PLYMOUTH, Mich., Dec. 15 /PRNewswire/ -- Simpson Industries, Inc.
(Nasdaq: SMPS) announced today that it completed a merger with a subsidiary of
MascoTech, Inc., which is controlled by Heartland Industrial Partners, L.P.
and its co-sponsor, CSFB Private Equity. As a result of the merger, each
outstanding share of Simpson common stock was converted into the right to
receive $13.00 in cash per share. Holders of record of Simpson common stock
as of today will receive written instructions on how to surrender their shares
of common stock for payment. Shares of Simpson Industries will cease trading
on the Nasdaq National Market as of the close of the market today. As a
result of the merger, Simpson Industries will be a subsidiary of MascoTech.
The value of the transaction, including the assumption of debt, was
approximately $365 million.
Heartland Industrial Partners, L.P. is a private equity firm established
to "buy, build and grow" industrial companies in sectors presenting an
opportunity for consolidation and long-term growth. The firm has equity
commitments in excess of $1.1 billion and intends to increase its commitments
to $2 billion. Heartland was founded by David A. Stockman, a former partner
of The Blackstone Group and a Reagan administration Cabinet Officer; Timothy
D. Leuliette, the former President and Chief Operating Officer of Penske
Corporation; and Daniel P. Tredwell, a former Managing Director of Chase
Securities.
MascoTech is a diversified manufacturing company with world-leading metal
forming process capabilities and proprietary product positions serving
transportation, industrial and consumer markets.
Simpson Industries supplies powertrain and chassis products to original
equipment manufacturers in the worldwide automotive and truck engine markets.
Simpson's products are focused in three groups: noise, vibration and
harshness, wheel-end suspension, and modular engine assemblies. Simpson's
manufacturing units are located in the United States, Canada, Mexico, Brazil,
England, India, France, Spain and South Korea. Information about Simpson is
available on the Internet at http://www.simpsonind.com .
CSFB Private Equity, the global private equity arm of Credit Suisse Group,
operating out of six countries, is one of the largest managers of alternative
assets in the world, with over $25 billion in funds under management. CSFB
Private Equity is comprised of investment funds that focus on domestic and
international leveraged buyouts and other private equity investments. CSFB
Private Equity includes the family of DLJ Merchant Banking funds, DLJ Phoenix
funds and the Sprout funds.
Certain statements in this press release may be "forward-looking
statements" under the Securities Exchange Act of 1934. Statements regarding
future operating performance, new programs expected to be launched and other
future prospects and developments are based on current expectations and
involve certain risks and uncertainties that could cause the actual results
and developments to differ materially from the forward-looking statements.
Potential risks and uncertainties include such factors as demand for the
Company's products, pricing and other actions taken by the Company.
SOURCE Simpson Industries, Inc.
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Related links:
http://www.simpsonind.com
Company News On-Call:
http://www.prnewswire.com/comp/107165.html or fax,
800-758-5804, ext. 107165
CONTACT:
Vinod Khilnani, Vice President and Chief
Financial Officer of Simpson Industries, Inc., 734-207-6200
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