Tuesday, July 6, 2010

Simpson Manufacturing sells subsidiary

Pleasanton's Simpson Manufacturing Co., Inc, is selling it's subsidiary, Simpson Dura-Vent Company, Inc. M&G Holding B.V. will pay $20 million in cash "plus or minus the amount by which Simpson Dura-Vent's working capital balance at the closing (calculated as provided in the agreement) exceeds $23.5 million or is less than $22.5 million."

Simpson Dura-Vent designs, engineers and manufactures venting systems for gas and wood burning appliances. M&G, a Netherlands-based company, manufactures and distributes venting products for European markets.

The transaction is expected to close in September 2010.

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