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GLAS appointed Escrow Agent on the sale of an Ideal Standard manufacturing plant to Saxa Gres

March 2018

London – Ideal Standard is a multinational company headquartered in Belgium, specialising in bathroom, sanitary ware and plumbing fixtures for homes, airports and hotels. Ideal Standard operates in Europe, the Middle East and North Africa. Saxa Gres is a private Italian company focused on recycling industrial waste into the production of porcelain stoneware tiles and paving materials, with a production process based on energy saving and the development of renewable energy.

As part of a €30 million transaction, backed by the Italian government, the Lazio regional government and including resources provided by Ideal Standard, an agreement was signed with the Ministry for Economic Development on 12 February 2018 for the transfer of the complete assets of the Ideal Standard Roccasecca manufacturing site to Saxa Gres, through the newco Saxa Grestone.

Saxa Gres will reconvert the site to produce ceramic based cobblestones and transfer the employment of circa 300 workers from Ideal Standard to Saxa Gres within two years.

The transaction, supported by trade unions, the Ministry for Economic Development and the Lazio regional Government, has gained substantial media exposure due to the parties involved and the ability to ensure that a large number of workers will still remain in employment.

Due to GLAS’ ability to take a commercial and pragmatic approach as agent and work to tight deadlines, GLAS was appointed Escrow Agent to receive and hold monies pending distribution upon fulfilment of certain conditions linked to the sale of the manufacturing site.

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