Business
TriMas Packaging Streamlines Operations With Successful Production Asset Relocation
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today announced that its TriMas Packaging group has successfully completed, ahead of
About this update from Trimas Corporation
[{"type":"text","content":" BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced that its TriMas Packaging group has successfully completed, ahead of schedule, the previously announced relocation of certain production assets from a California manufacturing facility to other facilities in Indiana and Arkansas. As a result, TriMas Packaging will be exiting a 160,000 sq. ft. leased facility in Rohnert Park, California, by the end of 2023.\n\n\nAdditionally, TriMas Packaging has now completed the insourcing of a substantial portion of activities at third-party warehouse and distribution centers in New Jersey and Nevada to capture logistics savings.\n\n\n“While decisions to rationalize our manufacturing and distribution footprint are never easy, we chose to take advantage of this dynamic demand environment and achieve a more balanced manufacturing approach, positioning our TriMas Packaging group for enhanced future performance,” said Thomas Amato, TriMas President and Chief Executive Officer. “We anticipate the combined savings from these actions will be approximately $5 million on an annualized run rate basis. We expect to experience the full benefit of these actions in 2024, as we also anticipate taking advantage of operating leverage gains in a strengthening demand environment.”\n\n\nAbout TriMas\n\n\nTriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimascorp.com.\n\n\nNotice Regarding Forward-Looking Statements\n\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, involv...