TriMas Corporation announced that it has entered into an agreement to acquire two family-owned private companies, Omega Plastics and TFI Aerospace. Omega will be a part of TriMas’ packaging segment and TFI will be added to its aerospace business.
Based in Toronto, Canada, TFI manufactures and supplies specialty fasteners for a wide range of applications, primarily in the aerospace end market. The company is estimated to generate revenues of around $6 million in fiscal 2021.
This buyout will expand the Aerospace segment’s fastener product lines. Along with this, TFI’s new project wins and the recovery in the aerospace market provides significant growth scope for the company’s complementary niche products.
Omega, located in Clinton Township, Michigan, specializes in manufacturing custom components and devices. This includes for drug delivery, diagnostic, and orthopedic medical applications, as well as components for industrial applications.
“We are excited to announce the agreement between TriMas and Omega,” said Thomas Amato, president and CEO of TriMas.
The company expects to close on Omega by the end of the year, and closed on TFI simultaneously with signing. TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace, and industrial markets, with about 3,300 dedicated employees in 11 countries.
“In addition to expanding TriMas Packaging through the acquisition of Omega, we are also pleased to announce the acquisition of TFI,” Amato added. “This acquisition will further expand TriMas Aerospace’s fastener product lines with the addition of complimentary niche products that have an exciting growth trajectory resulting from TFI’s new program wins and the overall aerospace market recovery. We anticipate TFI’s customers will benefit from the added innovation and manufacturing depth offered by TriMas Aerospace while TriMas Aerospace’s customers will enjoy additional product offerings.”