| DUBLIN, CA -- (PRNewswire) Simpson Strong-Tie Company Inc., a subsidiary of Simpson Manufacturing Co., Inc. announced 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.
This eUpdate posting by: Steve Joyce