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TriMas Releases Inaugural Sustainability Report

2020-12-23T08:04:19-05:00

BLOOMFIELD HILLS, Michigan, December 23, 2020 – TriMas (NASDAQ: TRS) today announced the release of its inaugural Sustainability Report. The TriMas 2020 Sustainability Report outlines the Company’s commitment toward responsible environmental, social and governance (ESG) practices, and highlights its comprehensive sustainability initiatives that have been implemented across its global operations.

“I am proud to introduce our inaugural Sustainability Report and excited to share with you our initiatives and performance,” said Thomas Amato, President and Chief Executive Officer of TriMas. “Although this is our first report, our commitment to sustainable environmental, social and governance practices has been long-standing at TriMas, as it exemplifies our core values of integrity and respect for the environment, the health, safety and well-being of our employees, and the communities in which we operate. We have been focused on operating in a socially responsible, safe and sustainable manner, and are pleased to be enhancing our transparency on these important initiatives.”

“With this report, we aim to provide our stakeholders a better understanding of our focus on and plans for continued improvement of our ESG programs. We believe our commitment to ESG matters is integral to achieving lasting success, and we will continue to improve and further integrate sustainability elements into our long-term business strategy, providing additional value for our shareholders, customers, employees and the communities where we operate. TriMas team members play an important part in achieving our sustainability efforts, and we thank them for their continued dedication to making us a better company." Amato concluded.

As outlined in the report, TriMas is committed to continuously enhancing its sustainability strategy focused on corporate governance and ethics, people, the environment and our products. The Company has also committed to share best practices and employ continuous improvement initiatives across the business for the greatest impact.

To minimize paper waste, the TriMas 2020 Sustainability Report may be found digitally on the TriMas website under Sustainability, or by typing the following link www.trimascorp.com/images/Sustainability-Report.pdf.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,500 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 “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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 TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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’s 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 and public health crises; 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, 2019 and in the Third Quarter 2020 report 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, except as required by law.

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

TriMas Announces Closing of Affaba & Ferrari Acquisition

2020-12-14T09:04:45-05:00

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BLOOMFIELD HILLS, Michigan, December 14, 2020 – TriMas (NASDAQ: TRS) today announced the completion of its previously announced acquisition of Affaba & Ferrari, a designer and manufacturer of precision caps and closures for food & beverage and industrial product applications.

“We are pleased to have closed on this strategic acquisition and look forward to Affaba & Ferrari’s contributions to our Rieke business and TriMas’ Packaging group,” said Thomas Amato, President and Chief Executive Officer of TriMas. “Affaba & Ferrari will expand our existing food & beverage and industrial product lines, adding new product applications for consumer packaged goods and blue-chip industrial customers, and a state-of-the-art manufacturing operation to our European base. We welcome Silvia and Guglielmo Ferrari, the prior co-owners, siblings and children of the original founder, Rosanna Affaba, to TriMas and our family of businesses. We are pleased Silvia and Guglielmo will stay on and continue to oversee the day-to-day operations of Affaba & Ferrari, and we look forward to working together to serve our existing and new customers with our expanded product offering.”

Affaba & Ferrari, located in Borgo San Giovanni, Italy, designs, develops and manufactures proprietary, precision caps and closures, with intellectual property protection, for customers throughout Europe. The innovative product offering includes aseptic caps for juices, dairy products and sport isotonic/energy drinks, as well as tamper evident, child-proof, flex spout and other caps and closures used in food & beverage, agrochemical and industrial applications. Affaba & Ferrari is expected to achieve approximately €32 million in revenue in fiscal year 2020.

TriMas will fund the acquisition primarily from existing cash on hand and its lines of credit. As noted on TriMas’ third quarter earnings call, the Company expects after closing the Affaba & Ferrari acquisition that net debt to last twelve months EBITDA, as defined under TriMas’ credit agreement, will remain less than 2.0x, due to TriMas’ strong cash generation in 2020 and current low leverage.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,500 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 “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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 TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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’s 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 and public health crises; 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, 2019 and in the Third Quarter 2020 report 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, except as required by law.

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

TriMas Reports Third Quarter 2020 Results

2020-10-28T16:27:22-04:00

TriMas' Packaging Group Posts Second Consecutive Record Sales and Operating Profit Quarter
Announces Packaging Group Acquisition of Affaba & Ferrari

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BLOOMFIELD HILLS, Michigan, October 29, 2020 - TriMas (NASDAQ: TRS) today announced financial results for the third quarter ended September 30, 2020.

TriMas Highlights

Increased third quarter net sales by 5.9%, driven by record sales in TriMas' Packaging group
Generated third quarter net cash provided by operating activities from continuing operations of $48.3 million, an increase of 73.4% compared to $27.8 million in third quarter 2019
Resumed the Company’s share buyback program during third quarter given strong cash flow; $165.1 million available under current repurchase authorization
Ended quarter with $389.2 million of unrestricted cash and aggregate availability, and a leverage ratio of 1.4x
Announced an agreement to acquire Affaba & Ferrari, a designer and manufacturer of engineered caps and closures for food and beverage, and industrial applications, further expanding TriMas’ Packaging group

Third Quarter 2020
TriMas reported third quarter net sales of $199.5 million, an increase of 5.9% compared to $188.4 million in third quarter 2019, as robust organic sales in Packaging and the impact of recent acquisitions were partially offset by the impact of weaker demand in our aerospace and industrial businesses resulting from the effects of the COVID-19 pandemic. During third quarter 2020, the Company recorded pre-tax, non-cash goodwill and indefinite-lived intangible asset impairment charges of $134.6 million in its Aerospace segment. As a result, the Company reported an operating loss of $108.3 million in third quarter 2020, compared to an operating profit of $23.6 million in third quarter 2019. Adjusting for Special Items⁽¹⁾, third quarter 2020 adjusted operating profit was $29.6 million, a 20.1% increase compared to $24.6 million in the prior year period, primarily as a result of the impact of increased sales and a more favorable product sales mix.

The Company reported a third quarter 2020 loss from continuing operations of $100.9 million, or $2.32 per diluted share, compared to income of $15.2 million, or $0.34 per diluted share, in third quarter 2019. Third quarter 2020 adjusted income from continuing operations⁽¹⁾ was $18.6 million, or $0.43 per diluted share, compared to $16.1 million, or $0.36 per diluted share, in the prior year period.

"As we move through the fourth quarter of 2020, I would like to once again thank all of our employees for their commitment and dedication during this unprecedented time," said Thomas Amato, TriMas President and Chief Executive Officer. "Through our combined efforts, we delivered solid third quarter results, exceeding our third quarter 2019 performance, as well as our expectations at the onset of the pandemic. Given the robust sales activity in our Packaging group, we achieved a third quarter sales growth rate of 5.9%, and adjusted diluted EPS from continuing operations⁽¹⁾ of $0.43, a 19.4% increase compared to third quarter of 2019.

"During the quarter, we also achieved Free Cash Flow⁽²⁾ of $41.6 million, more than double the Free Cash Flow in third quarter 2019, and approximately 223% of adjusted net income⁽¹⁾. Our strong cash flow, coupled with our disciplined approach to managing the balance sheet and capital deployment, positions TriMas well for the future. We remain focused on maintaining our financial and strategic flexibility which enables us to fund organic growth initiatives and pursue strategic bolt-on acquisitions, as well as return capital to shareholders through our share re-purchase program.

"While 2020 has undoubtedly been challenging, it has also provided us with an opportunity to demonstrate the strength of our presence in a diverse set of end markets. �ֻ��Ƭ��һ�� have solid, experienced management teams, dedicated employees, innovative products and exceptional customer focus. We will continue to leverage the TriMas Business Model to drive performance across all of our businesses to capture additional opportunities, while taking any necessary realignment steps to improve future performance when certain markets recover," Amato concluded.

Financial Position
TriMas ended third quarter 2020 with $389.2 million of unrestricted cash and aggregate availability under its revolving credit facility, $89.2 million of unrestricted cash on hand and a leverage ratio of 1.4x as defined in the Company's credit agreement. TriMas reported total debt of $295.6 million as of September 30, 2020, compared to $294.7 million as of December 31, 2019, and $294.4 million as of September 30, 2019. The Company ended the quarter with Net Debt⁽³⁾, an important measure the Company tracks under its deleveraging model, of $195.8 million, a decrease of $40.7 million compared to $236.5 million in the year ago period.

The Company reported net cash provided by operating activities from continuing operations of $48.3 million for third quarter 2020, compared to $27.8 million in third quarter 2019. As a result, the Company reported Free Cash Flow⁽²⁾ of $41.6 million for third quarter 2020, an increase of 115.9% compared to $19.3 million in third quarter 2019. Please see Appendix I for further details.

In addition, during the first nine months of 2020, the Company used $95.2 million for acquisitions and repurchased approximately $36.0 million of its outstanding common stock. As of September 30, 2020, $165.1 million remained available under the Company's repurchase authorization.

Third Quarter Segment Results - From Continuing Operations

Packaging (Approximately 61% of TriMas September 30, 2020 LTM sales)
TriMas' Packaging segment, which consists primarily of the Rieke^®, Taplast^™ and Rapak^® brands, develops and manufactures specialty dispensing and closure products for the beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial, and home care markets. Net sales for the third quarter increased 28.1% compared to the year ago period, primarily as a result of higher demand for dispensing pumps and closure products sold into applications that help fight the spread of germs or are used in cleaning. Higher sales of products used in food and beverage applications, as well as acquisition-related sales, also contributed to the increase. Third quarter operating profit and the related margin increased, as the impact of higher sales more than offset inefficiencies related to the impact of the pandemic on production planning and operations, and higher selling, general and administrative expenses related to acquisitions and the investment in sales growth initiatives. The Company also announced it has signed an agreement to acquire Affaba & Ferrari, a designer and manufacturer of engineered caps and closures for food and beverage, and industrial applications, located in Italy.

Aerospace (Approximately 24% of TriMas September 30, 2020 LTM sales)
TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners^™, Allfast Fastening Systems^®, Mac Fasteners^™, RSA Engineered Products^™ (RSA) and Martinic Engineering^™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined components to serve the aerospace, including military and defense, end market. Net sales for the third quarter decreased 22.6% compared to the year ago period, primarily due the impact of significantly lower air travel and reduced commercial and business jet production as a result of the global pandemic, partially offset by the sales increase related to the acquisition of RSA in February 2020. Third quarter operating profit and the related margin decreased due to the reduced sales and lower absorption of fixed costs, as well as production inefficiencies due to the impacts of the pandemic on operations. During the third quarter, the Company also recorded pre-tax, non-cash goodwill and intangible asset impairment charges of approximately $134.6 million related to this segment. The Company continues to focus on adjusting cost structures to better align with lower demand in these end markets impacted by the pandemic, while balancing its priority of investing in new and innovative products to support its global customers.

Specialty Products (Approximately 15% of TriMas September 30, 2020 LTM sales)
TriMas' Specialty Products segment, which includes the Norris Cylinder^™ and Arrow^® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders and wellhead engines and compressor systems, for use within the welding and HVAC, medical, military, industrial, and oil and gas end markets. Norris Cylinder is the only steel cylinder manufacturer in the United States, and represents the majority of sales in this segment. Third quarter net sales decreased 22.1% compared to the year ago period, as a result of lower steel cylinder demand in the construction and HVAC end markets, and low demand for oil and gas products, all related to the impact of the pandemic. Third quarter operating profit decreased as a result of lower sales and fixed cost absorption, while the related operating profit margin increased as a result of the positive impact of previous realignment actions taken in the businesses. The Company has taken actions to better align cost structures with sales demand in the end markets impacted by the global pandemic, including streamlining the Arrow Engine product line offering.

Non-cash Impairment Charges
During the third quarter of 2020, the Company recorded pre-tax, non-cash goodwill and indefinite-lived intangible asset impairment charges of $134.6 million in its Aerospace segment. This charge is a result of a decline in its aerospace-related business' financial results, a significant reduction in its financial projections for the remainder of 2020 compared with prior projections, and uncertainty around the duration and magnitude of the impact of the COVID-19 pandemic on future financial results given their dependence on future levels of air travel and new aircraft builds. These non-cash impairment charges do not impact the Company’s liquidity, cash flows, compliance with debt covenants, or any future operations.

"TriMas Aerospace had great momentum entering 2020 with operational improvements and new business wins scheduled to ramp up," commented Amato. "Unfortunately, our order intake and related backlog have been severely impacted by the industry-wide slowdown resulting from the pandemic. As a result of the lower demand expectations, we have taken realignment actions which will benefit us when the market begins to recover. We continue to support our global customers with our market leading brands and product innovation."

Discontinued Operations
On December 20, 2019, the Company completed the sale of its Lamons business, a provider of sealing products for the oil and gas end markets, with annual revenues of approximately $180 million. Upon completion of the sale of Lamons, on a pro forma basis, TriMas reduced its sales exposure to the oil and gas end market from more than 20% of total sales to less than 3%. The results of operations of Lamons, which were previously reported in the Specialty Products segment, as well as the one-time costs incurred in connection with the sale, are included in discontinued operations for all periods presented.

Outlook
Due to the COVID-19 pandemic and the resulting economic uncertainty, TriMas withdrew its 2020 full year guidance during the second quarter of 2020. Today, the Company reinstated certain 2020 full year guidance amounts, which assume there are no further significant, additional national or global negative impacts related to the pandemic. The Company noted it now expects TriMas’ consolidated sales for full year 2020 to increase 4% to 6% as compared to full year 2019, with sales activity in the Packaging segment anticipated to remain robust, offset by continued weaker demand for our products in the Aerospace and Specialty Products segments. The Company expects full year 2020 adjusted diluted earnings per share⁽¹⁾ of $1.45 to $1.50 per share. In addition, the Company anticipates 2020 Free Cash Flow⁽²⁾ to be greater than $90 million, while maintaining a strong balance sheet.

All of the above amounts considered as 2020 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 2020 earnings conference call today, Thursday, October 29, 2020, at 10 a.m. ET. The call-in number is (800) 353-6461. Participants should request to be connected to the TriMas third quarter 2020 earnings conference call (Confirmation Code 3061032). 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 3061032) beginning October 29, 2020 at 3 p.m. ET through November 5, 2020 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 TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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’s 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 and public health crises; 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, 2019 and in the Third Quarter 2020 report 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, 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 “Investors” 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’s 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’s 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 Free Cash Flow as Net Cash Provided by/Used for Operating Activities from Continuing Operations, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details.

⁽³⁾The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. 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 global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,500 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 “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

TriMas Announces Agreement to Acquire Affaba & Ferrari

2020-10-28T16:19:04-04:00

Acquisition Further Expands TriMas’ Packaging Platform

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BLOOMFIELD HILLS, Michigan, October 29, 2020 – TriMas (NASDAQ: TRS) announced today that it has signed an agreement to acquire Affaba & Ferrari Srl, a designer and manufacturer of precision caps and closures for food & beverage and industrial product applications. The transaction is expected to close before the end of the year, at which time Affaba & Ferrari will become part of TriMas’ Packaging segment reporting into its Rieke division.

“We are excited to announce an agreement between TriMas and the Ferrari family,” said Thomas Amato, President and Chief Executive Officer of TriMas. “The acquisition of Affaba & Ferrari will supplement our existing food & beverage and industrial product offerings, adding new blue-chip customers and a state-of-the-art manufacturing operation to our European base. Affaba & Ferrari offers proprietary product designs, production capabilities for aseptic applications and important food packaging safety certifications, such as the British Retail Consortium/Institute of Packaging (BRC/IoP) Global Standard and the Food and Drug Administration/Interstate Milk Shippers (FDA/IMS) Compliance, all of which ultimately will enable us to expand our current product offering to our global food & beverage customers.”

Affaba & Ferrari was founded by Rosanna Affaba in 1949 in Borgo San Giovanni, Italy, where it continues to operate today. Started as a provider of closures and containers to local dairy farmers, her children, Silvia and Guglielmo Ferrari, later expanded the company significantly. They currently operate Affaba & Ferrari as a privately-owned, family company, which is expected to generate approximately €32 million in revenue in fiscal year 2020. Affaba & Ferrari designs, develops and manufactures proprietary, precision caps and closures with intellectual property protection for customers throughout Europe. The innovative product offering includes aseptic caps for juices, dairy products and sport isotonic/energy drinks, as well as tamper evident, child-proof, induction, flex spout and other caps and closures used in food & beverage, agrochemical and other industrial applications.

Amato continued, “We look forward to Silvia and Guglielmo, as well as the broader Affaba & Ferrari team, joining TriMas and our family of businesses. We are pleased to add the Affaba & Ferrari brand and business to TriMas’ Packaging group, as we believe the combination will unlock additional growth and expansion opportunities globally.”

Mediobanca and Alantra served as the financial advisors to the sellers.

TriMas’ planned acquisition of Affaba & Ferrari represents TriMas’ fourth acquisition in the packaging market since early 2019, and is consistent with the strategy to further build out its packaging platform. TriMas will discuss additional details related to this transaction on its third quarter 2020 earnings conference call later today.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,500 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 “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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 TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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’s 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 and public health crises; 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, 2019 and in the Second Quarter 2020 report 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, except as required by law.

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

TriMas Announces Third Quarter 2020 Earnings Conference Call Date

2020-10-08T10:02:35-04:00

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BLOOMFIELD HILLS, Michigan, October 8, 2020 – TriMas (NASDAQ: TRS) announced today that it will host its third quarter 2020 earnings conference call on Thursday, October 29, 2020. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of third quarter 2020 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (800) 353-6461 (Confirmation Code 3061032) and ask to be connected to the TriMas third quarter 2020 earnings conference call. The conference call will also be simultaneously webcast via TriMas’ website at www.trimascorp.com, under the “Investors” 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 October 29 at 3 p.m. Eastern Time through November 5 at 3 p.m. Eastern Time. To access the replay, please dial: (888) 203-1112 (Replay Passcode 3061032) or visit the “Investors” section of the Company’s website.

TriMas Reports Second Quarter 2020 Results

2020-07-30T08:05:09-04:00

TriMas' Packaging Group Posts Record Sales Quarter

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BLOOMFIELD HILLS, Michigan, July 30, 2020 - TriMas (NASDAQ: TRS) today announced financial results for the second quarter ended June 30, 2020.

TriMas Highlights

Increased second quarter net sales by 4.6%, driven by record sales in TriMas' Packaging group
Reported second quarter diluted loss per share from continuing operations of $0.36, driven by an accounting policy change and realignment charges, while adjusted diluted earnings per share from continuing operations⁽¹⁾ was $0.43
Generated net cash provided by operating activities from continuing operations of $27.4 million, which resulted in Free Cash Flow⁽²⁾ of $25.2 million for the second quarter
Strong balance sheet with $349.4 million of cash and aggregate availability, and a leverage ratio of 1.6x

Second Quarter 2020

TriMas reported second quarter net sales of $199.6 million, an increase of 4.6% compared to $190.8 million in second quarter 2019, as robust organic sales in Packaging and the impact of recent acquisitions were partially offset by the impact of weaker demand in certain businesses resulting from the effects of the COVID-19 pandemic and unfavorable currency exchange. The Company reported an operating loss of $18.2 million in second quarter 2020, primarily as a result of a non-cash charge related to an accounting policy change for a legacy liability and realignment actions, compared to an operating profit of $27.1 million in second quarter 2019. Adjusting for Special Items⁽¹⁾, second quarter 2020 adjusted operating profit was $27.5 million, compared to $28.0 million in the prior year period, as the impact of higher sales was more than offset by a less favorable product sales mix, production inefficiencies related to the pandemic, and higher non-cash depreciation and amortization.

The Company reported a second quarter loss from continuing operations of $15.7 million, or $0.36 per diluted share, compared to income of $18.7 million, or $0.41 per diluted share, in second quarter 2019. Second quarter 2020 adjusted income from continuing operations⁽¹⁾ was $18.7 million, or $0.43 per diluted share, compared to $19.6 million, or $0.43 per diluted share, in the prior year period.

"Before I discuss our second quarter financial results, I would like to thank all of our global employees for the commitment and dedication they have displayed during the past several months," said Thomas Amato, TriMas President and Chief Executive Officer. "We have worked together during this unprecedented period to continue to provide essential products supporting our customers, and have operated all of our manufacturing facilities without meaningful disruption, while adhering to new work rules, processes, and local health and safety protocols.

"Turning to our performance in the quarter, we are pleased to announce results which are better than we planned at the beginning of this unprecedented period. TriMas provides innovative product solutions into a diverse set of end markets, and this balance continues to help us navigate through unforeseen challenges. TriMas’ Packaging group, which manufactures dispensers and closures used in applications that help fight the spread of germs, improve personal hygiene and advance home cleaning, as well as food and beverage, pharmaceutical and nutraceutical, and industrial applications, had a record sales quarter. However, we also serve some end markets which are challenged where we have focused on adjusting cost structures to better align with lower demand. I would also note that the anticipated change in sales demand in Aerospace did not occur until June, which helped us achieve a better than expected second quarter result. Given the robust sales activity in our Packaging group and late in the quarter demand fall off in our Aerospace group, we were able to achieve a second quarter sales growth rate of 4.6%, and adjusted diluted EPS from continuing operations⁽¹⁾ of $0.43, consistent with the second quarter of 2019.

"As we move forward through the second half of 2020, we expect the impacts of the global pandemic to continue, with robust sales in our Packaging group, offset by lower aircraft production rates and therefore lower demand for products in our Aerospace group, and reduced construction and HVAC maintenance-related demand, which impacts the Specialty Products group. That said, we believe the steps we have taken during the past few years to strengthen our balance sheet and de-emphasize certain end markets better position TriMas to manage through this unforeseen market shock, and have benefited TriMas shareholders during this period. We are approaching this global economic uncertainty from a position of strength, as our disciplined approach to capital deployment, combined with our strong balance sheet and cash flow, will allow TriMas to not only weather this uncertain environment, but maintain flexibility to best leverage future opportunities," Amato concluded.

Financial Position

TriMas ended second quarter 2020 with $349.4 million of cash and aggregate availability under its revolving credit facility, $65.3 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 $295.3 million as of June 30, 2020, compared to $294.7 million as of December 31, 2019, and $445.0 million as of March 31, 2020. During the second quarter, the Company proactively repaid $150 million previously drawn on its revolving credit facility during the first quarter in light of the uncertainty surrounding the impacts of COVID-19 and as a precautionary measure against any potential credit market tightening. The Company ended the quarter with Net Debt⁽³⁾ of $230.0 million, a decrease of $8.9 million compared to $238.9 million as of March 31, 2020. In addition, during the first six months of 2020, the Company used $95.2 million for acquisitions and repurchased approximately $31.6 million of its outstanding common stock. The Company did not repurchase any shares during the second quarter due to uncertainty related to the pandemic. As of June 30, 2020, $169.5 million remained available under the Company's repurchase authorization.

The Company reported net cash provided by operating activities from continuing operations of $27.4 million for second quarter 2020, compared to $17.7 million in second quarter 2019. As a result, the Company reported Free Cash Flow⁽²⁾ of $25.2 million for second quarter 2020, compared to $13.5 million in second quarter 2019. Please see Appendix I for further details.

Second Quarter Segment Results - From Continuing Operations

Packaging (Approximately 58% of TriMas June 30, 2020 LTM sales)

TriMas' Packaging segment, which consists primarily of the Rieke^®, Taplast^™ and Rapak^® brands, develops and manufactures specialty dispensing and closure products for the beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial, and home care markets. Net sales for the second quarter increased 23.9% compared to the year ago period, primarily as a result of higher demand for pump dispenser and closure products sold into applications that help fight the spread of germs and are used in household and industrial cleaning, products used in food and beverage applications, and acquisition-related sales. These increases were partially offset by the impact of unfavorable currency exchange. Second quarter operating profit increased and the related operating margin declined, as the impact of higher sales was offset by a less favorable product sales mix and production inefficiencies related to the impact of the pandemic on production planning and operations. In April, the Company completed the acquisition of Rapak, a designer and manufacturer of fill-ready, bag-in-box product lines and related filling equipment sold into the food and beverage end market and used primarily in dairy, soda, smoothie and wine applications.

Aerospace (Approximately 26% of TriMas June 30, 2020 LTM sales)

TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners^™, Allfast Fastening Systems^®, Mac Fasteners^™, RSA Engineered Products^™ (RSA) and Martinic Engineering^™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined components to serve the aerospace, including military and defense, end market. Net sales for the second quarter decreased 13.9% compared to the year ago period, primarily due the impact of significantly lower air travel and reduced commercial and business jet production related to the global pandemic, partially offset by the sales increase related to the acquisition of RSA in February 2020. As noted, demand and sales levels significantly declined in June, as compared to the levels earlier in the second quarter. Second quarter operating profit and the related margin decreased due to the reduced sales and lower absorption of fixed costs, as well as a less favorable product sales mix and production inefficiencies due to the impacts of the pandemic on operations. The Company continues to focus on adjusting cost structures to better align with lower demand in these end markets impacted by the pandemic, while balancing its priority of investing in new and innovative products to support its global customers.

Specialty Products (Approximately 16% of TriMas June 30, 2020 LTM sales)

TriMas' Specialty Products segment, which includes the Norris Cylinder^™ and Arrow^® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders and wellhead engines and compressor systems, for use within the welding and HVAC, medical, military, industrial, and oil and gas end markets. Norris Cylinder is the only steel cylinder manufacturer in the United States. Second quarter net sales decreased 24.7% compared to the year ago period, as a result of lower steel cylinder demand in the construction and HVAC end markets, and low demand for oil and gas products, all related to the impact of the pandemic. Second quarter operating profit and the related margin percentage decreased as a result of lower sales and fixed cost absorption. The Company continues to take actions to better align cost structures with sales demand in these end markets impacted by the global pandemic, including streamlining the Arrow Engine product line offering in second quarter 2020.

Discontinued Operations

On December 20, 2019, the Company completed the sale of its Lamons business, a provider of sealing products for the oil and gas end markets, with annual revenues of approximately $180 million. Upon completion of the sale of Lamons, on a proforma basis, TriMas reduced its sales exposure to the oil and gas end market from more than 20% of total sales to less than 3%. The results of operations of Lamons, which were previously reported in the Specialty Products segment, as well as the one-time costs incurred in connection with the sale, are included in discontinued operations for all periods presented.

Outlook

Due to the COVID-19 pandemic and the resulting economic uncertainty, TriMas withdrew its 2020 full year guidance on April 30, 2020. However, the Company noted it now expects TriMas’ sales overall for the second half of 2020 to be relatively flat compared to the second half of 2019, with sales activity in the Packaging segment anticipated to remain robust, offset by continued weaker demand for our products in the Aerospace and Specialty Products segments. The Company anticipates continuing to generate solid Free Cash Flow⁽²⁾ at greater than 100% of net income, and maintaining a strong balance sheet.

"During the back half of 2020, we anticipate continued strong demand and growth of 15% to 20% in our Packaging segment as compared to the back half of 2019. We also expect back half sales declines in the Specialty Products segment of 15% to 25%, consistent with the sales change in the front half of 2020. We now anticipate the back half of 2020 Aerospace segment sales to be more in line with the broader aerospace market, with sales declines of approximately 20% to 30% compared to the same period in 2019. As a result of these factors, we expect total sales for TriMas to be relatively flat for the back half of 2020 compared to the prior year. We continue to focus on realigning cost structures where needed, while proactively working with customers to maximize opportunities," Amato concluded.

Free Cash Flow⁽²⁾ guidance for 2020 is 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 2020 earnings conference call today, Thursday, July 30, 2020, at 10 a.m. ET. The call-in number is (800) 353-6461. Participants should request to be connected to the TriMas second quarter 2020 earnings conference call (Confirmation Code 9768715). 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 9768715) beginning July 30, 2020 at 3 p.m. ET through August 6, 2020 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 TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; 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; 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’s 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 and public health crises; 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, 2019 and in the Second Quarter 2020 report 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, except as required by law.

Non-GAAP Financial Measures

⁽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’s 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’s 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.

⁽³⁾The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details.

About TriMas

TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,500 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 “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

TriMas Transitions Rieke Leadership to Fabio Salik

2020-07-14T16:32:00-04:00

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BLOOMFIELD HILLS, Michigan, July 14, 2020 – TriMas (NASDAQ: TRS) today announced the appointment of Fabio Salik as President of Rieke, effective July 15, 2020. Salik will report directly to TriMas President and Chief Executive Officer Thomas Amato.

“I am very pleased to welcome Fabio to the TriMas team as our new President of Rieke, TriMas’ largest operating division,” said Amato. “He has an impressive track record within the packaging industry and has significant leadership experience, including a strong commitment to lean and continuous improvement, and has worked extensively with consumer packaged goods customers. We look forward to Fabio helping TriMas increase the velocity of Rieke’s growth, both organically and through M&A.”

Salik has more than 20 years of global management experience working for a variety of plastic packaging companies. Prior to TriMas, Salik served as the CEO of Americas for Logoplaste, a Carlyle Group-owned company headquartered in Portugal. In that role, Salik had full P&L responsibility for more than 20 facilities, servicing blue-chip consumer packaged goods companies including P&G, Henkel, Nestle, L’Oreal, Reckitt Benckiser and Dannon. He was instrumental in transforming Logoplaste’s quality and environmental systems, standardizing manufacturing and launch processes, and implementing a culture of Kaizen, all to improve performance. Prior to his tenure at Logoplaste, Salik was President of Valmari, a Brazilian beauty and skincare products company, where he served as its president. For more than a decade, he also worked for Rexam’s Beauty & Personal Care group, which later merged into Albéa, with leadership assignments in the United States, France and Brazil. Salik received a bachelor’s degree in Chemical Engineering from the Universidade Estadual de Maringá in Brazil.

Rieke, reported as part of TriMas’ Packaging segment, is a global developer and manufacturer of specialty dispensing, closure and jar products for applications in the beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial, and home care markets. "During the past few months, we have experienced robust demand particularly in our dispensing related products, as many of our customers’ packaging applications directly support products that help improve hygiene and fight the spread of germs. It is an exciting time at TriMas and Rieke, and we are committed to continuing to invest in and build out our packaging platform,” Amato continued.

Salik succeeds David Pritchett as part of succession planning to prepare for Pritchett’s planned retirement. Pritchett joined Rieke in 1996 and held various positions of increasing responsibility, culminating in his appointment to president of Rieke in 2014. He was instrumental in advancing Rieke to significantly expand beyond its industrial product lines and further geographic expansion. “On behalf of all TriMas employees, I personally thank David for his many years of service and contributions, and wish him well in his future endeavors,” Amato concluded.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,500 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 “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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

TriMas Announces New Strategic Customer Relationship

2020-07-13T08:30:01-04:00

Products Defend Against the Spread of Germs

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BLOOMFIELD HILLS, Michigan, July 13, 2020 – TriMas (NASDAQ: TRS) today announced that its Rieke business has partnered with INEOS Hygienics, a new INEOS business focused on the global consumer health care market, in an effort to help provide products that are essential to minimize the transmission of the COVID-19 virus. INEOS recently awarded Rieke with a contract to produce dispenser pumps for its new hand sanitizers.

“We are excited to partner with INEOS Hygienics to support their urgent needs in the quest to help improve personal hygiene and fight the spread of germs,” said Thomas Amato, TriMas President and Chief Executive Officer. “This is an exciting new customer win for Rieke, as we continue to invest in growing our packaging business by expanding our innovative product portfolio and customer base through organic initiatives and M&A.”

Rieke develops and manufactures a variety of specialty dispensing, closure and jar products for applications in the beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial, and home care markets. Rieke’s products include plastic closure and dispensing systems, such as dispenser pumps, foamers, fine mist sprayers, trigger sprayers, beverage dispensers and flip-top caps, as well industrial closures and dispensers. Rieke ultimately plans to launch production for INEOS Hygienics within one of its locations within Taplast, which Rieke acquired last year.

“We look forward to working closely with the INEOS Hygienics team on this important initiative,” said David Jones, Rieke – Vice President, Sales and Corporate Development. “We are committed to collaborate on our design and technical solutions, while providing superior quality, delivery and service on these essential products.”

INEOS is a global manufacturer of petrochemicals, specialty chemicals and oil products. It comprises 34 businesses and its production network spans 183 sites in 26 countries throughout the world. INEOS Hygienics built four new manufacturing facilities in response to the shortage of hand sanitizers in the United Kingdom, France, Germany and the United States, and is the leading European producer of the two key raw materials needed for sanitizers – isopropyl alcohol and ethanol. With the objective of producing one million bottles of hand sanitizers per month per plant, INEOS Hygienics plans to provide these products to the United Kingdom National Health Service and hospitals free of charge during the pandemic with the public able to buy bottles through retailers.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,500 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 “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.

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

TriMas Announces Second Quarter 2020 Earnings Conference Call Date

2020-07-01T10:02:41-04:00

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BLOOMFIELD HILLS, Michigan, July 1, 2020 – TriMas (NASDAQ: TRS) announced today that it will host its second quarter 2020 earnings conference call on Thursday, July 30, 2020. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of second quarter 2020 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (800) 353-6461 (Confirmation Code 9768715) and ask to be connected to the TriMas second quarter 2020 earnings conference call. The conference call will also be simultaneously webcast via TriMas’ website at www.trimascorp.com, under the “Investors” 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 9768715) or visit the “Investors” section of the Company’s website.

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

TriMas Aerospace Expands European Footprint

2020-06-10T10:02:00-04:00

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BLOOMFIELD HILLS, Michigan, June 10, 2020 – TriMas (NASDAQ: TRS) today announced that TriMas Aerospace has formed a strategic partnership with Kuehne+Nagel to establish a European logistics hub in Contern, Luxembourg. This expansion was driven by TriMas Aerospace’s new business growth in the region with customers like Airbus, Safran and Sonaca and the strategic positioning of parts to service its customer base.

Kuehne+Nagel was selected as a well-respected global third party logistics provider with a significant presence in Europe that provides the expertise to support strategic warehousing and logistics requirements. The European logistics hub provides TriMas Aerospace with the ability to pre-position product to support the region. This extends to recently secured long-term original equipment manufacturer (OEM) agreements, as well as urgent aftermarket requirements.

“Kuehne+Nagel makes an ideal partner to service our growing European customer base,” said John Schaefer, President of TriMas Aerospace. “We are pleased with the launch of this strategic alliance and look forward to our expansion efforts over the next several years.”

TriMas Aerospace designs, engineers and manufactures engineered fasteners, solid rivets, temporary fasteners and standard fasteners, and complex engineered components and subassemblies, for the global commercial and military aerospace industry under the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, RSA Engineered Products and Martinic Engineering brands.

“The establishment of this new support location in Europe is aligned with TriMas Aerospace’s long term strategy to expand our global presence in support of the global commercial and defense customer base,” said Thomas Amato, TriMas President and Chief Executive Officer. “TriMas Aerospace is focused on leveraging a broad value proposition of innovative products, integrating its customers’ automated assembly processes, tailoring logistics solutions and driving operational excellence.”

TriMas anticipates supporting its European customers with product availability out of its Kuehne+Nagel partner location by the third quarter of 2020.

About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,500 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 “TRS,” 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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TriMas Releases Inaugural Sustainability Report

TriMas Announces Closing of Affaba & Ferrari Acquisition

TriMas Reports Third Quarter 2020 Results

TriMas Announces Agreement to Acquire Affaba & Ferrari

Acquisition Further Expands TriMas’ Packaging Platform

TriMas Announces Third Quarter 2020 Earnings Conference Call Date

TriMas Reports Second Quarter 2020 Results

TriMas Transitions Rieke Leadership to Fabio Salik

TriMas Announces New Strategic Customer Relationship

TriMas Announces Second Quarter 2020 Earnings Conference Call Date

TriMas Aerospace Expands European Footprint

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