Trimas Corp Stock Price, News & Analysis

Barington Capital Group, owning approximately 1.5% of TriMas (NasdaqGS: TRS), has formally requested the company's Board of Directors to explore strategic alternatives. The request, made through a letter to Board Chairman Herbert K. Parker, comes at a time when the company is contemplating a CEO transition.

Barington believes this timing is optimal for pursuing strategic alternatives and has urged the Board to immediately retain a financial advisor to guide this process.

TriMas (NASDAQ: TRS) announced a leadership transition plan. Thomas Amato will step down as President and CEO, while the Board searches for a successor with the help of Spencer Stuart. Amato will remain in his role until June 30, 2025, or until a new CEO is appointed. He will not seek re-election to the Board at the 2025 Annual Shareholders meeting.

Amato, who became CEO in 2016, has significantly impacted TriMas by turning around its aerospace business and expanding its product offerings. He also navigated the company through challenging global market conditions.

Herbert Parker, Chairman of the Board, praised Amato's contributions and leadership. Amato expressed confidence in TriMas' future growth and commitment to supporting a smooth transition. TriMas manufactures products for consumer, aerospace, and industrial markets, employing around 3,400 people across 13 countries.

TriMas (NASDAQ: TRS) has launched a new 225,000 square foot facility in Haining, China, consolidating two previous manufacturing facilities. The state-of-the-art facility features advanced automation including AGVs, robotic palletizing, and a specialized Warehouse Management System. The facility includes a quality lab, 100,000-level clean room, and QS certification for food safety compliance. It manufactures dispensing and airless lotion pumps, foaming pumps, caps and closures for beauty and personal care markets, including e-commerce products. This facility joins TriMas Packaging's flagship locations in the United States and Mexico.

TriMas (NASDAQ: TRS) has announced the winner of its 2024 TriMas Kaizen Challenge. Allfast Fastening Systems, part of TriMas Aerospace in California, won with a project focused on improving aerospace customers' quoting experiences through streamlined ordering processes and a new interactive customer portal. The annual enterprise-wide competition, running for seven years, has received over 210 projects from 27 locations across 10 countries. The winning team used value stream mapping to reduce quote lead-time and enhance customer service. Additional finalists included facilities from TriMas Packaging in Ohio and Mexico, TriMas Life Sciences in Colorado, and TriMas Aerospace in California.

TriMas (TRS) reported Q3 2024 results with net sales of $229.4 million, down 2.5% from Q3 2023. The company achieved core sales growth in Packaging (12.3%) and Aerospace (4.8%) segments, while Specialty Products experienced a 44.8% decline. Operating profit was $8.3 million, compared to $23.8 million in Q3 2023. Adjusted net income was $17.7 million ($0.43 per diluted share), down from $26.0 million ($0.63 per diluted share) in Q3 2023. The company maintains its full-year 2024 adjusted EPS guidance of $1.70 to $1.90.

TriMas Packaging (NASDAQ: TRS), the largest division of TriMas, announces its first-time participation at Beautyworld Middle East 2024, scheduled for October 28-30 at the Dubai World Trade Centre. The company will showcase its innovative beauty and cosmetic packaging solutions at Booth #3-H19. The event, expected to draw over 70,000 visitors and 2,000 exhibitors, provides TriMas an opportunity to present its portfolio of high-end fragrance pumps and closures through its brands including Rieke®, Aarts Packaging, Affaba & Ferrari™, Taplast™, and Rapak®.

TriMas (NASDAQ: TRS) has announced a quarterly cash dividend of $0.04 per share. The dividend will be paid on November 12, 2024, to shareholders of record as of the close of business on November 5, 2024. TriMas is a diversified manufacturer serving the consumer products, aerospace, and industrial markets through its TriMas Packaging, TriMas Aerospace, and Specialty Products groups. The company employs approximately 3,500 people across 13 countries and operates under the TriMas Business Model. TriMas is headquartered in Bloomfield Hills, Michigan, and is publicly traded on the NASDAQ under the ticker symbol 'TRS'.

TriMas (NASDAQ: TRS) has announced its third quarter 2024 earnings conference call, scheduled for Monday, November 4, 2024. The call will begin at 10 a.m. Eastern Time, following the release of the company's Q3 2024 earnings results at 8 a.m. on the same day. Participants can join the call by dialing (877) 407-0890 (U.S. and Canada) or +1 (201) 389-0918 (outside U.S. and Canada).

The conference call will also be webcast on TriMas' website with an accompanying slide presentation. A replay will be available from November 4 at 3 p.m. to November 18 at 3 p.m. Eastern Time. TriMas designs and manufactures products for consumer products, aerospace, and industrial markets through its TriMas Packaging, TriMas Aerospace, and Specialty Products groups. The company employs approximately 3,400 people across 13 countries.

TriMas Packaging, the largest division of TriMas (NASDAQ: TRS), will exhibit at LUXE PACK Monaco 2024 from September 30th to October 2nd. The company will showcase its latest innovations in packaging design and sustainable product solutions for the luxury beauty, cosmetic, and personal care markets.

TriMas Packaging's market-leading brands, including Rieke®, Aarts Packaging, Affaba & Ferrari™, Taplast™, and Rapak®, will present their offerings at Booth #RD10 in the Ravel Hall. The company will feature high-end fragrance pumps, all-plastic foamers, dispensers, airless systems, color cosmetic packaging, closures, and jars. Additionally, TriMas Packaging will highlight its environmentally-conscious Singolo™ line of fully recyclable, single-polymer dispensing pumps.

With approximately 2,200 employees and 26 locations worldwide, TriMas Packaging continues to invest in advanced processes, cutting-edge technology, and sustainable innovation to meet evolving customer needs in the beauty, cosmetic, and personal care markets.