PRESS RELEASE
MascoTech, Inc. and Simpson Industries, Inc. Complete Merger
TAYLOR, MI; December 15, 2000 - MascoTech, Inc., which is controlled by
Heartland Industrial Partners, L.P. and its co-sponsor, CSFB Private Equity,
announced today that a subsidiary of MascoTech completed a merger with Simpson
Industries, Inc. As a result of the merger, each outstanding share of Simpson
common stock was converted into the right to receive $13.00 in cash per share.
Holders of record of Simpson common stock as of today will receive written
instructions on how to surrender their shares of common stock for payment.
Shares of Simpson Industries will cease trading on the Nasdaq National Market as
of the close of the market today. As a result of the merger, Simpson Industries
will be a subsidiary of MascoTech.
The value of the transaction, including the assumption of debt, was
approximately $365 million.
Heartland Industrial Partners, L.P. is a private equity firm established to
"buy, build and grow" industrial companies in sectors presenting an opportunity
for consolidation and long-term growth. The firm has equity commitments in
excess of $1.1 billion and intends to increase its commitments to $2 billion.
Heartland was founded by David A. Stockman, a former partner of The Blackstone
Group and a Reagan administration Cabinet Officer; Timothy D. Leuliette, the
former President and Chief Operating Officer of Penske Corporation; and Daniel
P. Tredwell, a former Managing Director of Chase Securities.
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MascoTech is a diversified manufacturing company with world-leading metal
forming process capabilities and proprietary product positions serving
transportation, industrial and consumer markets.
Simpson Industries supplies powertrain and chassis products to original
equipment manufacturers in the worldwide automotive and truck engine markets.
Simpson's products are focused in three groups: noise, vibration and harshness,
wheel-end suspension, and modular engine assemblies. Simpson's manufacturing
units are located in the United States, Canada, Mexico, Brazil, England, India,
France, Spain and South Korea. Information about Simpson is available on the
Internet at http://www.simpsonind.com.
CSFB Private Equity, the global private equity arm of Credit Suisse Group,
operating out of six countries, is one of the largest managers of alternative
assets in the world, with over $25 billion in funds under management. CSFB
Private Equity is comprised of investment funds that focus on domestic and
international leveraged buyouts and other private equity investments. CSFB
Private Equity includes the family of DLJ Merchant Banking funds, DLJ Phoenix
funds and the Sprout funds.
Certain statements in this press release may be "forward-looking
statements" under the Securities Exchange Act of 1934. Statements regarding
future operating performance, new programs expected to be launched and other
future prospects and developments are based on current expectations and involve
certain risks and uncertainties that could cause the actual re-
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sults and developments to differ materially from the forward-looking statements.
Potential risks and uncertainties include such factors as demand for the
Company's products, pricing and other actions taken by the Company.
