Aircraft parts supplier TriMas Aerospace, a division of US industrial conglomerate TriMas Corporation, has expanded its fastener portfolio by acquiring Canada's TFI Aerospace, according to a 13 December announcement.
Based near Toronto, Ontario, TFI serves military and commercial aircraft, as well as spacecraft, and generates about USD6 million in annual revenue. Founded in 1991, it was family-owned before it was acquired for an undisclosed sum.
“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,” said Thomas Amato, president and CEO of TriMas Corporation.
The announcement follows TriMas Aerospace's 2020 acquisition of RSA Engineered Products, which makes air ducting and connectors for aircraft. TriMas Aerospace's other businesses are Allfast Fastening Systems, Mac Fasteners, Martinic Engineering, and Monogram Aerospace Fasteners.
TriMas Aerospace, which is based in Irvine, California, generated net sales of USD135.7 million in the first nine months of 2021, or about a fifth of the parent company's sales. TriMas Packaging is the parent firm's largest segment, accounting for about two-thirds of total sales.
TriMas Corporation, which also announced a pending acquisition for its Packaging segment, will have “ample capacity” to conduct additional acquisitions, as well as pay dividends and conduct share repurchases, Amato said.
Looking to read the full article?
Gain unlimited access to Janes news and more...
