BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--TriMas Corporation (NASDAQ: TRS) – a diversified global manufacturer of engineered and applied products – announced today that it has acquired Mac Fasteners, Inc. for $34 million, with additional contingent consideration of up to $6 million, payable based on attainment of future operating results. The purchase price is subject to a net working capital adjustment as of the closing date. The transaction closed on October 25, 2013, at which time Mac Fasteners became part of the Company’s Aerospace & Defense segment.
“Mac Fasteners will enhance our product offering and add content to our platform serving the growing aerospace industry,” said David Wathen, president and chief executive officer of TriMas Corporation. "This acquisition complements our growth strategies for our Aerospace-focused businesses by providing additional content, and broadens our distribution channels and customer base, while providing a more flexible manufacturing footprint.”
Mac Fasteners is a leader in the manufacture and distribution of stainless steel aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers. Headquartered in Ottawa, Kansas, Mac Fasteners generated approximately $17.5 million in revenue for the 12 months ended September 30, 2013.
“The acquisition of Mac Fasteners broadens our product offering and provides additional access to large global customers in the aerospace OE and aftermarket,” said David Adler, president of TriMas’ Aerospace and Defense segment. “This combination will enable us to better serve the needs of both companies’ customers by providing a superior product portfolio and provide additional manufacturing capability and flexibility.”
About TriMas’ Aerospace and Defense Segment
TriMas Corporation’s Aerospace and Defense segment is comprised of Monogram Aerospace Fasteners, Martinic Engineering and NI Industries. Monogram Aerospace Fasteners has established itself as the recognized leader in blind bolt technology to the aerospace industry. Headquartered in Los Angeles, California, Monogram serves the world’s markets through a network of dedicated sales professionals and authorized distributors. Martinic Engineering manufactures highly-engineered, precision machined, complex parts for commercial and military aerospace applications, including auxiliary power units, as well as electrical hydraulic and pneumatic systems. NI Industries has utilized proprietary know-how to manufacture a variety of munitions components, including large caliber cartridge cases for the U.S. government, as well as domestic and foreign prime contractors.
About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ: TRS) provides engineered and applied products for growing markets worldwide. TriMas is organized into six reportable segments: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent APEA and Cequent Americas. TriMas has approximately 6,000 employees at more than 60 facilities in 17 countries. For more information, visit www.trimascorp.com.
Cautionary Notice Regarding Forward-looking Statements
Any "forward-looking" statements contained herein, including those relating to market conditions or the Company's financial condition and results, expense reductions, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company's business and industry, the Company's leverage, liabilities imposed by the Company's debt instruments, market demand, competitive factors, supply constraints, material and energy costs, technology factors, litigation, government and regulatory actions, the Company's accounting policies, future trends, and other risks which are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and in the Company's Quarterly Reports 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.
