumbing-fixtures division to Bain CapitalM&A

  The plumbing division was one of the company’s three principal operating units and included established North American, European, and Asian businesses.

  What changed. American Standard Companies sold the division to Bain Capital for $1.745 billion.

  Aftermath. The regional businesses were subsequently reorganized under different ownership arrangements, with the American Standard name continuing in North American plumbing operations.

  Sale price. $1.745 billion (2007)

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• 2007Agreement to acquire TraneM&A

  After the automotive and plumbing businesses were separated, the remaining company was centered on the Trane HVAC division.

  What changed. Ingersoll Rand announced an agreement to acquire Trane on December 17, 2007.

  Aftermath. The transaction closed on June 5, 2008, and the former American Standard Companies business became part of Ingersoll Rand’s operations.

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• 2008Ingersoll Rand completes acquisition of Trane

  The acquisition of Trane by Ingersoll Rand was completed on June 5, 2008, bringing the remaining American Standard Companies business into Ingersoll Rand.

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• 2007American Standard Companies announces separation of its three divisions

  The company announced a restructuring plan under which its automotive division would become WABCO Vehicle Control Systems, its plumbing division would be sold to Bain Capital, and the remaining HVAC business would continue under the Trane name.

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• 2007Plumbing-fixtures division sold to Bain Capital

  American Standard Companies sold its plumbing-fixtures division to Bain Capital for $1.745 billion. The division and its regional businesses were subsequently reorganized under different owners and operating names.

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• 2007Trane acquisition agreed with Ingersoll Rand

  Ingersoll Rand agreed to acquire the remaining Trane-centered business after American Standard Companies had separated its automotive and plumbing operations.

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1. American Standard Companies