TriMas Corp. (TRS) Initiates Further Facility Consolidation
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TriMas (Nasdaq: TRS) announced that it has initiated facility consolidation actions to more efficiently utilize existing locations and better serve its customers. These actions are incremental to certain facility closure and consolidation efforts completed over the past year as part of the Company’s Financial Improvement Plan, and are part of the Company’s continuous improvement initiatives.
The following TriMas facilities, listed by segments, will be impacted:
- Aerospace: Paris, Arkansas production will be consolidated into the Ottawa, Kansas facility;
- Engineered Components: activities at two Tulsa, Oklahoma facilities will be consolidated into another existing Tulsa, Oklahoma location; and
- Packaging: Mexico City, Mexico, production will be consolidated into a recently launched facility in San Miguel de Allende, Mexico.
In addition, within the Energy segment, the Company is exploring options to improve the performance of its Wolverhampton, United Kingdom facility.
“A key tenet to the TriMas business model is optimizing our manufacturing footprint, ensuring we continuously adapt to changing markets, while remaining responsive to our customers,” said Thomas Amato, TriMas president and chief executive officer. “We believe these facility rationalization actions are another positive step toward streamlining our infrastructure and driving improved performance.”
Certain activities at the impacted facilities may continue through the end of the year and into early 2017 before the consolidation efforts are finalized. The Company will provide more information related to these consolidation activities, expected one-time costs to achieve and estimated future savings, on its third quarter earnings call.
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