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TriMas Packaging Group to Exhibit at Paris Packaging Week 2024

2023-12-28T08:27:40-05:00

Market-leading Brands to Exhibit on January 17-18^that Booth #F181

BLOOMFIELD HILLS, Michigan, December 28, 2023 – TriMas Packaging, the largest division of TriMas (NASDAQ: TRS), will exhibit at Paris Packaging Week 2024 at the Paris Expo Porte de Versailles on January 17-18th. TriMas Packaging, and its market-leading brands, consisting of Rieke®, Aarts Packaging, Affaba & Ferrari™, Taplast™ and Rapak®, will be showcasing its most innovative and sustainable product solutions for the beauty and personal care markets.

“As the beauty packaging industry continues to evolve, consumers are seeking a more personalized and premium experience,” said Fabio Salik, TriMas Packaging Group President. “The Paris Packaging Week show is the ideal forum for us to present our most innovative and highly customizable offerings in the growing beauty and cosmetic sector. We are excited to showcase our high-end fragrance pumps and closures, innovative color cosmetic packaging solutions, and versatile airless systems and treatment pumps. Each of these product solutions is designed to be fully customizable, offering premium finishes, a spectrum of colors, metallization, digital printing, silk screening and hot stamping options, enabling us to meet the ever-changing demands of our customers and the market.”

TriMas Packaging will also be featuring dispensers, foamers, closures and jars from its extensive beauty and personal care portfolio, as well as its environmentally-conscious Singolo™ line of fully recyclable, single-polymer dispensing pumps.

Visit the TriMas Packaging team located at Booth #F181 in the PCD showcase.

About TriMas Packaging
TriMas Packaging serves its global customers with its market-leading brands, consisting of Rieke®, Affaba & Ferrari™, Rapak®, Taplast™, Plastic Srl and Aarts Packaging. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of end markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. With approximately 2,200 dedicated employees and 29 locations worldwide, TriMas Packaging’s innovative solutions and services are designed to enhance customers’ ability to dispense, transport and store their products safely and securely in an ever-changing marketplace. For more information, please visit www.trimaspackaging.com.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Kristin Reim
Communications Specialist
(615) 927-1908
kristin.reim@trimas.com

TriMas Life Sciences Expands Its Cleanroom Capabilities

2023-12-18T14:03:59-05:00

Positions Company for Growth in Medical Technology Applications

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BLOOMFIELD HILLS, Michigan, December 18, 2023 – TriMas (NASDAQ: TRS) today announced that its Intertech business, part of the TriMas Life Sciences division, has expanded its cleanroom capacity at its Denver, Colorado, facility. The additional production space addresses increased customer demand for highly engineered components used in medical technology applications, such as for use in testing, vascular delivery and extraction applications.

Intertech recently expanded its ISO Class 8 cleanroom molding and assembly capacity by an additional 3,400 square feet, including dedicated space for molding presses and secondary operation equipment. The addition complements Intertech’s existing 9,000-plus square feet of ISO Class 8 cleanroom capacity. In addition, TriMas has invested in additional cleanroom capabilities at a second facility in the Denver area, under Intertech’s existing ISO 13485 Medical Devices Quality Management Systems certification.

“Our increased investments in the Life Sciences end market continue to be an important long-term strategic enhancement for TriMas,” commented Thomas Amato, TriMas President and Chief Executive Officer. “By expanding our cleanroom production capabilities, we are addressing the growing demand needs of our customers, while remaining at the forefront of stringent regulatory standards. This investment not only underscores our dedication to operational excellence and superior quality, but also reaffirms our commitment to serving the evolving needs of the Life Sciences sector.”

In addition to its certified ISO Class 8 cleanroom environments, Intertech’s manufacturing facility, located in Denver, Colorado, is also MedAccred^® accredited.

The TriMas Life Sciences division, which is comprised of the Intertech and Omega businesses, as well as certain pharmaceutical and nutraceutical product lines, manufactures complex, precision injection molded components and assemblies for applications in the Life Sciences end market. TriMas Life Sciences’ capabilities and products include rapid prototype capability, as well as production molds, and custom, medical-related components such as consumable vascular delivery, patient monitoring and diagnostic test components, surgical devices, pharmaceutical airless dispensers and nutraceutical closures. TriMas Life Sciences collaborates with clients to deliver safe, compliant and “part perfect” products and components that positively impact people’s lives. For more information, please visit www.trimaslifesciences.com

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Packaging Selected to Partner With Leading Food and Beverage Brands

2023-12-13T11:03:00-05:00

Leveraging Expertise and Innovation of Tethered Caps to Drive Success

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BLOOMFIELD HILLS, Michigan, December 13, 2023 – TriMas (NASDAQ: TRS) today announced that its TriMas Packaging group continues to remain at the forefront of innovation, consistently developing new packaging solutions that address customer challenges and improve overall consumer experiences. Through close collaboration with customers and the development of new innovative tethered cap designs, TriMas Packaging continues to win new business awards from both existing and new customers globally.

TriMas Packaging group’s Affaba & Ferrari™ business continues to actively collaborate with customers in the food and beverage end market in Europe, adding new and innovative solutions to its expanded portfolio of tethered caps, which are a sustainable enhancement to traditional closure designs. The latest addition to its lineup of tethered caps includes a 38mm sports drink tethered cap designed for Coca-Cola, a leading, multinational beverage manufacturer, set to launch and ramp up in mid-2024. Affaba & Ferrari’s new tethered closure is designed to remain attached to the bottle, preventing unintended environmental waste and increasing the ease of recyclability, while providing consumers with a positive consumption experience. The cap features a wide opening angle for easy access to the beverage and convenient on-the-go drinking.

Additionally, Affaba & Ferrari secured a new application win with Granarolo, a leading Italy-based dairy supplier, with the release of its lightweight tethered cap designed specifically for milk-based products, including high-temperature pasteurized milk. The 38mm tethered closure features a lightweight design made with significantly less polymer while offering a wide opening angle for convenient access to the product.

“Innovative packaging design is key to growing TriMas by helping our customers meet their sustainability goals, addressing ever-evolving regulatory and market demands and delivering practical and functional solutions,” commented Thomas Amato, TriMas President and Chief Executive Officer. “As a leading manufacturer of closure and dispensing solutions within the food and beverage sector, our TriMas Packaging group recognizes this responsibility and remains committed to leveraging our expertise and innovation to drive positive change and actively contribute to a more sustainable future.”

The European Union’s Single-Use Plastics Directive (EU Directive 2019/904) requires all single-use beverage containers up to three liters in size to have closures that remain attached to the container by July 2024. Addressing this regulatory directive, Affaba & Ferrari offers a wide range of tethered closure solutions manufactured in an aseptic environment and tailored to meet the specific requirements of individual products and brands.

About TriMas Packaging
TriMas Packaging serves its global customers with its market-leading brands, consisting of Rieke®, Affaba & Ferrari™, Rapak®, Taplast™, Plastic Srl and Aarts Packaging. TriMas Packaging designs and manufactures a comprehensive array of dispensing, closure and flexible packaging solutions for a broad range of end markets including the beauty and personal care, food and beverage, home care, pharmaceutical and nutraceutical, and industrial and agricultural markets. With approximately 2,200 dedicated employees and 29 locations worldwide, TriMas Packaging’s innovative solutions and services are designed to enhance customers’ ability to dispense, transport and store their products safely and securely in an ever-changing marketplace. For more information, please visit www.trimaspackaging.com.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Appoints New General Manager of Its Allfast Fastening Systems Business

2023-12-07T10:03:36-05:00

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BLOOMFIELD HILLS, Michigan, December 7, 2023 – TriMas (NASDAQ: TRS) today announced the appointment of William “Bill” Carrigan to the position of Allfast Fastening Systems General Manager, effective December 1, 2023. He will report directly to Vitaliy Rusakov, recently hired as President of TriMas Aerospace.

Carrigan has a proven record of success in elevating performance within the aerospace fastener sector. He has held operating positions of increasing responsibility at leading aerospace companies, including Howmet Aerospace, previously a division of Arconic and Alcoa, and Consolidated Aerospace Manufacturing. Throughout his career, Carrigan has consistently driven revenue growth and performance improvement, while committed to operational excellence. He earned a dual undergraduate degree in Operations Management and Management Information Systems from the University of Wisconsin.

“With a proven track record in the aerospace fastener industry, Bill brings a breadth of leadership experience and industry expertise, making him a valuable addition to our Allfast team and TriMas Aerospace group,” said Thomas Amato, TriMas President and Chief Executive Officer. “Please join me in welcoming Bill to the TriMas family and wishing him great success in his new role.”

Allfast Fastening Systems is a leading global manufacturer of solid and blind rivets, blind bolts, temporary fasteners and installation tools for the aerospace industry with content on substantially all commercial, defense and general aviation platforms in production and in service.

In connection with this announcement, Patrick Gioia, Allfast’s prior General Manager, has left the company to pursue other opportunities. “We thank Patrick for his contributions, and wish him all the best in his next endeavor,” said Amato.

TriMas Aerospace, TriMas’ second largest reportable segment, is a leading designer and manufacturer of a diverse range of products, including, but not limited to, highly-engineered fasteners, collars, blind bolts, rivets, ducting and connectors for air management systems, and other highly-engineered machined parts and components, for use in focused markets within the aerospace industry. TriMas Aerospace goes to market under the following leading brands: Monogram Aerospace Fasteners™, Allfast Fastening Systems^®, Mac Fasteners™, RSA Engineered Products, Weldmac Manufacturing, Martinic Engineering™ and TFI Aerospace.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Announces Winner of Its Annual Kaizen Challenge

2023-12-04T10:03:09-05:00

Internal Competition Exemplifies the Company’s Commitment to Continuous Improvement

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BLOOMFIELD HILLS, Michigan, December 4, 2023 – TriMas (NASDAQ: TRS) today announced the winner of its 2023 TriMas Kaizen Challenge. The winning project was submitted by a dedicated team at RSA Engineered Products, part of the TriMas Aerospace group and based in Simi Valley, California. The winning Kaizen project focused on enhancing a final stage operation within the production of flexible joints used in aerospace ducting and air conveyance applications.

TriMas launched its annual, enterprise-wide Kaizen Challenge six years ago, as a core component of its TriMas Business Model, to promote a relentless commitment to continuous improvement. Since its introduction, more than 175 of the Company’s top product, process and service-related projects from 27 different locations in 10 countries have been submitted to its internal competition. Each year, the Company evaluates its most impactful Kaizen projects, selecting winning teams based on specific criteria that include positive and sustainable impacts on performance, along with a demonstrated use of employee engagement and Kaizen tools.

“This year’s TriMas Kaizen Challenge submissions reached an unprecedented level of quality,” stated Thomas Amato, TriMas President and Chief Executive Officer. “I extend my appreciation to all of our Kaizen project teams worldwide for their dedicated efforts each year. Embracing a culture of Kaizen has proven to be an effective strategy for TriMas, leveraging employee engagement to identify the most efficient methods to improve our processes, products and customer service.”

RSA Engineered Products’ project was a cross-functional team effort, culminating in the presentation delivered by Zach Chill, Manufacturing Engineering Manager. Utilizing the tools of Kaizen, the team focused on novel approaches to eliminate process “muda” or waste, while also enhancing quality. The data captured by the team used traditional methods embodied in a culture of Kaizen, benefiting the Company.

In addition, the following locations were named as finalists in the 2023 TriMas Kaizen Challenge:
• TriMas Packaging group: Haining, China; Indianapolis, Indiana; and Denver, Colorado
•TriMas Aerospace group: City of Industry, California

“Congratulations again to our 2023 winner, top finalists and submitting teams, and I look forward to another year of our leadership championing a culture of continuous improvement across our businesses,” concluded Amato.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
Sherry.lauderback@trimas.com

TriMas to Present at the Bank of America Securities 2023 Leveraged Finance Conference

2023-11-28T08:03:30-05:00

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BLOOMFIELD HILLS, Michigan, November 28, 2023 – TriMas (NASDAQ: TRS) today announced that TriMas management is scheduled to present at the Bank of America Securities 2023 Leveraged Finance Conference on Tuesday, November 28, 2023, at 4:10 p.m. ET. The live webcast will be available in the Investor Relations section of the Company’s website at www.trimas.com or at TriMas Corp (veracast.com).

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Reports Third Quarter 2023 Results

2023-10-26T08:05:00-04:00

Achieves 7.7% Net Sales Growth in the Quarter

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BLOOMFIELD HILLS, Michigan, October 26, 2023 - TriMas (NASDAQ: TRS) today announced financial results for the third quarter ended September 30, 2023.

TriMas Third Quarter Highlights

Achieved net sales of $235.3 million, or growth of 7.7%, compared to the prior year quarter
Improved margin levels within the TriMas Packaging group through enhanced cost savings efforts
Increased net sales within the TriMas Aerospace and TriMas Specialty Products groups by 48.8% and 18.1%, respectively, compared to third quarter 2022
Increased diluted EPS by 25.0% to $0.40 and adjusted diluted EPS⁽²⁾ by 42.5% to $0.57, compared to the prior year quarter

Third Quarter 2023

TriMas reported third quarter 2023 net sales of $235.3 million, an increase of 7.7% compared to $218.5 million in third quarter 2022, as organic growth in the TriMas Specialty Products and TriMas Aerospace groups, and acquisition-related sales, more than offset lower market demand for TriMas Packaging's dispensing and closure products, primarily used in personal care, food and industrial applications. The Company reported operating profit of $23.8 million in third quarter 2023, an increase of $2.8 million, or 13.3%, compared to $21.0 million in third quarter 2022. Adjusting for Special Items⁽¹⁾, third quarter 2023 adjusted operating profit was $27.9 million, an increase of $6.3 million, or 29.0%, compared to $21.6 million in the prior year period, primarily as a result of higher sales volumes, the impact of recent acquisitions and improvements in operational efficiency in TriMas Aerospace.

The Company reported third quarter 2023 net income of $16.5 million, or $0.40 per diluted share, compared to $13.3 million, or $0.32 per diluted share, in third quarter 2022, an increase of $3.2 million, or 24.0%. Adjusting for Special Items⁽¹⁾, third quarter 2023 adjusted net income⁽²⁾ was $20.2 million, an increase of $6.7 million, or 49.0%, compared to $13.6 million in third quarter 2022, primarily as a result of higher operating profit in third quarter 2023 and the successful completion of a tax planning project. Third quarter 2023 adjusted diluted earnings per share⁽²⁾was $0.57, an increase of 42.5% compared to $0.40 in the prior year period.

"Our third quarter results were catalyzed by proactive cost savings initiatives within our TriMas Packaging group and intensive operational improvements within our TriMas Aerospace group, which aided our ability to achieve adjusted diluted EPS⁽²⁾ growth of 42.5% and top-line growth of 7.7%, compared to third quarter 2022," said Thomas Amato, TriMas President and Chief Executive Officer. "We delivered significantly improved performance within our TriMas Aerospace group, as we made progress bringing our critical sub-supply and skilled labor constraints into better alignment with higher demand, which begins to position us well for 2024. Additionally, our TriMas Specialty Products group continued to capitalize on our earlier manufacturing investments to improve conversion."

“With respect to our TriMas Packaging group, we remain encouraged about our future due to the introduction of several innovative, new products, as well as the increased commercial activity underway. While we have successfully secured multiple meaningful programs, and are diligently working to close others, the benefits from these endeavors will not materialize until 2024, considering the current time of year. Although the market recovery has proven to be longer than we anticipated at the start of the year, our cost savings initiatives have significantly bolstered our operating margins compared to the previous year, although we are still operating below the group's full potential, especially in a higher-demand environment.”

"TriMas' ability to consistently generate compelling annual cash flow empowers us to continue investing in innovation, distributing dividends, opportunistically repurchasing shares and actively pursuing acquisitions. As we look forward to 2024 and beyond, we are confident that TriMas’ diversified end market model, strong balance sheet and cash generation profile, and dedicated global workforce will continue to provide compelling value-creating opportunities," concluded Amato.

Financial Position

During the first nine months of 2023, the Company paid cash of $77.3 million for acquisitions and repurchased 462,388 shares of its outstanding common stock for $13.4 million, further reducing net shares outstanding by approximately 0.7%. TriMas also paid a quarterly cash dividend of $0.04 per share of TriMas Corporation stock during each of the first three quarters of 2023, as well as declared a $0.04 per share dividend to be payable on November 9, 2023.

TriMas ended third quarter 2023 with $34.7 million of cash on hand, $312.3 million of cash and available borrowing capacity under its revolving credit facility, and a net leverage ratio of 2.3x as defined in the Company's credit agreement. As of September 30, 2023, TriMas reported total debt of $395.4 million and Net Debt⁽³⁾ of $360.8 million. The Company continues to maintain a strong balance sheet and remains committed to its cash allocation strategy of investing in its businesses, managing debt levels, returning capital to shareholders through both share buybacks and dividends, and augmenting organic growth through programmatic bolt-on acquisitions.

The Company reported net cash provided by operating activities of $31.4 million for third quarter 2023, compared to $19.0 million in third quarter 2022. As a result, the Company reported Free Cash Flow⁽⁴⁾ of $25.2 million for third quarter 2023, compared to $15.4 million in third quarter 2022. Please see Appendix I for further details.

Third Quarter Segment Results

TriMas Packaging group's net sales for the third quarter were $116.5 million, a decrease of 10.2% compared to the year ago period, as organic growth within its Life Sciences business and sales from the recent acquisition were more than offset by lower market demand, as anticipated, for dispensers used in personal care applications and closures used in food and industrial applications. Third quarter operating profit margin percentage improved, as the group's cost savings initiatives more than offset the impacts of lower sales levels and the decision to retain certain skilled labor and other positions in anticipation of a market recovery. During the quarter, the Company completed all production activities and relocated certain key assets from its Rohnert Park, California, and Hangzhou, China, plants. The Company continues to actively engage with its customers to evaluate longer-term demand requirements and is prepared to take appropriate incremental manufacturing and other cost savings actions, as necessary.

TriMas Aerospace group's net sales for the third quarter were $67.6 million, an increase of 48.8% compared to the year ago period, primarily driven by increased aerospace production demand, reduced production constraints and acquisition-related sales. Third quarter operating profit and the related margin percentage increased, primarily due to operational excellence initiatives, higher sales levels and a favorable product sales mix.

TriMas Specialty Products group's net sales were $51.3 million, an increase of 18.1% compared to the year ago period, primarily due to higher demand for steel cylinders used in construction and HVAC applications, as well as increased sales of stationary power generation and compressor units, as demand for locally-provided products increased in certain U.S. industrial markets. Third quarter operating profit and the related margin percentage increased, as a result of prior operational excellence actions, combined with a robust demand environment through the third quarter.

Outlook

“While we will continue to increase capacity within our TriMas Aerospace group to support market demand, we now expect a longer and more gradual recovery within our TriMas Packaging group, extending into 2024. With that said, we still expect to be within the full year 2023 adjusted diluted EPS⁽²⁾ guidance range we provided last quarter of $1.80 to $1.95,” said Amato.

The above outlook includes the impact of all announced acquisitions. The outlook provided assumes no detrimental impact related to input costs or end market demand associated with the escalating conflict in the Middle East. All of the above amounts considered as 2023 guidance are after adjusting for any current or future amounts that may be considered Special Items, and in the case of adjusted diluted earnings per share, acquisition-related intangible asset amortization expense for deals that have not yet been consummated. 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.⁽¹⁾

Conference Call Information

TriMas will host its third quarter 2023 earnings conference call today, Thursday, October 26, 2023, at 10 a.m. ET. To participate via phone, please dial (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada), and ask to be connected to the TriMas Corporation third quarter 2023 earnings conference call. The conference call will also be simultaneously webcast via the TriMas website at www.trimas.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 (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) with a meeting ID of 13741938, beginning October 26, 2023, at 3:00 p.m. ET through November 2, 2023, at 3:00 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: general economic and currency conditions; the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to rising tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance (“ESG”) goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, such as the ongoing coronavirus pandemic; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our 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, 2022. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. 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. Management believes that presenting these non-GAAP financial measures 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 and to the Company’s peers. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.

Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are provided only for the expected impact of amortization of acquisition-related intangible assets for completed acquisitions, as the Company is unable to provide estimates of future Special Items⁽¹⁾ or amortization from future acquisitions 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.

Additional information is available at www.trimas.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.

⁽²⁾ The Company defines adjusted diluted earnings per share as net income (per GAAP), plus or minus the after-tax impact of Special Items⁽¹⁾, plus the after-tax impact of non-cash acquisition-related intangible asset amortization expense. While the acquisition-related intangible assets aid in the Company’s revenue generation, the Company adjusts for the non-cash amortization expense because the Company believes it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of financial results over multiple periods, and (iii) provides more relevant comparisons of financial results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions.

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

⁽⁴⁾ 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.

About TriMas

TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

Contact

Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Announces New President of Its TriMas Aerospace Group

2023-10-24T17:10:09-04:00

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BLOOMFIELD HILLS, Michigan, October 24, 2023 – TriMas (NASDAQ: TRS) today announced the appointment of Vitaliy Rusakov as President of TriMas Aerospace, effective November 13, 2023. He will report directly to TriMas President and Chief Executive Officer Thomas Amato.

Rusakov is a proven aerospace industry veteran, with more than 25 years of experience leading global manufacturing businesses in the aerospace, commercial transportation and related sectors. In his most recent role, Rusakov worked at Howmet Aerospace, formerly a division of Arconic and Alcoa, where he served as President of Howmet’s Fastening Systems business. Prior to this role, he held the position of Chief Operating Officer, Engineered Products and Solutions Group at Arconic, where he was responsible for managing the global operations of fasteners, forgings, extrusions and other components, for both aerospace and commercial customers worldwide. Rusakov also held multiple operational and leadership roles of increasing responsibility during his tenure at Alcoa, focused on operational excellence and Lean manufacturing. His career in the fasteners industry began when he joined Fairchild Fasteners’ continuous improvement organization, and earlier in his career, Rusakov held consulting roles with Bain & Company.

Rusakov earned a Bachelor of Arts degree in International Economics from Kyiv National Economics University, as well as in Education and Foreign Languages from Kyiv National Linguistics University in Ukraine. In addition, he earned a Master of Business Administration degree from Georgetown University in Washington, D.C.

“I am very pleased to welcome Vitaliy to the TriMas leadership team, as our new President of TriMas Aerospace,” said Amato. “He has incredible experience and a remarkable track record of fostering growth and enhancing performance within the aerospace industry. We believe Vitaliy’s background will be instrumental in propelling the growth of TriMas Aerospace.”

In connection with this announcement, William (Bill) Dickey, Interim President of TriMas Aerospace, will begin to assist Rusakov to ensure a smooth leadership transition. Dickey will then return to his position as TriMas Vice President of Special Projects, a key role within TriMas which he has held since August 2021, where he will continue to focus his efforts within TriMas’ aerospace business, and support mergers and acquisitions.

“I would like to personally thank Bill for graciously stepping into this interim role at my request and being part of the selection team,” said Amato. “Within a short period of time, Bill has significantly improved performance, reigniting our commitment to operational excellence under a culture of Kaizen and employee engagement, which will benefit TriMas Aerospace well into the future.”

TriMas Aerospace, TriMas’ second largest reportable segment, is a leading designer and manufacturer of a diverse range of products, including, but not limited to, highly-engineered fasteners, collars, blind bolts, rivets, ducting and connectors for air management systems, and other highly-engineered machined parts and components, for use in focused markets within the aerospace industry. TriMas Aerospace goes to market under the following leading brands: Monogram Aerospace Fasteners™, Allfast Fastening Systems®, Mac Fasteners™, RSA Engineered Products, Weldmac Manufacturing, Martinic Engineering™ and TFI Aerospace.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

TriMas Declares Quarterly Dividend

2023-10-19T09:03:05-04:00

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BLOOMFIELD HILLS, Michigan, October 19, 2023 – TriMas (NASDAQ: TRS) today declared a quarterly cash dividend of $0.04 per share of TriMas Corporation stock. The quarterly dividend is payable on November 9, 2023, to shareholders of record as of the close of business on November 2, 2023.

About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.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: general economic and currency conditions; the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to rising tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance (“ESG”) goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, such as the ongoing coronavirus pandemic; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our 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, 2022. The risks described are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. 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
sherry.lauderback@trimas.com

TriMas Announces Third Quarter 2023 Earnings Conference Call Date

2023-10-09T14:28:05-04:00

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BLOOMFIELD HILLS, Michigan, October 9, 2023 – TriMas (NASDAQ: TRS) announced today that it will host its third quarter 2023 earnings conference call on Thursday, October 26, 2023. The conference call will begin at 10 a.m. Eastern Time and will follow the Company’s release of third quarter 2023 earnings results at 8 a.m. that day.

To participate on the earnings conference call, please dial: (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside the U.S. and Canada) and ask to be connected to the TriMas third quarter 2023 earnings conference call. The conference call will also be simultaneously webcast via TriMas’ website at www.trimas.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 26 at 3 p.m. Eastern Time through November 2 at 3 p.m. Eastern Time. To access the replay, please dial: (877) 660-6853 (U.S. and Canada) or +1 (201) 612-7415 (outside the U.S. and Canada) and use meeting ID 13741938 to access or visit the “Investors” section of the Company’s website.

About TriMas
TriMas designs and manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets, through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries 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 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.trimas.com.

CONTACT
Sherry Lauderback
Vice President, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com

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