TriMas Corporation Announces Bolt-On Acquisition in Aerospace and Defense Segment
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas Corporation (TRS) a diversified global manufacturer of engineered and applied products announced today that it has acquired Martinic Engineering, Inc. for approximately $19 million. The purchase price is subject to a net working capital adjustment as of the closing date. The transaction closed on January 28, 2013, at which time Martinic Engineering became part of TriMas Corporations Aerospace and Defense segment.
Founded by Tonci Martinic in 1978, Martinic Engineering, located in Stanton, California, manufactures highly-engineered, precision machined, complex parts for commercial and military aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems. Martinic Engineering generated approximately $13 million in revenue for the 12 months ended December 31, 2012. Mr. Martinic will remain with the company as its general manager.
This is the type of business we look for when adding to our portfolio a business with products that are highly-engineered, and difficult to manufacture, said Dave Wathen, president and chief executive officer of TriMas Corporation. This acquisition complements our growth strategies for our Aerospace and Defense segment by providing additional OE and aftermarket opportunities.
Martinic Engineering will enhance our customer base in the aerospace and defense industry, said David Adler, president of Monogram Aerospace Fasteners. This acquisition gives us the opportunity to offer a broader product portfolio and provides a platform for further growth with current and new customers.
Headquartered 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 Americas and Cequent Asia Pacific. TriMas has approximately 4,500 employees at more than 60 different facilities in 17 countries. For more information, visit www.trimascorp.com.
About Monogram Aerospace Fasteners
With more than 120 years of service to the fastener industry, Monogram Aerospace Fasteners has established itself as the recognized leader in blind bolt technology to the aerospace industry. Headquartered in Los Angeles, California, Monogram serves the worlds markets through a network of dedicated sales professionals and authorized distributors. Monograms pioneering spirit in aerospace engineering has brought to market a diverse collection of blind boltsVisu-Lok®, Composi-Lok®, Radial-Lok® and the OSIBolt®.
Source: TriMas CorporationCopyright Business Wire 2013