BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
TriMas Corporation (NASDAQ: TRS) — a diversified global manufacturer of
engineered and applied products — announced today that it has acquired
Mac Fasteners, Inc. for $34 million, with additional contingent
consideration of up to $6 million, payable based on attainment of future
operating results. The purchase price is subject to a net working
capital adjustment as of the closing date. The transaction closed on
October 25, 2013, at which time Mac Fasteners became part of the
Company's Aerospace & Defense segment.
"Mac Fasteners will enhance our product offering and add content to our
platform serving the growing aerospace industry," said David Wathen,
president and chief executive officer of TriMas Corporation. "This
acquisition complements our growth strategies for our Aerospace-focused
businesses by providing additional content, and broadens our
distribution channels and customer base, while providing a more flexible
manufacturing footprint."
Mac Fasteners is a leader in the manufacture and distribution of
stainless steel aerospace fasteners, globally utilized by OEMs,
aftermarket repair companies, and commercial and military aircraft
producers. Headquartered in Ottawa, Kansas, Mac Fasteners generated
approximately $17.5 million in revenue for the 12 months ended September
30, 2013.
"The acquisition of Mac Fasteners broadens our product offering and
provides additional access to large global customers in the aerospace OE
and aftermarket," said David Adler, president of TriMas' Aerospace and
Defense segment. "This combination will enable us to better serve the
needs of both companies' customers by providing a superior product
portfolio and provide additional manufacturing capability and
flexibility."
About TriMas' Aerospace and Defense Segment
TriMas Corporation's Aerospace and Defense segment is comprised of
Monogram Aerospace Fasteners, Martinic Engineering and NI Industries.
Monogram Aerospace Fasteners has established itself as the recognized
leader in blind bolt technology to the aerospace industry. Headquartered
in Los Angeles, California, Monogram serves the world's markets through
a network of dedicated sales professionals and authorized distributors.
Martinic Engineering manufactures highly-engineered, precision machined,
complex parts for commercial and military aerospace applications,
including auxiliary power units, as well as electrical hydraulic and
pneumatic systems. NI Industries has utilized proprietary know-how to
manufacture a variety of munitions components, including large caliber
cartridge cases for the U.S. government, as well as domestic and foreign
prime contractors.
About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ:
TRS) provides engineered and applied products for growing markets
worldwide. TriMas is organized into six reportable segments:
Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent
APEA and Cequent Americas. TriMas has approximately 6,000 employees at
more than 60 facilities in 17 countries. For more information, visit www.trimascorp.com.
Cautionary Notice Regarding Forward-looking
Statements
Any "forward-looking" statements contained herein, including those
relating to market conditions or the Company's financial condition and
results, expense reductions, liquidity expectations, business goals and
sales growth, involve risks and uncertainties, including, but not
limited to, risks and uncertainties with respect to general economic and
currency conditions, various conditions specific to the Company's
business and industry, the Company's leverage, liabilities imposed by
the Company's debt instruments, market demand, competitive factors,
supply constraints, material and energy costs, technology factors,
litigation, government and regulatory actions, the Company's accounting
policies, future trends, and other risks which are detailed in the
Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2012, and in the Company's Quarterly Reports on Form 10-Q. 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.
TriMas Corporation
Christine Parker
Communications Specialist
(248)
631-5438
christineparker@trimascorp.com
Source: TriMas Corporation
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