TriMas Aerospace Awarded Boeing T-7A Defense Contract

Rhea-AI Summary

TriMas (NASDAQ: TRS) has announced multi-year contracts awarded to its Aerospace group by Boeing for the T-7A Red Hawk training jet program. The contracts cover components for fluid conveyance applications, marking an expansion of TriMas' defense business. CEO Thomas Amato expressed enthusiasm for the collaboration, emphasizing Boeing's role as a crucial customer for aerospace growth. Production is set to ramp up towards the end of the year, leveraging innovations from RSA Engineered Products. This development aligns with TriMas’ strategy to enhance its aerospace offerings and gain market share.

Positive

• Awarded multi-year contracts with Boeing for T-7A training jet components.
• Expansion of defense business supports growth strategy in aerospace.
• Production ramp-up expected towards the end of the year.

Negative

• None.

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today announced that its TriMas Aerospace group is further expanding its defense business through the award of multi-year contracts with Boeing. TriMas Aerospace’s RSA Engineered Products (RSA) business was awarded several components used in fluid conveyance applications, more specifically within the air ducting system, by Boeing for its T-7A Red Hawk training jet program.

“We are excited to expand our partnership with Boeing by leveraging our product and process innovation capabilities within RSA Engineered Products,” said Thomas Amato, TriMas President and Chief Executive Officer. “Boeing is an important aerospace growth customer for fasteners, low and high pressure ducting, and advance machined and other related components. We are proud to be selected by Boeing to support their important T-7A training jet program.”

The Boeing T-7A Red Hawk is an all-new advanced pilot training system for the U.S. Air Force, which will train future pilots for decades to come. The growth of the Boeing defense business supports the execution of TriMas Aerospace’s growth strategy to expand its aerospace product offering into defense-related applications, gaining additional market share through leveraging a broad value proposition of innovative products and operational excellence.

“RSA Engineered Products’ technical, commercial and manufacturing teams have worked diligently with Boeing during the past few years to prototype and qualify 38 distinct and highly engineered duct products,” said John Schaefer, President of TriMas Aerospace. “We are beginning to ramp up our production capabilities and look forward to shipping production units toward the end of this year, as we continue to work closely with Boeing to support their new and innovative training jet.”

TriMas Aerospace designs, engineers and manufactures engineered ducts and fasteners for the global commercial and military aerospace industry under the following leading brands: RSA Engineered Products, Monogram Aerospace Fasteners^™, Allfast Fastening Systems^®, Mac Fasteners^™, TFI Aerospace and Martinic Engineering^™.

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: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; 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; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints, including the availability and cost of raw materials; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; 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, 2021. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220608005693/en/

Sherry Lauderback

VP, Investor Relations & Communications

(248) 631-5506

sherrylauderback@trimascorp.com

Source: TriMas

FAQ

What contracts did TriMas announce on October 23, 2023?

TriMas announced multi-year contracts with Boeing for components used in fluid conveyance applications for the T-7A Red Hawk training jet program.

How will the contracts with Boeing impact TriMas?

The contracts will expand TriMas' defense business and support its growth strategy in aerospace.

What is the significance of the T-7A Red Hawk training jet for TriMas?

The T-7A Red Hawk training jet represents a key opportunity for TriMas to increase market share in defense-related applications.

When is TriMas expected to ramp up production for Boeing?

TriMas is expected to ramp up production towards the end of this year.

What is the stock symbol for TriMas?

The stock symbol for TriMas is TRS.