BLOOMFIELD HILLS—Officials at TriMas Corp. (NASDAQ: TRS) announced the completion of its previously announced acquisition of Affaba & Ferrari, an Italian designer and manufacturer of closures for food and beverage and industrial product applications.
Said TriMas President and CEO Thomas Amato: “Affaba & Ferrari will expand our existing food and beverage and industrial product lines, adding new product applications for consumer packaged goods and blue-chip industrial customers, and a state-of-the-art manufacturing operation to our European base. We welcome Silvia and Guglielmo Ferrari, the prior co-owners, siblings and children of the original founder, Rosanna Affaba, to TriMas and our family of businesses.”
Affaba & Ferrari, located in Borgo San Giovanni, Italy, designs, develops and manufactures proprietary, precision caps and closures, with intellectual property protection, for customers throughout Europe. The product offering includes aseptic caps for juices, dairy products and sports drinks, as well as tamper evident, child-proof, flex spout and other caps and closures used in food and beverage, agrochemical, and industrial applications. Affaba & Ferrari is expected to achieve approximately €32 million ($38.8 million) in revenue in fiscal year 2020.
TriMas will fund the acquisition primarily from existing cash on hand and its lines of credit.
Bloomfield Hills-based TriMas is a diversified manufacturer in the consumer products, aerospace and industrial markets, with approximately 3,500 employees in 11 countries. More at www.trimascorp.com.