BLOOMFIELD HILLS, Mich.–(BUSINESS WIRE)–TriMas (NASDAQ: TRS) today announced the completion of its previously announced acquisition of Affaba & Ferrari, a designer and manufacturer of precision caps and closures for food & beverage and industrial product applications.
“We are pleased to have closed on this strategic acquisition and look forward to Affaba & Ferrari’s contributions to our Rieke business and TriMas’ Packaging group,” said Thomas Amato, President and Chief Executive Officer of TriMas. “Affaba & Ferrari will expand our existing food & beverage and industrial product lines, adding new product applications for consumer packaged goods and blue-chip industrial customers, and a state-of-the-art manufacturing operation to our European base. We welcome Silvia and Guglielmo Ferrari, the prior co-owners, siblings and children of the original founder, Rosanna Affaba, to TriMas and our family of businesses. We are pleased Silvia and Guglielmo will stay on and continue to oversee the day-to-day operations of Affaba & Ferrari, and we look forward to working together to serve our existing and new customers with our expanded product offering.”
Affaba & Ferrari, located in Borgo San Giovanni, Italy, designs, develops and manufactures proprietary, precision caps and closures, with intellectual property protection, for customers throughout Europe. The innovative product offering includes aseptic caps for juices, dairy products and sport isotonic/energy drinks, as well as tamper evident, child-proof, flex spout and other caps and closures used in food & beverage, agrochemical and industrial applications. Affaba & Ferrari is expected to achieve approximately €32 million in revenue in fiscal year 2020.
TriMas will fund the acquisition primarily from existing cash on hand and its lines of credit. As noted on TriMas’ third quarter earnings call, the Company expects after closing the Affaba & Ferrari acquisition that net debt to last twelve months EBITDA, as defined under TriMas’ credit agreement, will remain less than 2.0x, due to TriMas’ strong cash generation in 2020 and current low leverage.
About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,500 dedicated employees in 11 countries. We 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 end 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.
