SIMONDS INTERNATIONAL ANNOUNCES COMPANY SEPARATION
August 8, 2014
Simonds International announced today that it will split the corporation into two distinct operating companies. Simonds International Corporation will remain the entity for the Wood Products business and the Metal Products business will operate as Simonds Inc. The separation of the two distinct businesses will enable a more nimble and sharper management focus on each business and provide shareholders with the opportunity to have more flexible financing arrangements for future business expansion in both North America and Europe.
The existing management team will continue to operate both companies while creating a sharper distinction in the operating strategies and organization focus. The transition to separate financial statements and administrative activities will occur during the next several months without disruption to either business. There will be no significant change to the existing supplier, employee or customer relationships as a result of the separation.
About Simonds International
Simonds International, founded in 1832, is the world's leading supplier of cutting tools and related products to the wood and metal markets. For more information call 800-343-1616 or visit www.simondsinternational.com.
Ray Martino, President and CEO