PLYMOUTH, Mich. (Sept. 29)—Just months after defeating a dissident shareholder´s move to force the sale of the company, Simpson Industries Inc. has agreed to be acquired by Heartland Industrial Partners L.P. in a deal worth an estimated $350 million. Heartland will pay $13 per outstanding share or just over $232 million in cash and will assume $118 in debt. The agreement still is subject to shareholder and regulatory approval but could be finalized by year´s end, said Simpson Chairman and CEO Roy E. Parrott. Simpson, a supplier of rubber torsional crankshaft dampers and other powertrain and chassis components, fits into Heartland´s strategy of assembling a full services provider of engineered metal products for automotive and industrial customers, according to David A. Stockman, senior managing director of Heartland. In August, metal parts maker MascoTech Inc. agreed to be acquired by Heartland, but Simpson doesn´t expect that to raise any antitrust concerns over the deal, said Vinod Khilnani, Simpson vice president and chief financial officer.
Simpson to be acquired by investor group
Letter
to the
Editor
Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].