TriMas Announces Closing of Affaba & Ferrari Acquisition
December 14 2020 - 9:00AM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201214005488/en/
Sherry Lauderback VP, Investor Relations & Communications
(248) 631-5506 sherrylauderback@trimascorp.com
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