BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
TriMas Corporation (NASDAQ: TRS) - a diversified global manufacturer of
engineered and applied products - today provided an update on its key
growth and margin expansion initiatives of its Lamons energy business.
Over the past several years, Lamons has expanded its global footprint by
adding branches in the United States and around the world to enhance its
ability to serve its global customers. Lamons has intensified its focus
on increasing its margins, while continuing its superior service to its
global customers. These improvement efforts are focused on cost
reductions to achieve higher standard product margins and increased
sales of higher-margin, specialized products, and include the following:
-
Vertical integration of the production of previously outsourced sheet
materials into Lamons' plant in India;
-
Right-sizing the operations in Brazil via plant consolidation to
reflect the current demand;
-
Increasing development and sales of highly-engineered gasket and bolts
products;
-
Continuous lean and productivity projects including yield improvement
programs;
-
Decreasing the cost structure of standard products by reducing
material costs, scrap and labor costs; and
-
Implementing improved sales inventory and operations planning (SIOP)
processes to ensure cycle time and inventory reductions.
In addition, TriMas has approved a preliminary recommendation to move a
portion of the gasket and fastener operations from its Lamons Houston
facility to a new Lamons facility in Mexico. The Houston facility
currently manufactures gaskets and fasteners for the petroleum refining,
petrochemical, power generation, and pulp and paper industries. As
TriMas evaluates and develops plans for this business, it has become
convinced that it needs to improve its operating model to enhance the
competitiveness of this business.
This is a preliminary recommendation and not a final decision. The
Company will be evaluating this recommendation over the next several
weeks and plans to have a final decision on or before January 2, 2015.
If a decision is made to move some of this production, the transition
would not occur immediately. Rather, it would extend over 2015.
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, Engineered Components, Cequent APEA and
Cequent Americas. TriMas has approximately 7,000 employees at more than
60 facilities in 19 countries. For more information, visit www.trimascorp.com.
About Lamons
Headquartered in Houston, Texas, Lamons is one of the largest gasket,
fastener and specialty bolt suppliers in the world, committed to premium
quality products and local service. It has major manufacturing, sales
and service facilities located throughout the world. Lamons has
maintained its market leadership with the widest selection of gasket and
bolt materials ready for immediate delivery with leading technology and
state-of-the-art manufacturing facilities that produce engineered
products to custom specifications serving the petroleum refining,
petrochemical, power generation, and pulp and paper industries. For
additional information, visit www.lamons.com.
For TriMas Corporation
Michael Szudarek, 586-383-7554
mszudarek@marxlayne.com
Alan
Upchurch, 248-797-4325
aupchurch@marxlayne.com
Source: TriMas Corporation
News Provided by Acquire Media
