Simpson Manufacturing Co., Inc. (NYSE:SSD) Files An 8-K Other Events

Simpson Manufacturing Co., Inc. (NYSE:SSD) Files An 8-K Other Events
Item 8.01 Other Events

Simpson Manufacturing Co., Inc., through its subsidiary Simpson Strong-Tie Company Inc. and its subsidiaries (collectively the “Company”), purchased the equity of Gbo Fastening Systems AB (“Gbo Fastening Systems”) for approximately $10.2 million. Gbo Fastening Systems is headquartered in Gunnebo, Sweden, with fastener production and surface treatment capabilities in Sweden and Poland. Gbo Fastening Systems has over 200 employees located in Sweden, Poland, Norway and Romania. It is expected that for the fiscal year ended December 31, 2016, Gbo Fastening Systems has had approximately $41 million in net sales and a small operating profit (based on preliminary unaudited information received from the management of Gbo Fastening Systems).
Gbo Fastening Systems was founded in 1764 as a nail manufacturer and specializes in designing and manufacturing unique and innovative fastening solutions for structural applications and corrosive environments. The product offering of Gbo Fastening Systems consists of a full range of fastening products, including nails, screws, collated fasteners, mechanical and chemical anchors and connectors, that Gbo Fastening Systems sells under two main brands: Gunnebo Fastening and Christiania Spigerverk. Sales are focused primarily on the construction, OEM and DIY markets within the Nordic countries, Eastern Europe and Russia. Gbo Fastening Systems also offers high-level technical support, logistics support and a broad selection of merchandising solutions for retailers.
The Company expects that the acquisition will give the Company a complete line of CE-marked structural fasteners, unique fastener dimensioning software for wood applications, and access to Gbo Fastening Systems’ expertise in product development and testing, and proficiency in fastener manufacturing, surface treatment and painting. The Company also expects that the acquisition of Gbo Fastening Systems will enable the Company to develop and expand distribution in other countries. The Company, in addition, expects that, in connection with the acquisition, the Company will strengthen Gbo Fastening Systems’ global presence and contribute engineering expertise in automatic fastening systems and fastener collation to help Gbo Fastening Systems to broaden its fastener product line and expand its business by offering the Company’s structural connectors to its customers.

About Simpson Manufacturing Co., Inc. (NYSE:SSD)

Simpson Manufacturing Co., Inc. through its subsidiary, Simpson Strong-Tie Company Inc. (SST), designs, engineers and manufactures wood construction products, including connectors, truss plates, fastening systems and lateral systems used in light-frame construction. It also offers concrete construction products used for concrete, masonry, steel and for concrete repair, protection and strengthening, including adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools and fiber reinforced materials. It operates in three segments: North America, Europe and Asia/Pacific. The North America segment includes operations in the United States and Canada. The Europe segment includes operations in France, the United Kingdom, Germany, Denmark, Switzerland, Portugal and Poland. The Asia/Pacific segment includes operations in China, Hong Kong, Thailand, Australia, New Zealand, South Africa and the Middle East. Its segments sell both wood and concrete construction products.

Simpson Manufacturing Co., Inc. (NYSE:SSD) Recent Trading Information

Simpson Manufacturing Co., Inc. (NYSE:SSD) closed its last trading session down -0.06 at 44.20 with 216,775 shares trading hands.

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