TriMas Announces Agreement to Acquire Weldmac
February 23 2023 - 7:55AM
Business Wire
Expanding its TriMas Aerospace Platform for
Further Growth
TriMas (NASDAQ: TRS) today announced that it has signed an
agreement to acquire the operating net assets of Weldmac
Manufacturing Company (“Weldmac”), a leading designer and
manufacturer of high-performance, complex metal fabricated
components and assemblies for the aerospace, defense and space
launch end markets. Upon closing, which is anticipated to occur in
the coming months, Weldmac will become part of our TriMas Aerospace
group and further advance the strategic growth of our integrated
structural solutions product lines comprised of RSA Engineered
Products and Martinic Engineering.
“We are excited to announce the agreement to add Weldmac to the
TriMas family of businesses,” said Thomas Amato, TriMas President
and Chief Executive Officer. “This acquisition will add
complementary, highly-engineered products and new manufacturing
capabilities to TriMas Aerospace, expanding our offering and
position in the aerospace, defense and space launch end markets. We
expect Weldmac’s customers to benefit from TriMas Aerospace’s
broader product offering, added innovation and manufacturing depth,
while TriMas Aerospace’s customers will enjoy additional product
offerings and capabilities provided by Weldmac.”
Located in El Cajon, California, Weldmac is a premier designer
and manufacturer of highly-engineered components for a broad range
of critical applications across the aerospace, defense, commercial
power and space launch industries. Offering numerous AS9100D and
National Aerospace and Defense Contractors Accreditation Program
(NADCAP) certified manufacturing services, Weldmac’s comprehensive
processes include welding, stamping, punching, hydroforming,
forging, laser cutting, custom tooling and machining, as well as
advanced quality control inspections and complex assembly utilizing
a variety of metals. Weldmac’s manufacturing complex is equipped
with a wide variety of state-of-the-art lasers, metal forming and
fabrication equipment. Weldmac currently operates as a private,
family estate-owned company, and generated approximately $33
million in revenue in fiscal year 2022.
John Schaefer, President of TriMas Aerospace, commented, “We
look forward to welcoming Weldmac’s current leadership team and
dedicated employees to our progressively stronger portfolio of
aerospace, defense and space businesses. The Weldmac acquisition
represents a major step forward in advancing our strategic plans to
expand our complex engineered solutions offerings in the space and
defense markets, as well as adding to our already broad
capabilities which include component and system design, custom
tooling fabrication, welding, bending, forming, machining,
mechanical assembly, metal surface coatings, and non-destructive
testing.”
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.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: 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230223005146/en/
Sherry Lauderback VP, Investor Relations & Communications
(248) 631-5506 sherrylauderback@trimascorp.com
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