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BLOOMFIELD HILLS, Michigan, December 20, 2019 鈥� TriMas (NASDAQ: TRS) today announced that it has successfully completed the sale of its Lamons division, a transaction entered into with an investment fund sponsored by First Reserve on November 1, 2019. Lamons was sold for approximately $135 million in cash, subject to customary post-closing adjustments.

鈥淭he funds from this transaction, combined with our strong balance sheet and robust levels of free cash flow, afford us the opportunity to continue to advance our disciplined capital allocation strategy,鈥� said Thomas Amato, President and Chief Executive Officer of TriMas. 鈥淭his strategic step also unlocks TriMas鈥� ability to reposition our portfolio by concentrating our resources and investments in our Packaging and Aerospace segments.鈥�

TriMas will report the 2019 results of its Lamons division, which was previously reported in the Specialty Products segment, as discontinued operations beginning in the fourth quarter of 2019.

About TriMas
TriMas is a global manufacturer and provider of products for customers predominantly in the consumer products, aerospace and industrial end markets, with approximately 3,400 dedicated employees in 11 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the end 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit .

About First Reserve
First Reserve is a leading global private equity investment firm exclusively focused on energy. With over 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately $32 billion of aggregate capital since inception. First Reserve has completed over 650 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm鈥檚 history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.

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鈥檚 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鈥檚 ability to realize its business strategies; the Company鈥檚 ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company鈥檚 leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; 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鈥檚 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, 2018. 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, except as required by law.

CONTACT:
Sherry Lauderback
VP, IR & Communications
(248) 631-5506
sherrylauderback@trimascorp.com

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BLOOMFIELD HILLS, Michigan, November 7, 2019 鈥� TriMas (NASDAQ: TRS) announced today with great sadness that Richard 鈥淒ick鈥� M. Gabrys passed away on November 4, 2019 at the age of 78.

Mr. Gabrys was elected to the TriMas Corporation Board of Directors in August 2006 and has served as Chairman of the TriMas Audit Committee since May 2, 2008. He also served as a member of the Board鈥檚 Compensation Committee and Governance and Nominating Committee. Mr. Gabrys had extensive knowledge and expertise in financial reporting, accounting and Sarbanes-Oxley compliance for public companies. His experiences serving as a director of other significant corporations contributed to his leadership skills, the breadth of his experience in auditing, finance and other areas of risk oversight, as well as experience in acquisitions and divestitures.

鈥淭he TriMas family is deeply saddened by the unexpected loss of our longtime Board member and friend, Dick Gabrys,鈥� said Thomas Amato, TriMas President and CEO. 鈥淒ick was a dedicated and well-respected Board member who will leave a lasting impact on us. It was a privilege to serve with him and his counsel was invaluable.鈥�

鈥淒ick was an integral part of the Detroit business community, a trusted advisor, and most importantly, a long-time friend,鈥� said Samuel Valenti III, Chairman of the Board of Directors at TriMas. 鈥淥n behalf of TriMas, we extend our deepest condolences to Dick鈥檚 wife, Eleanore, and the Gabrys family.鈥�

Mr. Gabrys spent 42 years at Deloitte & Touche, retiring as a vice chairman in 2004. Following that, Mr. Gabrys served as the interim dean of the School of Business Administration of Wayne State University. He served on various other corporate boards, including CMS Energy, La-Z-Boy and Massey Energy. Mr. Gabrys was also active in the community and served on the boards of several non-profit organizations, including among others, the Karmanos Cancer Institute, Alliance for Safer Streets in Detroit (Crime Stoppers), Detroit Regional Chamber, the Detroit Institute of Arts, the Detroit Economic Growth Corp and the Renaissance Venture Capital Fund.

About TriMas
TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil and gas end markets with approximately 4,000 dedicated employees in 16 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit .

CONTACT:
Christine Parker
Manager, Investor Relations & Communications
(248) 631-5438
christineparker@trimascorp.com 

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BLOOMFIELD HILLS, Michigan, November 4, 2019 - TriMas (NASDAQ: TRS) today announced financial results for the quarter ended September 30, 2019.

TriMas Highlights

• Increased third quarter net sales by 5.8% to $236.8 million, with sales increases in all segments
• Delivered third quarter diluted EPS of $0.42, while adjusted diluted EPS⁽¹⁾ was $0.44
• Announced today that the Company entered into an agreement to sell its Lamons business to First Reserve for approximately $135 million
• Acquired nearly 1.6% of TriMas' total shares outstanding in the nine months ended September 30, 2019
• Increased the Company鈥檚 common stock share repurchase authorization to $150 million

Third Quarter 2019

TriMas reported third quarter net sales of $236.8 million, an increase of 5.8% compared to $223.8 million in third quarter 2018, as organic and acquisition-related sales growth was partially offset by the impact of unfavorable currency exchange. The Company reported operating profit of $28.7 million in third quarter 2019 compared to $29.9 million in third quarter 2018. Adjusting for Special Items⁽¹⁾ primarily related to transaction diligence and integration costs, third quarter 2019 adjusted operating profit was $29.8 million, relatively flat compared to the prior year period as the impact of higher sales was offset by a less favorable sales mix, increased conversion costs and higher freight costs.

The Company reported third quarter 2019 net income of $19.1 million, or $0.42 per diluted share, compared to net income of $22.7 million, or $0.49 per diluted share, in third quarter 2018. Third quarter 2019 adjusted net income⁽¹⁾ was $20.0 million, or $0.44 per diluted share, compared to $22.3 million, or $0.48 per diluted share, in the prior year period. The decline was primarily related to a higher effective tax rate in third quarter 2019 due to the timing of discrete items in each year.

"As we navigate through challenging macroeconomic and end market conditions impacting certain of our product lines, we continue to focus our momentum toward achieving our longer-term growth and capital allocation strategies," said Thomas Amato, TriMas President and Chief Executive Officer. "We achieved sales growth of 5.8% during the quarter due to the continued strength of our aerospace fastener business and recent acquisitions. However, third quarter sales were softer than planned, primarily across the North American industrial and oil and gas extraction end markets which we serve. Accordingly, these lower sales levels, mix, increased freight costs and a higher effective tax rate resulted in third quarter adjusted EPS of $0.44. We will continue to drive performance and manage cost structures under the TriMas Business Model as we move forward."

"Regarding our outlook, we are updating our full-year 2019 adjusted diluted EPS guidance range to $1.75 to $1.80 per share, as a result of anticipated prolonged lower end market demand and less favorable product mix in certain businesses. We continue to focus our attention on the areas we can control and are intently focused on the execution of our plans. Despite the short-term external pressures we are facing, we remain excited about the long-term future of TriMas."

"Today, we are pleased to announce that we have entered into an agreement to divest our Lamons business, as we continue to streamline and focus TriMas on our highest value proposition businesses. We will continue to prioritize investing in our businesses, driving organic innovation and pursuing additional bolt-on acquisition opportunities. In addition, we have increased TriMas' share repurchase authorization to $150 million, enabling us to continue to return capital to our shareholders. We remain committed to allocating capital on a balanced basis, while maintaining a solid balance sheet," Amato concluded.

Financial Position

During third quarter 2019, the Company purchased 196,128 shares of its outstanding common stock for approximately $5.7 million, bringing the nine month total through September 30, 2019 to 723,528 shares, or nearly 1.6% of its outstanding common stock, for $21.1 million. At the end of the third quarter, the Company had $41.8 million remaining under its existing share repurchase authorization. As announced this morning, TriMas' Board of Directors has approved an increase in the Company's share repurchase program authorization, enabling the Company to purchase up to $150 million of its outstanding common stock.

TriMas ended third quarter 2019 with $342.0 million of cash and aggregate availability under its revolving credit facility, $57.9 million of cash on hand and a leverage ratio of 1.5x as defined in the Company's credit agreement. TriMas reported total debt of $294.4 million as of September 30, 2019, compared to $293.3 million as of September 30, 2018. The Company ended the quarter with Net Debt⁽²⁾ of $236.5 million, an increase of $22.8 million compared to $213.7 million as of September 30, 2018, as a result of the use of cash for share repurchases and acquisitions.

The Company reported net cash provided by operations of $34.8 million for third quarter 2019, compared to $31.5 million in third quarter 2018. The Company reported Free Cash Flow⁽³⁾ of $25.7 million for third quarter 2019, compared to $27.4 million in third quarter 2018. The Company reaffirmed its full year 2019 Free Cash Flow⁽³⁾ guidance of greater than 100% of net income. Please see Appendix I for further details.

Third Quarter Segment Results

Packaging (Approximately 43% of TriMas September 30, 2019 LTM sales)

TriMas' Packaging segment, which consists primarily of the Rieke庐 and Taplast鈩� brands, develops and manufactures specialty dispensing and closure products for the health, beauty and home care, food and beverage, and industrial markets. Net sales for the third quarter increased 10.7% compared to the year ago period, as a result of incremental sales related to the acquisitions of Taplast and Plastic Srl, and higher sales of health, beauty and home care products. These increases were partially offset by lower sales of food and beverage products and industrial products, primarily due to continuing soft end market demand in North America, and the impact of unfavorable currency exchange. Third quarter operating profit and the related operating margin declined, as the impact of higher sales was offset by a less favorable product sales mix, as well as temporary production inefficiencies and higher freight costs.

Aerospace (Approximately 18% of TriMas September 30, 2019 LTM sales)

TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners鈩�, Allfast Fastening Systems庐 and Mac Fasteners鈩� brands, develops, qualifies and manufactures highly-engineered, precision fasteners to serve the aerospace market. Net sales for the third quarter increased 5.5% compared to the year ago period due to steady demand levels for fastener products and improved production throughput. Third quarter operating profit and the related margin percentage increased primarily due to higher sales levels.

Specialty Products (Approximately 39% of TriMas September 30, 2019 LTM sales)

TriMas' Specialty Products segment, which includes the Norris Cylinder鈩�, Lamons庐, Arrow庐 Engine and Martinic Engineering鈩� brands, designs, manufactures and distributes highly-engineered steel cylinders, sealing and fastener products, wellhead engines and compression systems, and machined components for use within the industrial, petrochemical, oil and gas exploration and refining, and aerospace markets. Third quarter net sales increased by 0.7% compared to the year ago period, as higher sales levels in the sealing and fastener product lines were substantially offset by lower sales of engines and compressors used in oil and gas upstream applications, industrial high pressure cylinders and machined components. Third quarter operating profit and the related margin percentage decreased as the impact of higher sales levels was more than offset by a less favorable product sales mix, and higher input and freight costs. The Company also announced it signed an agreement to sell the Lamons business for $135 million, with an anticipated closing expected to take place by the end of first quarter 2020.

Outlook

The Company updated its full year 2019 outlook. The Company is now estimating that TriMas鈥� 2019 organic sales growth will be 1.5% to 2.5% compared to 2018, due to the impact of certain softer end markets and macro challenges. The Company also expects full year 2019 adjusted diluted earnings per share range to be $1.75 to $1.80, from the previous range of $1.85 to $1.95 per share. In addition, the Company continues to expect 2019 Free Cash Flow⁽³⁾ to be greater than 100% of net income.

TriMas will report Lamons' results of operations as discontinued operations beginning in the fourth quarter of 2019. Excluding the impact of the Lamons business for the full year of 2019, organic sales growth is expected to be up slightly compared to 2018. In addition, by removing the direct impact of Lamons' operating results, TriMas expects its full year 2019 adjusted diluted earnings per share range to be $1.40 to $1.45.

All of the above amounts considered as 2019 guidance are after adjusting for any current or future amounts that may be considered Special Items. The inability to predict the amount and timing of the impacts of these Special Items makes a detailed reconciliation of these forward-looking non-GAAP financial measures impracticable.⁽⁴⁾

Conference Call Information

TriMas will host its third quarter 2019 earnings conference call today, Monday, November 4, 2019, at 10 a.m. ET. The call-in number is (800) 367-2403. Participants should request to be connected to the TriMas third quarter 2019 earnings conference call (Confirmation Code 6138233). The conference call will also be simultaneously webcast via TriMas' website at www.trimascorp.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (888) 203-1112 (Replay Passcode 6138233) beginning November 4, 2019 at 3 p.m. ET through November 11, 2019 at 3 p.m. ET.

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鈥檚 business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the Company's ability to successfully complete the sale of the Lamons business; 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鈥檚 ability to realize its business strategies; the Company鈥檚 ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company鈥檚 leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; 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鈥檚 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, 2018. 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, except as required by law.

Non-GAAP Financial Measures

In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Additional information is available at www.trimascorp.com under the 鈥淚nvestors鈥� section.

⁽¹⁾         Appendix I details certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company鈥檚 core operating results, given they may not reflect the ongoing activities of the business. Management believes that presenting these non- GAAP financial measures, adjusted to remove the impact of Special Items, provides useful information to investors by helping them identify underlying trends in the Company鈥檚 businesses and facilitating comparisons of performance with prior and future periods. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures.

⁽²⁾         The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details.

⁽³⁾         The Company defines Free Cash Flow as Net Cash Provided by/Used for Operating Activities, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details.

⁽⁴⁾         Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

About TriMas

TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil & gas end markets with approximately 4,000 dedicated employees in 16 countries. We provide customers with a wide range of innovative and quality product solutions through our marketleading businesses, which operate 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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BLOOMFIELD HILLS, Michigan, November 4, 2019 鈥� TriMas (NASDAQ: TRS) today announced that its Board of Directors increased the Company鈥檚 common stock share repurchase authorization to $150 million. The previous authorization, approved in February 2019, authorized up to $75 million in share repurchases.

鈥淭his increase demonstrates our continued confidence in our ability to grow and generate strong cash flow, and our commitment to deliver value to our shareholders,鈥� said Thomas Amato, TriMas President and Chief Executive Officer. 鈥淥ur capital allocation priorities remain to invest in projects to grow our businesses through innovation and strategic acquisitions, and to return capital to shareholders through share repurchases, all while maintaining a strong balance sheet.鈥�

Since initiating share repurchases under this program in May 2018, the Company has purchased approximately 1.2 million shares, or 2.6%, of its outstanding common stock, for $33.2 million through September 2019. At the end of the third quarter, the Company had $41.8 million remaining under its existing share repurchase authorization. The increased share repurchase authorization of up to $150 million includes the value of shares already repurchased under the previous authorization.

The extent to which TriMas repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, share price, regulatory requirements, other available uses of capital and other corporate considerations. The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice.

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鈥檚 business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the Company鈥檚 ability to successfully complete the sale of the Lamons business; 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鈥檚 ability to realize its business strategies; the Company鈥檚 ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company鈥檚 leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; 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鈥檚 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, 2018. 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, except as required by law.

About TriMas
TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil and gas end markets with approximately 4,000 dedicated employees in 16 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit .

CONTACT:
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherrylauderback@trimascorp.com 

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BLOOMFIELD HILLS, Michigan, November 4, 2019 鈥� TriMas (NASDAQ: TRS) today announced that TriMas Company, LLC, a wholly-owned subsidiary of TriMas Corporation, has entered into a definitive agreement to sell its Lamons business to First Reserve, a private equity firm focused on energy investing, for $135 million in cash, subject to customary working capital and purchase price adjustments.

"A key part of TriMas鈥� overarching strategy is to reposition our portfolio of businesses by investing in innovation and programmatic M&A to accelerate long-term growth, predominantly in our Packaging and Aerospace segments," said Thomas Amato, President & Chief Executive Officer of TriMas. "Our Lamons management team has completed a remarkable turnaround over the past few years, streamlining its manufacturing and distribution footprint, and improving operational throughput, which in turn, has resulted in higher sales and operating performance. As Lamons moves into the next phase of growth and development, we believe this business will benefit from First Reserve鈥檚 focus and expertise in energy-related end markets. I am pleased that we have secured a buyer for which Lamons will be an ideal fit.鈥�

Lamons is a leading provider of industrial sealing and fastener solutions used in mission-critical, high-consequence applications in the petrochemical, petroleum refining, midstream energy transportation, upstream oil and gas, metropolitan water and wastewater management end markets. Lamons, currently part of TriMas鈥� Specialty Products segment, generated approximately $186 million in net sales for the 12 months ended September 30, 2019. TriMas will report Lamons鈥� results of operations as discontinued operations beginning in the fourth quarter of 2019.

Gary Reaves and Neil Wizel, Managing Directors at First Reserve, commented, 鈥淔irst Reserve鈥檚 investment in Lamons represents a compelling opportunity to draw on our experience in both executing corporate carve-out transactions and in acquiring energy-related industrial equipment and services companies. We believe Lamons is well-positioned to benefit from favorable long-term macro and secular trends, particularly an increasing industry focus on environmental, social and governance principles and preventative maintenance spending. We are excited to partner with Lamons鈥� management to grow the business and to deliver its sealing solutions to a diversified set of energy and industrial end markets.鈥�

The closing is expected to occur by the end of the first quarter of 2020, and remains subject to customary regulatory approvals and closing conditions. BofA Securities is serving as financial advisor and has led the sale process, while Jones Day is serving as outside legal counsel for TriMas. Current Capital is serving as financial advisor to First Reserve and Vinson & Elkins is serving as its outside legal counsel. TriMas will discuss additional details related to this transaction on its third quarter 2019 earnings conference call today, November 4, 2019.

鈥淲e would like to thank the Lamons team for its contributions to TriMas and its leadership throughout the sale process. We are extremely proud of the great work our broader team has done to strengthen and improve its brand, and we remain committed to delivering the highest level of service to Lamons鈥� customers during this transition,鈥� concluded Amato.

About TriMas
TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil and gas end markets with approximately 4,000 dedicated employees in 16 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit .

About First Reserve
First Reserve is a leading global private equity investment firm exclusively focused on energy. With over 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately $32 billion of aggregate capital since inception. First Reserve has completed over 650 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm鈥檚 history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit  for further information.

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鈥檚 business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the Company鈥檚 ability to successfully complete the sale of the Lamons business, including, without limitation, any material adverse changes in the Lamons business or the Lamons assets being sold and the ability to obtain any requisite approvals; 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鈥檚 ability to realize its business strategies; the Company鈥檚 ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company鈥檚 leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; 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鈥檚 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, 2018. 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, except as required by law.

CONTACT:
Sherry Lauderback
VP, IR & Communications
(248) 631-5506
sherrylauderback@trimascorp.com 

Download Press Release

BLOOMFIELD HILLS, Michigan, October 14, 2019 鈥� TriMas (NASDAQ: TRS) announced today that it will host its third quarter 2019 earnings conference call on Monday, November 4, 2019. The conference call will begin at 10 a.m. Eastern Time and will follow the Company鈥檚 release of third quarter 2019 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (800) 367-2403 (Confirmation Code 6138233) and ask to be connected to the TriMas third quarter 2019 earnings conference call. The conference call will also be simultaneously webcast via TriMas鈥� website at , under the 鈥淚nvestors鈥� section, with an accompanying slide presentation.

If you are unable to participate during the live teleconference, a replay of the conference call will be available beginning November 4 at 3 p.m. Eastern Time through November 11 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode 6138233) or visit the 鈥淚nvestors鈥� section of the Company鈥檚 website.

About TriMas
TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil and gas end markets with approximately 4,000 dedicated employees in 16 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit .

CONTACT:
Christine Parker
Manager, Investor Relations & Communications
(248) 631-5438
christineparker@trimascorp.com 

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BLOOMFIELD HILLS, Michigan, August 29, 2019 鈥� TriMas (NASDAQ: TRS) today announced William Dickey will join Rieke as its vice president of operations, North America, and Sunjay Manian has been promoted to the role of Rieke group controller. Rieke is TriMas鈥� largest division and is reported in its Packaging segment. Both positions will report directly to David Pritchett, Rieke president.

As vice president of operations, Bill Dickey will have overall responsibility for several of Rieke鈥檚 North American facilities, including its Auburn, Indiana, Hamilton, Indiana, Rohnert Park, California, and Atkins, Arkansas facilities. Prior to joining Rieke, Bill served in key operational leadership roles at Metaldyne and later American Axle & Manufacturing (AAM). Most recently, he was vice president and general manager of AAM鈥檚 Transmission Technology Group, where he was responsible for the $300 million global business unit. Prior to his most recent positions, Bill held various roles of increasing manufacturing operations responsibility at Simpson Industries, which ultimately merged into Metaldyne. Bill has more than 25 years of operational leadership experience, including leading facilities under a culture of Kaizen, and has been trained in the Toyota Production System. Bill has successfully launched many new product lines and expansions, and new facilities in the U.S., Mexico and China.

As Rieke鈥檚 group controller, Sunjay Manian will be responsible for the financial management, accounting and reporting of Rieke鈥檚 global operations. Sunjay most recently served as Rieke鈥檚 Asia Pacific controller of operating locations in China, India and Vietnam. In this position, he played a key role in partnering with operational and commercial teams to execute against Rieke鈥檚 strategic plan in this key region of the world. Sunjay has also been instrumental in the due diligence and integration of Plastic Srl and Taplast, two recent Rieke acquisitions. Prior to joining Rieke, Sunjay was the operational and financial leader of ETACOM, a division of CS Electric, and the finance director at Cooper Bussman, a division of Cooper Industries.

鈥淲e look forward to the contributions that Bill and Sunjay will make to Rieke as we continue to execute against our longer-range strategic plans,鈥� said Thomas Amato, TriMas president and chief executive officer. 鈥淭heir combined experience will add to the management bench depth as we continue to invest in Rieke鈥檚 organic growth, including adding additional capacity globally, and through M&A.鈥�

About Rieke
Rieke develops and manufactures specialty, highly-engineered dispensing and closure applications for the health, beauty and home care, food and beverage, and industrial markets. These high performance, value-added products are designed to enhance our global customers鈥� ability to store, transport, process and dispense various products. Rieke鈥檚 products include plastic closure and dispensing systems, such as foamers, lotion pumps and specialty sprayers, as well as steel and plastic closure caps and drum closures.

About TriMas
TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil and gas end markets with approximately 4,000 dedicated employees in 16 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

CONTACT:
Sherry Lauderback
VP, IR & Communications
(248) 631-5506
sherrylauderback@trimascorp.com

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BLOOMFIELD HILLS, Michigan, July 30, 2019 - TriMas (NASDAQ: TRS) today announced financial results for the quarter ended June 30, 2019.

TriMas Highlights

• Increased net sales by 6.4% to $239.4 million, with sales increases in all segments
• Increased net income by 12.3% to $22.0 million, while adjusted net income⁽¹⁾ increased by 3.3% to $22.9 million
• Increased diluted EPS by 14.3% to $0.48, while adjusted diluted EPS⁽¹⁾ increased by 4.2% to $0.50
• Completed the acquisition of Taplast S.p.A., which is now included in the Packaging segment
• Acquired approximately 1% of TriMas' total shares outstanding

Second Quarter 2019

TriMas reported second quarter net sales of $239.4 million, an increase of 6.4% compared to $224.9 million in second quarter 2018, as organic and acquisition-related sales growth was partially offset by the impact of unfavorable currency exchange. The Company reported operating profit of $31.1 million in second quarter 2019 compared to $31.5 million in second quarter 2018. Adjusting for Special Items⁽¹⁾ primarily related to transaction diligence costs, second quarter 2019 adjusted operating profit was $32.1 million, relatively flat to the prior year period as the impact of higher sales was offset primarily by a less favorable sales mix, and increased input and freight costs.

The Company reported second quarter 2019 net income of $22.0 million, or $0.48 per diluted share, an increase of 12.3% compared to net income of $19.6 million, or $0.42 per diluted share, in second quarter 2018. Second quarter 2019 adjusted net income⁽¹⁾ was $22.9 million, or $0.50 per diluted share, an increase of 3.3% compared to $22.2 million, or $0.48 per diluted share, in the prior year period.

"We are pleased to deliver another quarter of solid performance, while also continuing our momentum toward achieving our longer-term growth and capital allocation strategies," said Thomas Amato, TriMas President and Chief Executive Officer. "In addition to achieving sales and adjusted earnings per share growth, we completed the acquisition of Taplast, which is aligned with our strategy of building out TriMas' packaging platform, retired 1% of our shares outstanding, delivered free cash flow in line with our expectations, and ended the quarter with a strong balance sheet."

"We remain committed to allocating capital on a balanced basis, focusing first on reinvesting in our businesses with a priority on the highest return opportunities, in addition to bolt-on acquisitions and share repurchases, all while maintaining a solid balance sheet. We demonstrated this capital allocation strategy in the second quarter, which is a core part of TriMas' overall thesis to drive shareholder value and made possible by the cash generation of our businesses in diverse end markets. Throughout the remainder of 2019, we will continue to drive performance under the TriMas Business Model and capitalize on market opportunities through innovation and speed to market. With respect to our full year expectations, we are reaffirming our organic sales growth and Free Cash Flow outlook, and raising our EPS outlook to $1.85 to $1.95 per share," Amato concluded.

Financial Position

During second quarter 2019, the Company purchased 502,500 shares, or more than 1% of its outstanding common stock, for approximately $14.7 million. At the end of the second quarter, the Company has $47.4 million remaining under its existing share repurchase authorization. In addition, the Company paid $44.6 million for its acquisition of Taplast.

TriMas ended second quarter 2019 with $325.4 million of cash and aggregate availability under its revolving credit facility, $40.3 million of cash on hand and a leverage ratio of 1.6x as defined in the Company's credit agreement. TriMas reported total debt of $294.2 million as of June 30, 2019, compared to $293.0 million as of June 30, 2018. In addition, the Company ended the quarter with Net Debt⁽²⁾ of $253.9 million, an increase of $14.3 million compared to $239.6 million as of June 30, 2018, as a result of the use of cash for share repurchases and acquisitions.

The Company reported net cash provided by operations of $21.2 million for second quarter 2019, compared to $35.4 million in second quarter 2018. The Company reported Free Cash Flow(3) of $16.6 million for second quarter 2019, compared to $28.9 million in second quarter 2018. As planned, second quarter year to date 2019 Free Cash Flow was lower than the prior year, primarily due to the timing of cash tax payments and a higher investment in working capital. The Company reaffirmed its full year 2019 Free Cash Flow⁽³⁾ guidance of greater than 100% of net income. Please see Appendix I for further details.

Second Quarter Segment Results

Packaging (Approximately 42% of TriMas June 30, 2019 LTM sales)

TriMas' Packaging segment, which consists primarily of the Rieke庐 and Taplast鈩� brands, develops and manufactures specialty dispensing and closure products for the health, beauty and home care, food and beverage, and industrial markets. Net sales for the second quarter increased 9.4% compared to the year ago period, as a result of incremental sales related to the acquisitions of Taplast and Plastic Srl, and higher sales of health, beauty and home care products related to new product introductions. These increases were partially offset by lower sales of food and beverage products and the impact of unfavorable currency exchange. Second quarter operating profit remained relatively flat while operating margin declined, as the impact of higher sales was offset by a less favorable product sales mix, primarily as a result of lower margin product sales related to recent acquisitions. The Company continues to integrate the acquisitions it completed during the first half of 2019, and anticipates enhanced contributions from these transactions.

Aerospace (Approximately 18% of TriMas June 30, 2019 LTM sales)

TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners鈩�, Allfast Fastening Systems庐 and Mac Fasteners鈩� brands, develops, qualifies and manufactures highly-engineered, precision fasteners to serve the aerospace market. Net sales for the second quarter increased 8.0% compared to the year ago period due to steady demand levels for fastener products and improved production throughput. Second quarter operating profit and the related margin percentage increased primarily due to higher sales levels.

Specialty Products (Approximately 40% of TriMas June 30, 2019 LTM sales)

TriMas' Specialty Products segment, which includes the Norris Cylinder鈩�, Lamons庐, Arrow庐 Engine and Martinic Engineering鈩� brands, designs, manufactures and distributes highly-engineered steel cylinders, sealing and fastener products, wellhead engines and compression systems, and machined components for use within the industrial, petrochemical, oil and gas exploration and refining, and aerospace markets. Second quarter net sales increased by 2.7% compared to the year ago period due to higher sales levels in the sealing and fastener, and machined components product lines. These increases were partially offset by lower sales of engines and compressors used in oil and gas upstream applications, as rig activity and spending remained weak in the U.S. and Canada, and lower cylinder sales. Second quarter operating profit and the related margin percentage decreased as the impact of higher sales levels was more than offset by a less favorable product sales mix, and higher input and freight costs.

Outlook

The Company updated its full year 2019 outlook provided on February 28, 2019. The Company is reaffirming TriMas鈥� organic sales growth outlook of 3% to 5% compared to 2018, although it may trend toward the lower end of the range due to the impact of certain softer end markets during the first half of the year. The Company also raised its full year 2019 adjusted diluted earnings per share range to $1.85 to $1.95, from the previous range of $1.82 to $1.92 per share. In addition, the Company continues to target 2019 Free Cash Flow⁽³⁾ to be greater than 100% of net income.

All of the above amounts considered as 2019 guidance are after adjusting for any current or future amounts that may be considered Special Items. The inability to predict the amount and timing of the impacts of these Special Items makes a detailed reconciliation of these forward-looking non-GAAP financial measures impracticable.⁽⁴⁾

Conference Call Information

TriMas will host its second quarter 2019 earnings conference call today, Tuesday, July 30, 2019, at 10 a.m. ET. The call-in number is (800) 353-6461. Participants should request to be connected to the TriMas second quarter 2019 earnings conference call (Confirmation Code 5451030). The conference call will also be simultaneously webcast via TriMas' website at , under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (888) 203-1112 (Replay Passcode 5451030) beginning July 30, 2019 at 3 p.m. ET through August 6, 2019 at 3 p.m. ET.

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鈥檚 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鈥檚 ability to realize its business strategies; the Company鈥檚 ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company鈥檚 leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; 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鈥檚 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, 2018. 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, except as required by law.

Non-GAAP Financial Measures

In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Additional information is available at under the 鈥淚nvestors鈥� section.

⁽¹⁾         Appendix I details certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company鈥檚 core operating results, given they may not reflect the ongoing activities of the business. Management believes that presenting these non-GAAP financial measures, adjusted to remove the impact of Special Items, provides useful information to investors by helping them identify underlying trends in the Company鈥檚 businesses and facilitating comparisons of performance with prior and future periods. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures.

⁽²⁾         The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details.

⁽³⁾         The Company defines Free Cash Flow as Net Cash Provided by/Used for Operating Activities, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details.

⁽⁴⁾         Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

About TriMas

TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil & gas end markets with approximately 4,000 dedicated employees in 16 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses, which operate 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit .

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To participate on the earnings conference call, please dial: (800) 353-6461 (Confirmation Code 5451030) and ask to be connected to the TriMas second quarter 2019 earnings conference call. The conference call will also be simultaneously webcast via TriMas鈥� website at www.trimascorp.com, under the 鈥淚nvestors鈥� section, with an accompanying slide presentation.

If you are unable to participate during the live teleconference, a replay of the conference call will be available beginning July 30 at 3 p.m. Eastern Time through August 6 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode 5451030) or visit the 鈥淚nvestors鈥� section of the Company鈥檚 website.

About TriMas
TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil and gas end markets with approximately 4,000 dedicated employees in 16 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

CONTACT:
Christine Parker
Manager, Investor Relations & Communications
(248) 631-5438
christineparker@trimascorp.com 

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BLOOMFIELD HILLS, Michigan, June 27, 2019 鈥� TriMas (NASDAQ: TRS) today announced that TriMas Aerospace is expanding its global presence through the addition of multi-year contracts with two aerospace customers. At the 53rd International Paris Air Show, TriMas Aerospace was awarded new fastener supply contracts by Safran Nacelles of La Havre, France, and Sonaca Group of Gosselies, Belgium. Safran and Sonaca are also both new customers to TriMas Aerospace.

鈥淲e are excited to enter into these strategic partnerships to serve the needs of these important new customers,鈥� said Thomas Amato, TriMas president and chief executive officer. 鈥淏oth Safran and Sonaca are key aerospace Tier 1 suppliers, and are major users of blind fasteners of which TriMas Aerospace is a market leader.鈥�

TriMas Aerospace designs, engineers and manufactures engineered fasteners, solid rivets, temporary fasteners and standard fasteners for the global commercial and military aerospace industry under the Monogram Aerospace Fasteners, Allfast Fastening Systems and Mac Fasteners brands.

鈥淭he TriMas Aerospace engineering, commercial and manufacturing teams have worked diligently with these important European-based customers during the past few years to qualify TriMas Aerospace products,鈥� said John Schaefer, president of TriMas Aerospace. 鈥淲e look forward to launching production and further collaboration on fastener innovations with both Safran and Sonaca.鈥�

The addition of these new customers supports the execution of TriMas Aerospace鈥檚 growth strategy to expand its global customer base and market share in commercial and defense aerospace applications through leveraging a broad value proposition of innovative products, integration of customers鈥� automated assembly processes, tailored logistics solutions and operational excellence.

About TriMas
TriMas is a diversified global manufacturer and provider of products for customers in the consumer products, aerospace, industrial, petrochemical, and oil and gas end markets with approximately 4,000 dedicated employees in 16 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 鈥淭RS,鈥� and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

CONTACT:
Sherry Lauderback
VP, IR & Communications
(248) 631-5506
sherrylauderback@trimascorp.com