Simpson shareholders to vote on company´s sale

PLYMOUTH, Mich. (Nov. 21)—Shareholders of Simpson Industries Inc. will have their chance to vote on the company´s sale Dec. 15. Simpson Sept. 29 said its board had agreed to be acquired by Simmer Acquisition Co., an affiliate of Heartland Industrial Partners L.P. for $13 per outstanding share. The deal, worth $350 million total with the assumption of debt, came just months after Simpson´s board defeated a dissident shareholder´s attempts to try and force the sale of the company. Simpson´s third quarter sales rose slightly to $116.5 million during the quarter ended Sept. 30 compared to the same three months of 1999. Net income was $1.2 million this quarter compared to $2.9 million last year, while operating income was only $3.5 million compared to $6.1 million, respectively.