TriMas Corporation (TRS)

TriMas Completes the Divestiture of TriMas AerospaceMarch 16, 2026 11:35 AM
Business Wire
Transaction Sharpens Company Focus and Strengthens Platform for Future Growth


TriMas (NASDAQ: TRS) today announced that it has completed the previously announced divestiture of the TriMas Aerospace business (“TriMas Aerospace”) to PennAero, a portfolio company of Tinicum L.P. and funds managed by Blackstone, Inc. The transaction, first disclosed on November 4, 2025, was completed for approximately $1.45 billion in cash, subject to customary post-closing adjustments, with estimated net after-tax proceeds of approximately $1.2 billion.


“This transaction represents a significant milestone in TriMas’ ongoing transformation, further sharpening our focus and enhancing our financial flexibility,” said Thomas Snyder, President and Chief Executive Officer. “As we noted previously, we expect to use the net proceeds to support organic growth investments, pursue strategically aligned acquisition opportunities and repurchase shares. Whether through customer-focused innovation, operational excellence, productivity improvements or strategic acquisitions focused on attractive packaging and life sciences opportunities, this step strengthens our ability to pursue long-term growth that elevates the overall TriMas portfolio. Guided by our Strategic Investment Committee, we will continue to evaluate opportunities that advance our vision for a more customer-centric, growth-focused TriMas, while delivering strong returns for our shareholders.”


TriMas will provide certain transitional services to the buyer under a Transition Services Agreement (TSA), for which the company will be reimbursed. The transaction is the result of TriMas’ evaluation of strategic alternatives for the business, which was first announced on February 10, 2025. PJT Partners and BofA Securities served as financial advisors, and Jones Day served as outside legal counsel to TriMas.


Snyder continued, “We extend our sincere gratitude to Vitaliy Rusakov and the entire TriMas Aerospace team. Their relentless focus on performance improvement, operational discipline and customer excellence has positioned the aerospace business for future success and ensured a smooth transition. We deeply appreciate their leadership and dedication throughout this process and are confident the business is well-prepared for its next phase of growth under new ownership.”


About TriMas


TriMas designs, manufactures and supplies a broad range of innovative and high-quality products for the consumer packaging and industrial markets through its TriMas Packaging and Specialty Products groups. With approximately 2,500 employees in 12 countries, TriMas is committed to empowering customer success through deep partnerships, strong technical expertise, focused innovation, and exceptional quality and service. Guided by a culture of continuous improvement and operational excellence, TriMas invests in its people and capabilities to deliver long-term value for all stakeholders. Headquartered in Bloomfield Hills, Michigan, TriMas is publicly traded on NASDAQ under the ticker symbol “TRS.” For more information, please visit www.trimas.com.


Notice Regarding Forward-Looking Statements


Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; government and regulatory actions, including, without limitation, the impact of current and future tariffs and reciprocal tariffs, quotas and surcharges, as well as climate change legislation and other environmental regulations; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; our ability to recognize the benefits of and effectively deploy the net proceeds from the sale of TriMas Aerospace; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance ("ESG") goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition and disposition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are detailed in the Annual Report on Form 10-K for the year ended December 31, 2025. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316453625/en/
Sherry Lauderback

VP, Investor Relations, Communications & Sustainability

(248) 631-5506

sherry.lauderback@trimas.com


Original: TriMas Completes the Divestiture of TriMas Aerospace

TRS TriMas Corporation Reports Record Second Quarter Results
BY PR Newswire— 8:22 AM ET 07/30/2012

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BLOOMFIELD HILLS, Mich., July 30, 2012 /PRNewswire/ -- TriMas Corporation (TRS) today announced financial results for the quarter ended June 30, 2012. The Company reported record second quarter net sales from continuing operations of $338.4 million, an increase of 17.5% compared to second quarter 2011. Second quarter 2012 diluted earnings per share from continuing operations attributable to TriMas Corporation (TRS) was $0.44, as compared to $0.46 during second quarter 2011. Excluding Special Items(1), second quarter 2012 diluted earnings per share from continuing operations would have been $0.61, a 15.1% improvement from second quarter 2011.

TriMas Highlights

Reported record second quarter net sales of $338.4 million, an increase of 17.5% as compared to second quarter 2011, due to the successful execution of numerous growth initiatives and positive results from bolt-on acquisitions.
Improved both income and diluted earnings per share from continuing operations(1) by 24.7% and 15.1%, respectively, excluding the impact of Special Items, compared to second quarter 2011.
Issued 4,000,000 shares of common stock for net proceeds of approximately $79.0 million. Proceeds utilized to redeem $50 million of higher-cost debt, reduce interest costs and execute bolt-on acquisitions in July to better position businesses in growing end markets.
Continued to invest in a flexible manufacturing footprint to reduce costs long-term, increase productivity, enhance customer service and drive future growth.
Received favorable antidumping decision in high pressure steel cylinder business, creating a fairer competitive environment in the United States.
Today announced an agreement to acquire CIFAL Industrial e Comercial Ltda, a manufacturer and supplier of specialty fasteners and stud bolts for the oil and gas industry, located in Sao Paulo, Brazil.
Also announced the acquisition of Trail Com Limited, a market leading distributor of towing accessories and trailer components in New Zealand and Australia.
"Our record second quarter results demonstrate we are successfully executing on our growth strategies in the midst of an uncertain global economy," said David Wathen, TriMas (TRS) President and Chief Executive Officer. "We achieved sales growth of 17.5% during the second quarter, resulting from the execution of our strategic initiatives including bolt-on acquisitions, product innovation, market share gains and geographic expansion. With pressure in Europe, as well as anticipated slower global economic growth rates, we identify the bright spots where we believe we can capture growth for our businesses. We then execute swiftly and effectively on our new product and geographic expansion programs targeting these areas. In parallel, we must be cost effective to achieve compelling returns on our investments, continue to remain competitive and fund reinvestment."

Wathen continued, "During the second quarter, we also continued to improve our capital structure. In May, we issued four million shares of common stock which enabled us to drive our initiatives at an even faster pace. We utilized the proceeds to redeem a portion of our higher-cost, long-term debt and reduce our interest costs, while decreasing our leverage ratio and improving our liquidity. We are also completing bolt-on acquisitions that better position our businesses in exciting and growing end markets."

"Our disciplined investment in our growth initiatives will continue to be funded by the savings generated from our productivity and lean programs," Wathen stated. "We are investing for the future as we leverage and expand our footprint to not only reduce our costs in the long-term, but also secure additional business and better serve our global customers. While increasing our investments in our businesses and increasing our share count by approximately 10%, we generated $0.61 in diluted earnings per share from continuing operations(1), a 15.1% improvement from second quarter 2011. These results are thanks to a strong team of people at TriMas (TRS) who execute our plans well."

"Looking forward, we continue to expect economic uncertainty and choppy end market demand. Based on our results to date and current expectations, we are increasing our 2012 top-line growth estimate to be between 10% and 14% compared to 2011. We expect full-year 2012 diluted earnings per share from continuing operations to range between $1.75 and $1.85 per share, excluding Special Items, despite the increase in share count resulting from the recent equity offering and our projected acquisition-related costs. We continue to be confident in our ability to grow the top-line faster than the economy, create sustainable operating leverage and generate strong cash flow. We are well positioned for the future," Wathen concluded.

Second Quarter Financial Results - From Continuing Operations

TriMas (TRS) reported record second quarter net sales of $338.4 million, an increase of 17.5% as compared to $288.1 million in second quarter 2011. During second quarter, net sales increased in five of the six reportable segments, primarily as a result of additional sales from bolt-on acquisitions, market share gains, new product introductions, and geographic expansion as compared to second quarter 2011. The net sales increase was partially offset by approximately $3.3 million of unfavorable currency exchange, primarily in our Packaging and Cequent Asia Pacific segments.
The Company reported operating profit of $43.2 million in second quarter 2012. Excluding Special Items(1) related to footprint consolidation and relocation projects within the Cequent segments, second quarter 2012 operating profit would have been $46.2 million, as compared to $40.8 million during second quarter 2011, primarily as a result of higher sales levels. Second quarter 2012 operating profit margin was impacted by unfavorable product mix, including the effect of the decline in European product sales in the Packaging segment, lower margins associated with the recent acquisitions in the Packaging segment and higher costs associated with our global growth initiatives in the Energy segment. The Company continued to generate significant savings from capital investments, productivity projects and lean initiatives, which funded investment in growth initiatives and offset economic cost increases.
Excluding noncontrolling interests related to Arminak & Associates, second quarter 2012 income from continuing operations was $16.7 million(1), or $0.44 per diluted share, compared to income from continuing operations of $16.0 million, or $0.46 per diluted share, during second quarter 2011. Excluding Special Items(1), second quarter 2012 income from continuing operations would have been $23.0 million, an improvement of 24.7%, and diluted earnings per share would have been $0.61, a 15.1% improvement from second quarter 2011.
The Company reported Free Cash Flow (defined as Cash Flow from Operating Activities less Capital Expenditures) of $19.3 million for second quarter 2012, compared to $15.1 million in second quarter 2011. The Company expects to generate between $40 million and $50 million in Free Cash Flow for 2012, while increasing its capital expenditure investments for future growth and productivity programs.
Financial Position

In May 2012, TriMas (TRS) issued 4,000,000 shares of its common stock via a public offering at a price of $20.75 per share. Net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses, totaled approximately $79.0 million. These proceeds are being used for a combination of bolt-on acquisitions, investments in growth and productivity programs and debt reduction. Approximately $54.9 million of the proceeds were utilized to partially redeem the Company's 9¾% senior secured notes. As of June 30, 2012, TriMas (TRS) reported total indebtedness of $420.8 million, as compared to $469.9 million as of December 31, 2011 and $478.4 million as of June 30, 2011. TriMas (TRS) ended the second quarter with $221.0 million of cash and aggregate availability under its revolving credit and accounts receivable facilities.

Business Segment Results - From Continuing Operations(2)

Packaging - (Consists of Rieke Corporation including Arminak & Associates, Innovative Molding and the foreign subsidiaries of Englass, Rieke Germany, Rieke Italia and Rieke China)

Net sales for second quarter increased 47.6% compared to the year ago period as a result of the acquisitions of Innovative Molding in August 2011 and Arminak in February 2012. Specialty systems product sales unrelated to the acquisitions increased primarily due to additional demand from North American dispensing customers. These sales increases were partially offset by a decrease in sales of industrial closures, rings and levers, primarily due to lower sales levels in Europe as a result of current weak economic conditions, and the impact of unfavorable currency exchange. Operating profit for the quarter increased primarily due to higher sales levels as a result of the acquisitions, which were partially offset by higher selling, general and administrative costs related to the acquisitions. Operating profit and the related margin percentage was further impacted by a less favorable product sales mix in the quarter as Innovative Molding and Arminak businesses had lower margins than the remainder of the Packaging business. The Company continues to develop specialty dispensing and closure applications for growing end markets, including personal care, cosmetic, pharmaceutical, nutrition and food/beverage, and expand into complementary products.

Energy - (Consists of Lamons)

Second quarter net sales increased 11.9% compared to the year ago period due to continued market share gains within our highly-engineered bolt product line and additional sales generated by newer branches. This segment also benefited from higher levels of turnaround activity at refineries and petrochemical plants. Second quarter operating profit and the related margin percentage decreased primarily due to increased sales at newer branches, which typically have lower margins due to more aggressive market pricing and additional launch costs, operating inefficiencies to meet fluctuating customer demand, a less favorable product sales mix and higher selling, general and administrative costs in support of branch expansion. The Company continues to grow its sales and service branch network in support of its global customers.

Aerospace & Defense - (Consists of Monogram Aerospace Fasteners and NI Industries)

Net sales for the second quarter decreased 9.4% compared to the year ago period, as improved demand for blind bolts and temporary fasteners from aerospace distribution customers resulting from new programs with airplane frame manufacturers was more than offset by significantly lower sales in the defense business related to decreased activity associated with managing the relocation to and establishment of the new U.S. Army's shell manufacturing facility. Second quarter operating profit was relatively flat and the related margin percentage increased primarily due to the fact that the aerospace product sales comprised a larger percentage of the total sales for this segment, with aerospace products yielding significantly higher margins than the defense facility relocation contract. In addition, the aerospace business benefited from productivity and manufacturing efficiency gains and lower selling, general and administrative expenses. The Company continues to invest in this segment by developing and marketing highly-engineered products for aerospace applications, as well as expanding its offerings to military and defense customers.

Engineered Components - (Consists of Arrow Engine and Norris Cylinder)

Second quarter net sales increased 20.0% compared to the year ago period primarily due to improved demand for engines, gas compression products and other well site content related to enhanced levels of oil drilling activity as compared to 2011 and the successful introduction of additional products for the well-site. Sales of industrial cylinders also increased primarily due to continued market share gains as well as improved economic conditions. Second quarter operating profit and the related margin percentage improved compared to the prior year period primarily due to increased sales levels, productivity initiatives and additional operating leverage in our engine business, partially offset by higher selling, general and administrative expenses in support of growth initiatives. The Company continues to develop new products and expand its international sales efforts.

Cequent Asia Pacific - (Consists of Cequent operations in Australia, New Zealand, Thailand and South Africa)

Net sales for second quarter increased 32.4% compared to the year ago period, due to new business awards in Thailand, the fourth quarter 2011 acquisition in South Africa and improved consumer confidence and vehicle availability following the vehicle supply disruptions resulting from the natural disasters in the region in late 2010 and early 2011, partially offset by the unfavorable impact of currency exchange. Second quarter operating profit and the related margin percentage increased, excluding the costs incurred related to the consolidation of manufacturing facilities, primarily as a result of higher sales volumes. The Company continues to reduce fixed costs and leverage Cequent's strong brand positions to capitalize on growth opportunities in new markets, as evidenced by its recent acquisition in New Zealand.

Cequent North America - (Consists of Cequent Performance Products and Cequent Consumer Products)

Net sales for second quarter increased 7.9% compared to the year ago period, resulting primarily from increased sales within the original equipment, industrial, aftermarket, retail and international channels. Sales increases were the result of market share gains and new product introductions. Second quarter operating profit and the related margin percentage increased primarily due to higher sales levels and decreased selling, general and administrative expenses, excluding the costs incurred related to the relocation of certain production to lower cost countries. The Company continues to reduce fixed costs and leverage Cequent's strong brand positions and new products for increased market share in the United States and faster growing markets.

2012 Outlook

The Company provided updated expectations for full-year 2012 and raised its 2012 sales outlook from an increase of 7% to 10% to a range of 10% to 14% compared to 2011. The Company reaffirmed its 2012 diluted earnings per share (EPS) from continuing operations attributable to TriMas Corporation (TRS) to be between $1.75 and $1.85 per share, excluding any events that may be considered Special Items. In addition, the Company expects 2012 Free Cash Flow, defined as Cash Flow from Operating Activities less Capital Expenditures, to be between $40 million and $50 million.

Conference Call Information

TriMas Corporation (TRS) will host its second quarter 2012 earnings conference call today, Monday, July 30, 2012, at 10:00 a.m. ET. The call-in number is (888) 318-7470. Participants should request to be connected to the TriMas Corporation (TRS) second quarter 2012 earnings conference call (Conference ID #7687244). The conference call will also be simultaneously webcast via TriMas (TRS)' website at www.trimascorp.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas (TRS) website or by dialing (888) 203-1112 (Replay Code #7687244) beginning July 30, 2012 at 3:00 p.m. ET through August 6, 2012 at 3:00 p.m. ET.

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TriMas Corporation (Trimas) is a manufacturer and distributor of products for commercial, industrial and consumer markets. The Company has six segments: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent North America and Cequent Asia Pacific. On November 1, 2010, the Company acquired South Texas Bolt & Fitting, Inc. On December 22, 2011, the Company sold its Hi-Vol Products and Precision Tool Company subsidiaries to ARCH Global Precision LLC, a newly formed entity created by Strength Capital Partners.

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