BLOOMFIELD HILLS, Mich. — TriMas Corporation announced today that it has acquired Mac Fasteners, Inc. for $34 million, with additional contingent consideration of up to $6 million, payable based on attainment of future operating results. The purchase price is subject to a net working capital adjustment as of the closing date. The transaction closed on Oct. 25, 2013, at which time Mac Fasteners became part of the Company’s Aerospace & Defense segment.
“Mac Fasteners will enhance our product offering and add content to our platform serving the growing aerospace industry,” said David Wathen, president and chief executive officer of TriMas Corporation. “This acquisition complements our growth strategies for our Aerospace-focused businesses by providing additional content, and broadens our distribution channels and customer base, while providing a more flexible manufacturing footprint.”
Mac Fasteners is a leader in the manufacture and distribution of stainless steel aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers. Headquartered in Ottawa, Kan., Mac Fasteners generated approximately $17.5 million in revenue for the 12 months ended Sept. 30, 2013.
“The acquisition of Mac Fasteners broadens our product offering and provides additional access to large global customers in the aerospace OE and aftermarket,” said David Adler, president of TriMas’ Aerospace and Defense segment. “This combination will enable us to better serve the needs of both companies’ customers by providing a superior product portfolio and provide additional manufacturing capability and flexibility.”
For more information about TriMas Corporation, visit www.trimascorp.com.
SOURCE: TriMas Corporation press release