Permasteelisa was sold by its Japanes owners Lixil Corporation three years ago to Chinese construction giant Grandland for £426m, but the deal was later blocked by US authorities.

In the latest twist in its ownership, the loss-making group which headquarters in Vittorio Veneto in Italy, will now be owned by a business based in Connecticut, which manages a series of companies between construction and manufacturing industry.

In the UK, Permasteelisa has clad the Shard and is presently working on the Battersea Power Station project.

Atlas Holdings founder Timothy Fazio, said: “We are thrilled to have reached an agreement for the acquisition of Permasteelisa, as we believe that the company has solid foundations to achieve success, particularly as a specialized, independent and well-capitalized business,”

“The company has a strong management team led by Klaus Lother and a qualified workforce.

“By combining this with our experience in the construction materials and commercial construction markets, with our focus on customer satisfaction, innovation and operational improvements, we will build an even stronger company in the months and years ahead.”

Klaus Lother, CEO of the Permasteelisa Group, said: “Under the solid guiding Lixil and by strengthening our role as leader, we have been able to face significant challenges in an increasingly complex and competitive landscape.

“We are now entering a new phase in our evolution.

“We thank Lixil for the complete and constant support, and we are confident that with Atlas Holdings we will continue our evolution by generating value in the construction sector. ”