BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--TriMas Corporation (NASDAQ: TRS) – a diversified global manufacturer of engineered and applied products – today announced that it has acquired Lion Holdings Pvt. Ltd. for $27 million, paid in cash at closing. The transaction closed July 25, 2014, at which time Lion Holdings became part of the Company's Packaging segment.
“We are pleased to add Lion Holdings to our portfolio of Packaging companies,” said Dave Wathen, president and chief executive officer of TriMas Corporation. “This acquisition complements our growth strategies to follow our packaging customers into high growth regions of the world.”
Lion Holdings, headquartered in Greater Noida, India, specializes in the manufacture of highly engineered dispensing solutions. From its three locations in India and Vietnam, Lion Holdings generated approximately $10 million in revenue for the 12 months ended June 30, 2014.
“This acquisition clearly broadens our Asian market coverage and extends our geographic reach, while also providing significant customer and product synergies,” said Lynn Brooks, president of TriMas’ Packaging segment. “Lion Holdings will also provide us additional capacity to support our ongoing growth initiatives in Asia, while continuing to create a responsive, global supply chain.”
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ: TRS) provides engineered and applied products for growing markets worldwide. TriMas is organized into six reportable segments: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent APEA and Cequent Americas. TriMas has approximately 6,000 employees at more than 60 facilities in 17 countries. For more information, visit www.trimascorp.com.
Cautionary Notice Regarding Forward-looking Statements
Any "forward-looking" statements contained herein, including those relating to market conditions or the Company's financial condition and results, expense reductions, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company's business and industry, the Company's leverage, liabilities imposed by the Company's debt instruments, market demand, competitive factors, supply constraints, material and energy costs, technology factors, litigation, government and regulatory actions, the Company's accounting policies, future trends, and other risks which are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and in the Company's Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.