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SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the registrant [X]
Filed by a party other than the registrant [ ]
Check the appropriate box:
[ ] Preliminary proxy statement. [ ] Confidential, for use of the
Commission only (as permitted by
Rule 14a-6(e)(2).
[ ] Definitive proxy statement.
[X] Definitive additional materials.
[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12.
Simpson Industries, Inc.
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(Name of Registrant as Specified in Its Charter)
Simpson Industries, Inc.
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(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)
Payment of filing fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary materials.
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[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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FOR IMMEDIATE RELEASE:
LEADING PROXY ADVISOR BACKS SIMPSON
INDUSTRIES BOARD
April 14, 2000 Plymouth MI - - Simpson Industries, Inc. (Nasdaq: SMPS) announced
today that The Proxy Monitor, Inc., respected adviser to major public and
private pension funds and institutional investors, has recommended to its
clients that they vote FOR management's nominees and AGAINST the MMI shareholder
proposal at Simpson's Annual Meeting on April 18th.
In making its recommendation, Proxy Monitor noted that if MMI were to prevail ,
"THE ONLY OFFERS THE COMPANY IS LIKELY TO RECEIVE ARE THOSE THAT REPRESENT A
PREMIUM ONLY TO A FEW SHORT-TERM INVESTORS AND SPECULATORS SEEKING A QUICK
PROFIT, TO THE DETRIMENT OF LONG-TERM SHAREHOLDERS WHO PURCHASED THEIR SHARES AT
A HIGHER PRICE". They additionally noted that "in fact, 'shopping the company
around' could impair the board's bargaining power" in any potential transaction.
Their recommended vote for the Simpson nominees is based on their opinion that
the 30% representation MMI seeks is "way out of proportion to their current
equity stake", and their doubts that "the addition of the three MMI
representatives would help to boost shareholder returns".
Commenting on the Proxy Monitor voting directive, Roy Parrott, Chairman and
Chief Executive Officer of Simpson, stated "We are gratified that Proxy Monitor
had the clarity of vision to support the Simpson Board's judgement. We welcome
their objectivity, and would ask that all Simpson shareholders carefully
consider this independent professional advice in making their final voting
decision.
Simpson Industries supplies powertrain and chassis products to original
equipment manufacturers in the worldwide automotive and medium and heavy duty
diesel engine markets. Simpson's products are focused in three groups: noise,
vibration and harshness, wheel-end and 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.
CONTACT: Vinod Khilnani, Vice President & Chief Financial Officer of Simpson
Industries, Inc. (734) 207-6200
