Expanding its TriMas Aerospace Platform for Further Growth
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BLOOMFIELD HILLS, Michigan, February 23, 2023 – 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.
CONTACT:
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
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