Lixil’s China Woes Trigger Losses of $533 Million Losses stem from accounting scandal at Joyou unit By ERIC PFANNER And MEGUMI FUJIKAWA Updated June 3, 2015 5:25 a.m. ET TOKYO—Lixil Group Corp., a Japanese provider of bathroom fixtures and building supplies that has expanded aggressively overseas, said Wednesday that an accounting scandal at a subsidiary operating in China would cause as much as ¥66.2 billion ($533 million) in one-time losses.
Lixil, which owns the American Standard brand and acquired the Grohe Group of Germany in 2013, lowered its earnings for the financial year ended in March 2014...
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