by Stephen Nacrosis
Simpson Manufacturing Company Inc. said on Wednesday that it has submitted a binding offer with exclusivity to acquire Etanco Group for EUR725 million, or approximately $818 million.
Etanco said it “serves the building envelope market with fixing and fastening solutions.”
Simpson said the deal is expected to close at the end of the first quarter next year and added that it expects to be favorable for earnings “within the first full fiscal year after closing.”
The deal will expand Simpson’s “market position, geographic reach and portfolio of building solutions in Europe” and provide “entry into new commercial building markets,” the company said.
Simpson said that for the 12 months ended September 30, 2021, Etanco’s net sales were approximately EUR258 million.
Simpson Manufacturing, said through its subsidiary Simpson Strong-Tie Company Inc., manufactures wood construction products, including connectors, truss plates and fastening systems.
Write to Stephen Necrosis at [email protected]