November 17, 2000
Dublin, CA -- Simpson Strong-Tie Company Inc., a subsidiary of Simpson Manufacturing Co., Inc. (NYSE:SSD), announced today that it has signed an agreement to purchase the assets of Masterset Fastening Systems, Inc. ("Masterset") for approximately $2.5 million in cash plus an earnout of up to $0.3 million. Masterset manufactures and distributes a quality system of specially designed powder actuated fasteners and installation tools. The Masterset system provides the contractor with the ability to anchor into concrete, masonry, and structural steel without pre-drilled holes. The Masterset product line is complementary and additive to Simpson Strong-Tie's line of anchor products, and gives Simpson Strong-Tie's customers additional, cost-effective, choices in anchor systems. The transaction is expected to close in the fourth quarter of 2000.
Simpson Manufacturing Co., Inc., headquartered in Dublin, California, through its subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood-to-wood, wood-to-concrete and wood-to-masonry connectors, and through its subsidiary, Simpson Dura-Vent Company, Inc., designs, engineers and manufactures venting systems for gas and wood burning appliances. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."
For further information, contact Barclay Simpson at (925) 560-9032.