Simpson Manufacturing completes US$27.7M sale of subsidiary Dura-Vent to M&G Dura-Vent, a subsidiary of Netherlands-based M&G Holding
September 2, 2010
– Simpson Manufacturing Co., Inc. (the "Company") announced today that on August 31, 2010, it completed the sale of substantially all of the assets of its subsidiary, Simpson Dura-Vent Company, Inc., to M&G Dura-Vent, Inc., a newly formed, wholly owned, indirect subsidiary of M&G Holding B.V. ("M&G"). The purchase price, as adjusted and subject to post-closing adjustments, was $27.7 million. Simpson Dura-Vent designed and manufactured venting systems for gas and wood burning appliances. M&G, a Netherlands-based company, manufactures and distributes venting products for European markets.
M&G, headquartered in Assen in the Netherlands, is a European market leader in venting systems. It has production facilities in the Netherlands, Italy and Turkey and sales offices and warehouses in Belgium, France, Germany and the UK. M&G manufactures venting systems for heating and hot water appliances, both conventional and high efficiency. It manufactures a range of systems in aluminum, stainless steel and polypropylene.
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, 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 fastening systems, stainless steel fasteners and pre-fabricated shearwalls. Simpson Strong-Tie also offers a full line of adhesives, mechanical anchors and powder actuated tools for concrete, masonry and steel. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."