TriMas Announces Closing of Plastic Srl AcquisitionThe Associated Press
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Jan 11, 2019--TriMas (NASDAQ: TRS) today announced the completion of its previously announced acquisition of Plastic Srl, a privately-owned manufacturer of polymeric caps and closures for home care product applications, located in Forlì, Italy.
“We are pleased to have closed on this bolt-on acquisition and begin integrating Plastic Srl with our Rieke business, broadening our geographic presence, and adding adjacent products and designs to our current product offering,” said Thomas Amato, president and chief executive officer of TriMas. “We welcome the Plastic Srl team to the TriMas organization and look forward to working together to serve our existing and new customers with our expanded product and manufacturing capabilities.”
Plastic Srl manufactures single-bodied and assembled caps and closures, including child resistant closures, for home care product applications, such as detergent and household cleaning products. With more than 100 closure product designs, including several patented closure systems, Plastic Srl serves the home care market in Italy and other European countries. The company is located approximately 50 miles southeast of Bologna, Italy, and generates approximately €10 million ($12 million) in annual revenue.
TriMas is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil & gas end markets with approximately 4,000 dedicated employees in 13 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which we report in three segments: Packaging, Aerospace and Specialty Products. The TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.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 the Company’s business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; the Company’s ability to realize its business strategies; the Company’s ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; the performance of subcontractors and suppliers; supply constraints; market demand; technology factors; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company’s leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; information technology factors; the disruption of operations from catastrophic or extraordinary events, including natural disasters; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; the Company’s future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. 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.
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CONTACT: Sherry Lauderback
VP, Investor Relations & Communications
KEYWORD: UNITED STATES EUROPE NORTH AMERICA MICHIGAN ITALY
INDUSTRY KEYWORD: OTHER CONSUMER MANUFACTURING CHEMICALS/PLASTICS PACKAGING CONSUMER
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PUB: 01/11/2019 11:30 AM/DISC: 01/11/2019 11:30 AM