TriMas Packaging Streamlines Operations With Successful Production Asset Relocation
- TriMas Packaging successfully completed the relocation of production assets ahead of schedule. The company anticipates annual savings of approximately $5 million from these actions.
- TriMas Packaging expects to experience the full benefit of these actions in 2024 and take advantage of operating leverage gains in a strengthening demand environment.
- None.
Additionally, TriMas Packaging has now completed the insourcing of a substantial portion of activities at third-party warehouse and distribution centers in
“While decisions to rationalize our manufacturing and distribution footprint are never easy, we chose to take advantage of this dynamic demand environment and achieve a more balanced manufacturing approach, positioning our TriMas Packaging group for enhanced future performance,” said Thomas Amato, TriMas President and Chief Executive Officer. “We anticipate the combined savings from these actions will be approximately
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
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230914769347/en/
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com
Source: TriMas