TriMas Corporation (NASDAQ: TRS) – a diversified global manufacturer of
engineered and applied products – announced today that it has completed
its acquisition of Allfast Fastening Systems (Allfast) for approximately
$360 million. The transaction closed on October 17, 2014, at which time
Allfast became part of the Company’s Aerospace segment. The Company
previously announced the agreement to acquire Allfast on September 22,
2014.
The acquisition further strengthens TriMas’ growing aerospace business,
is strategically aligned with the Company’s objective to grow its higher
margin business platforms, and will enable the Company to better
leverage expected strong growth rates in the aerospace sector. Allfast
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.
“We are pleased to welcome the Allfast employees to the TriMas family,”
said Tom Aepelbacher, president of TriMas Aerospace. “Adding Allfast to
our aerospace platform increases our leadership and growth potential in
this attractive industry segment. The combined product sets of Monogram
Aerospace Fasteners, Mac Fasteners and Allfast uniquely position TriMas
to benefit from platform-wide supply opportunities and to grow at a
level in excess of industry aircraft build rates. In addition, we also
expect to benefit from identified synergies, including leveraging
combined purchasing activities, commercial initiatives, product
development efforts, and sharing of better practices between businesses.”
The acquisition was funded through an underwritten incremental $275
million Senior Secured Term Loan A and additional borrowings under the
Company’s existing $575 million Revolving Credit Facility. The
incremental Term Loan A initially bears interest at LIBOR plus 1.875%,
and may vary, consistent with the remainder of the Credit Facility,
based on the Company’s leverage ratio. The Term Loan A amortizes
quarterly and matures on October 16, 2018.
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, Engineered Components, Cequent APEA and
Cequent Americas. TriMas has approximately 6,000 employees at more than
60 facilities in 19 countries. For more information, visit www.trimascorp.com.
About Allfast Fastening Systems
Headquartered in City of Industry, California, Allfast is a leading
manufacturer of solid and blind rivets, blind bolts, temporary fasteners
and installation tooling for the aerospace industry. Allfast is
proud to be AS9100: Revision C and NADCAP certified. Allfast’s continued
commitment to 100% customer satisfaction and lean manufacturing has
earned the company numerous customer awards, including the Boeing
President's Award for Excellence, Airbus Strategic Partner Award,
Embraer Supplier of the Year Award, Lockheed's Star Supplier Award, and
Bombardier Certified Supplier Award, among many others. For more
information, visit www.allfastinc.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 ability to integrate Allfast and
attain the expected synergies, and the acquisition being accretive, 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, 2013, 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.
Copyright Business Wire 2014