TriMas Announces Agreement to Acquire Plastic Srl
BLOOMFIELD HILLS, Mich., Nov. 19, 2018 (GLOBE NEWSWIRE) -- TriMas (NASDAQ: TRS) announced today that it has signed an agreement to acquire Plastic Srl, a privately-owned manufacturer of polymeric caps and closures for home care product applications, located in Forlì, Italy. The transaction is expected to close in early 2019.
“We are excited to announce an agreement between TriMas and the Muccioli family to acquire Plastic Srl, which will enhance TriMas’ Packaging group’s single-bodied and assembled closure product offering,” said Thomas Amato, president and chief executive officer of TriMas. “Plastic Srl broadens our geographic presence, adds adjacent products and designs to our current product offering, and increases production capability through innovative manufacturing know-how.”
Plastic Srl predominantly 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. Located approximately 50 miles southeast of Bologna, Italy, Plastic Srl generates approximately €10 million ($12 million) in annual revenue. Upon closing, Plastic Srl will be a wholly-owned division of TriMas’ Rieke business.
Amato continued, “We appreciated the opportunity to work exclusively on this transaction with the Muccioli family and welcome the broader Plastic Srl team to the TriMas organization. We are pleased to add this business to Rieke, and look forward to further growing Plastic Srl’s product line.”
About TriMasTriMas 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 StatementsAny “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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