PLEASANTON, Calif.,
Sept. 6, 2019 /PRNewswire/
-- Simpson Manufacturing Company, Inc. (NYSE: SSD) announced a
strike was initiated yesterday by one of the two unions
representing a majority of its hourly plant employees in its
Stockton, California facility. All
non-union employees are working regular business hours and the
company is moving forward with its contingency plan to process
orders at the Stockton
facility. Currently, the company expects a minimal impact on
operations and production costs resulting from the strike.
"We have been in good faith negotiations with the union since
early August with the goal of reaching a negotiated agreement that
is fair and representative of the labor market that exists in the
Central Valley where the plant is located. While a quick end to the
strike would be preferable, we have contingency plans in place that
allow us to continue operating the Stockton facility for the foreseeable future,"
said Karen Colonias, Simpson's
President and Chief Executive Officer. "We have invested to ensure
the longevity of the Stockton
facility's operations for decades to come and to ensure quality
employment opportunities for our current workers and the next
generation. In addition, we are active supporters of the
Stockton community through
charitable contributions and partnerships with local organizations.
We strongly believe our proposed offer will provide many more years
of economic growth for the Stockton facility and community."
About Simpson Manufacturing Co., Inc.
Simpson
Manufacturing Co., Inc., headquartered in Pleasanton, California, through its
subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and
is a leading manufacturer of wood construction products, including
connectors, truss plates, fastening systems, fasteners and
shearwalls, and concrete construction products, including
adhesives, specialty chemicals, mechanical anchors, powder actuated
tools and reinforcing fiber materials. The Company's common stock
trades on the New York Stock Exchange under the symbol "SSD."
Cautionary Note Regarding Forward-Looking
Statements
This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We use words such as "may," "would,"
"could," "should," "will," "likely," "expect," "anticipate,"
"believe," "intend," "plan," "forecast," "outlook," "project,"
"estimate" and similar expressions suggesting future outcomes or
events to identify forward-looking statements or forward-looking
information. These statements are based on the company's current
expectations and involve risks and uncertainties that could cause
the company's actual results to differ materially. The differences
could be caused by a number of factors, including without
limitation liabilities, expenditures, impacts or disruptions
related to the strike at the Company's plant in Stockton, California. For further
information on these and other risks and uncertainties that may
affect the company's business, see the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the company's Annual Report on
Form 10-K for the year ended December 31,
2018 and its Quarterly Report on Form 10-Q for the quarter
ended June 30, 2019 filed with the
SEC. The Company undertakes no obligation to publicly release
any update or revision to these forward-looking statements, whether
as a result of the receipt of new information, the occurrence of
future events or otherwise.
CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400
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SOURCE Simpson Manufacturing Co., Inc.