American Standard Companies, Inc. (NYSE: ASD)(known as Ideal Standard in the UK) is a global provider of air conditioning systems and services, bath and kitchen products and vehicle control systems.
Products from the combined company could be found in about half of the homes in the U.S. and Europe For the next 18 years, the business was known as the American Radiator and Standard Sanitary Corporation.
In 1999, American Standard purchased control of the U.K. based Armitage Shanks and Ceramica Dolomite of Italy from Blue Circle Industries for 430 million United States dollars.
Companies should not be required to pretend some of their interest costs are incurred overseas, a policy that results in higher tax burdens.
Companies should not be required to engage in complicated calculations that limit their ability to avoid being double-taxed on foreign-source income.
Americancompanies no longer would need to include foreign revenues and expenses in their U.S. tax return, which requires immense amounts of paperwork and complex calculations of foreign tax credits and the resulting U.S. tax.
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