TriMas has successfully completed the sale of its Lamons division, a transaction entered into with an investment fund sponsored by First Reserve on Nov. 1, 2019. Lamons was sold for approximately $135 million in cash, subject to customary post-closing adjustments.
“The funds from this transaction, combined with our strong balance sheet and robust levels of free cash flow, afford us the opportunity to continue to advance our disciplined capital allocation strategy,” TriMas President and CEO Thomas Amato said in a statement. “This strategic step also unlocks TriMas’ ability to reposition our portfolio by concentrating our resources and investments in our Packaging and Aerospace segments.”
TriMas will report the 2019 results of its Lamons division, which was previously reported in the specialty products segment, as discontinued operations beginning in the fourth quarter of 2019.
Bloomfield Hills-based TriMas is a global manufacturer and provider of products for customers predominantly in the consumer products, aerospace and industrial end markets, with approximately 3,400 dedicated employees in 11 countries.
