TriMas Corp. in Bloomfield Hills, a manufacturer for the consumer products, aerospace, and industrial markets, today announced it has acquired Intertech Plastics and it will join TriMas Packaging effective immediately. Terms of the deal were not disclosed.
Intertech, founded by Noel Ginsburg in 1980, consists of two manufacturing facilities located in Denver that specialize in custom injection molding with advanced manufacturing capabilities for products used in medical applications, as well as products and assemblies for consumer and industrial applications.
Jim Kepler, Intertech’s president and shareholder, along with the Intertech leadership team, will stay on with the company.
Intertech’s medical-related product offering, manufactured in a dedicated ISO 13485 certified facility with a Class 8 controlled environment and MedAccred accreditations, includes highly engineered and tight tolerance components used in vascular access and in vitro diagnostic applications. In a separate facility, it manufactures injection-molded products for food, wellness, hospitality, and e-commerce logistics applications.
“We are excited to announce the addition of Intertech to the TriMas family of businesses. We look forward to supporting Intertech’s management team and leveraging the TriMas Business Model to accelerate the growth of products used in medical and health-related applications,” says Thomas Amato, president and CEO of TriMas.
“The addition of Intertech, combined with TriMas’ December 2021 acquisition of Omega and our existing presence in pharmaceutical and nutraceutical applications, expands our product offerings into the life sciences market, which we believe has attractive long-term growth characteristics.”
Intertech has invested in innovation efforts to commercialize sustainable resin technology, including the use of biopolymers and plant-based resins in specific packaging applications. The firm previously operated as a private, family-owned company, and generated approximately $32 million in revenue in fiscal year 2021.
“We have been pleased to work with and carefully select TriMas, as we transition Intertech into its next phase of development,” says Ginsburg, founder and majority shareholder of Intertech. “We look forward to TriMas’ support and investments to enhance Intertech’s growth well into the future.”
TriMas’ acquisition of Intertech represents TriMas’ sixth acquisition in the packaging market since early 2019, and its second with products, injection molding manufacturing capability and customer approvals in the medical technology end market.
In related news: TriMas announced its 2021 financial results for the fourth quarter and full year, which includes data from the TriMas Packaging, TriMas Aerospace, and TriMas Specialty Products groups.
The company Increased fourth quarter and full year 2021 sales by 11.1 percent and 11.3 percent, respectively, with record annual sales in TriMas’ Packaging group. It reported record annual cash flows from operating activities of $134.2 million
TriMas’ Specialty Products sales improved its full year operating profit to $22.6 million, compared with a 2020 operating profit of $4.4 million and 2020 adjusted operating profit of $14.1 million. It reported full year 2021 diluted earnings per share (EPS) of $1.32, while adjusted diluted EPS increased by 16.7 percent to $2.24 per diluted share.
“Overall, we delivered a strong finish to the year in line with our previously provided outlook,” says Amato. “I am proud of the TriMas team and our successful navigation of imponderable challenges arising from the pandemic. This performance would not have been possible without the global TriMas team’s perseverance, agility, and commitment.”
The TriMas Packaging group comprised approximately 62 percent of the company’s 2021 net sales, with TriMas Aerospace coming in second, comprising of approximately 22 percent, and TriMas Specialty Products totaling about 16 percent of the company’s net sales.
It also successfully completed two acquisitions, Omega Plastics and TFI Aerospace, and has continued to expand with the above acquisition of Intertech Plastics.