TriMas Streamlines Manufacturing Footprint
07 Julho 2023 - 2:00PM
Business Wire
Improves TriMas Packaging’s Position for the
Future
TriMas (NASDAQ: TRS) today announced that it is taking proactive
actions to optimize its TriMas Packaging group’s manufacturing
footprint and better position its business to capture future
operating leverage gains when end market demand recovers to more
normalized levels.
TriMas Packaging group announced it will be closing a 160,000
sq. ft. leased manufacturing facility located in Rohnert Park,
California, and in turn, will reposition all of the production
assets to other existing U.S. production locations. The Company
expects the transition to be completed by the end of 2023.
Additionally, TriMas Packaging will be consolidating two
manufacturing facilities located in China into one new facility
which will provide improved efficiencies to better serve Asian
markets as they recover. TriMas Packaging’s existing facilities in
Hangzhou and Haining will be closing, with production relocating to
a new, larger facility in the Haining region. Certain production
will also be moved to other regions in North America, as TriMas
Packaging seeks to localize production, where necessary, to better
serve its customers.
In addition, TriMas Packaging will also be insourcing a
third-party warehouse and distribution center in New Jersey to
directly capture logistics savings.
“While decisions to relocate production and distribution are
never easy, we are opportunistically taking advantage of the
current lower demand environment to better position our TriMas
Packaging group for improved performance in the future,” said
Thomas Amato, TriMas President and Chief Executive Officer. “We are
committed to providing a seamless transition, and continuity of
supply and service for our customers, while we drive continuous
improvement across our business. We expect to experience the
benefits of these actions in 2024, as we continue to believe the
lower demand environment is temporary, and we will leverage well as
macro-economic pressures impacting demand subside.”
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/20230707298286/en/
Sherry Lauderback VP, Investor Relations & Communications
(248) 631-5506 sherrylauderback@trimascorp.com
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