Business
TriMas Announces Initiation of Dividend
Provides Additional Element to its Long-term Capital Allocation Strategy BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today announced that
About this update from Trimas Corporation
[{"type":"text","content":"\nProvides Additional Element to its Long-term Capital Allocation Strategy\n\n BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced that its Board of Directors has approved the payment of a cash dividend of $0.04 per share of TriMas Corporation stock which will be payable on November 10, 2021, to shareholders of record as of the close of business on November 3, 2021. With the initiation of a cash dividend, TriMas intends to pay regular quarterly dividends, with future dividend payments subject to review and approval by its Board of Directors.\n\n“We are excited to deploy another method of providing shareholder returns, thereby rounding out our long-term capital allocation strategy. Initiating a dividend, coupled with the share buy-backs we began a few years ago, provides an avenue to return a portion of our strong free cash flow to our shareholders,” said Thomas Amato, TriMas President and Chief Executive Officer. “Over the past 18 months, we have repositioned our portfolio of businesses through both acquisitions and divestitures, whereby approximately 65% of our revenues are now focused within TriMas’ Packaging segment. We have also increased our sustainable free cash flow through implementing our TriMas Business Model, driving operational improvements and securing our capital structure with low interest rate, long-term debt. With our new strategic positioning, we are confident in our long-term cash generation, and believe our capital structure enables us to continue to invest in organic growth initiatives and strategic acquisitions, while returning capital to shareholders through share repurchases and quarterly dividends.”\n\nTriMas was formed in 1986 and, following a number of corporate development activities, went public in 2007. This initiation of a dividend is TriMas’ first dividend since its initial public offering in 2007. TriMas will report third quarter earnings results on October 28, 2021.\n\nNotice Regarding Forward-Looking Statements\n\nAny \"forward-looking\" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and du...