TriMas announces 12% sales increase, restructuring plan
May 13, 2003 12:00 PM
TriMas Corporation announced first-quarter 2003 net sales of $213.8 million, an increase of $22.8 million or 12% from the first quarter of 2002. The company also completed the restructuring of its Cequent Transportation Accessories Group and closed two previously announced acquisitions during the quarter -- HammerBlow, a manufacturer of towing and trailer accessories, and Highland Industries, a leader in cargo-management products. Commenting on the company's performance, TriMas president and CEO, Grant Beard said, "Management is pleased with the first quarter results. The Company made significant progress integrating our strategic acquisitions and completing the consolidation of our transportation accessories assets into one best-in-class facility in Goshen, Indiana." In addition to the consolidation of the Elkhart, Indiana and Canton, Michigan facilities into the Goshen facility, TriMas also expanded its Reynosa, Mexico operations. "TriMas continues to focus on growth initiatives and is making great strides on its restructuring initiatives. We expect our newly integrated sites to begin to drive performance enhancements as planned," Beard continued. "We are concentrating on cash flow generation, the restructuring of our businesses and investment in world-class operations," Beard said. "Our internally generated cash flow continues to be strong and will allow us to fund our restructuring activities and capital investments."
