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Japan's Lixil acquires Grohe in biggest investment in Germany by Japan

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(Globalpost/GlobalPost)

TOKYO - Japanese building materials company Lixil Corp. is buying bathroom fittings maker Grohe for 3.06 billion euros ($4.1 billion) in the biggest investment in Germany by a Japanese company.

The companies said Thursday that Lixil, which has been eager to expand overseas, will acquire an 87.5 per cent stake in Grohe Group through a joint venture with the Development Bank of Japan.

Grohe makes luxury bathroom, shower and kitchen products. The transaction still needs regulatory approval.

When the deal is completed, Joyou AG, a Chinese bathroom maker in which Grohe owns a majority stake, will become an affiliated company under Lixil.

http://www.globalpost.com/dispatch/news/the-canadian-press/130926/japans-lixil-acquires-grohe-biggest-investment-germany-japan