February 21, 2003
DUBLIN, CA -- Simpson Manufacturing Co., Inc. (NYSE: SSD) announced today that Simpson Strong-Tie Canada Limited, its wholly-owned Canadian subsidiary, signed a letter of intent to purchase 100% of the equity of MGA Construction Hardware & Steel Fabricating Limited (a British Columbia corporation) and MGA Connectors Limited (a Canadian federal corporation) (collectively, "MGA"), for approximately USD $8.8 million in cash. MGA manufactures and distributes throughout Canada and portions of the United States a quality line of connectors used in construction. The MGA product line would be complementary and additive to Simpson Strong-Tie's line of connectors, and is expected to give Simpson Strong-Tie Canada's customers additional cost-effective products. Subject to negotiation of a definitive purchase and sale agreement and satisfaction of usual closing conditions, including regulatory and other approvals, the transaction would close in the second quarter of 2003.
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.