BLOOMFIELD HILLS — TriMas Corporation, a diversified global manufacturer of engineered and applied products, today announced that it has agreed to acquire the stock of Innovative Molding, Inc. for $27 million, payable in cash at closing. The purchase price is subject to a net working capital adjustment, if any. The transaction is scheduled to close August 1, 2011, at which time Innovative Molding will be integrated into the Company’s Rieke Packaging Systems business.
Innovative Molding is a technology leader in the design, lining and manufacturing of specialty plastic closures for bottles and jars for the food and nutrition industries. The company, with manufacturing operations in Sebastopol, California and Atkins, Arkansas, holds numerous patents on closures, container finishes, molds and tooling. The company also maintains an in- house engineering function that designs and manufactures its own tooling and support equipment and develops custom manufacturing processes to maximize product quality and operating efficiencies. Innovative Molding generated approximately $28 million in revenue for the 12 months ended May 31, 2011.
“We are pleased to add Innovative Molding to TriMas,” said David Wathen, president and chief executive officer of TriMas. “Similar to Rieke’s product offering, Innovative Molding provides proprietary products and unique customer solutions to the growing food and nutrition industries. This acquisition complements our growth strategies for our packaging business and provides opportunities for additional synergies.”
Headquartered in Auburn, Indiana, Rieke Packaging Systems has built its worldwide reputation on setting the standards in the packaging industry since 1921. The company is a leading manufacturer and distributor of premium-quality packaging products for the global commercial, industrial and consumer sectors. Rieke has market leadership in steel and plastic closure caps, drum enclosures, ring and levers, and specialty dispensing systems.
“We are excited to better serve the product needs of both companies’ customers and leverage Rieke’s broad domestic and global footprint,” said Lynn Brooks, president of Rieke Packaging Systems. “This complementary business is a natural fit with our organization. We welcome the dedicated employees at Innovative Molding to our Rieke family.”
Located in Bloomfield Hills, Michigan, TriMas Corporation provides engineered and applied products for growing markets worldwide. TriMas is organized into six reportable segments: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent Asia Pacific and Cequent North America. TriMas has approximately 4,000 employees at more than 60 different facilities in 11 countries. For more information, visit www.trimascorp.com.