BLOOMFIELD HILLS, Mich., July 30, 2012 /PRNewswire/ -- TriMas Corporation (NASDAQ: TRS) — a diversified global manufacturer of engineered and applied products — announced today that it has entered into an agreement to acquire CIFAL Industrial e Comercial Ltda and has acquired Trail Com Limited, for approximately $23 million USD in cash, in aggregate, with additional future payments based on post-acquisition operating results. The Company continues to expand its global footprint and product portfolio in growing end markets, consistent with its bolt-on acquisition strategy.
"We are pleased to announce the expansion of our global footprint into these faster growing and emerging markets," said David Wathen, president and chief executive officer of TriMas. "We have effectively used the proceeds from our recent equity offering to reduce our outstanding debt level and decrease our interest expense, all while increasing our available liquidity via our operating results, and plan to use the remainder to invest in these attractive bolt-on acquisitions. These new businesses will create a platform for incremental profitable growth, while enhancing the support of our global customers."
TriMas' Lamons business entered into an agreement to acquire CIFAL Industrial e Comercial Ltda, located in Sao Paulo, Brazil. CIFAL is a recognized manufacturer and supplier of specialty fasteners and stud bolts, primarily to the oil and gas industry. CIFAL generated approximately $9 million USD in revenue for the 12 months ended June 30, 2012.
"We are excited to be expanding into Brazil, a region of the world heavily investing in the energy sector, including new refineries and off-shore platforms," commented Kurt Allen, president of Lamons. "This further develops our global footprint and positions us to grow in this rapidly expanding marketplace. It also enables us to better serve our existing customers and enhances our fastener product offering in Brazil and around the world."
In addition, the Cequent Asia Pacific business announced the acquisition of Trail Com Limited completed on July 2, 2012. Headquartered in Auckland, New Zealand, Trail Com is a market leading distributor for towing accessories and trailer components. "This acquisition offers immediate opportunities to expand our existing product line into the New Zealand market, strengthens our retail and trade presence in Australia, and provides several opportunities for commercial and purchasing synergies," commented Carl Bizon,
president of Cequent Asia Pacific. Trail Com generated approximately $12 million USD in revenue for the 12 months ended June 30, 2012.
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 Asia Pacific and Cequent North America. TriMas has approximately 4,500 employees at more than 60 different 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 substantial 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, 2011,
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.
SOURCE TriMas Corporation
