TriMas Corporation designs, develops, manufactures, and sells products for consumer products, aerospace, and industrial markets worldwide. It operates through three segments: Packaging, Aerospace, and Specialty Products. The Packaging segment offers dispensing products, such as foaming and sanitizer pumps, lotion and hand soap pumps, beverage dispensers, perfume sprayers, and nasal and trigger sprayers; polymeric and steel caps and closures comprising food lids, flip-top and beverage closures, child resistance caps, drum and pail closures, flexible spouts, and agricultural closures; polymeric jar products; integrated dispensers; bag-in-box products; aseptic closures; industrial closures and flex spouts; custom injection molded components and devices; various injection molded products; and single-bodied and assembled caps and closures under the Rieke, Taplast, Affaba & Ferrari, Stolz, Omega, and Rapak brands. The Aerospace segment provides fasteners, collars, blind bolts, rivets, ducting, and connectors for air management systems, and machined parts and components to original equipment manufacturers, supply chain distributors, MRO/aftermarket providers, and tier one suppliers; and military and defense aerospace applications and platforms under the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, TFI Aerospace, RSA Engineered Products, and Martinic Engineering brands. The Specialty Products segment offers steel cylinders for use in the transportation, storage, and dispensing of compressed gases under the Norris Cylinder brand; natural gas powered wellhead engines, compressors, and replacement parts for oil and natural gas production, and other industrial and commercial markets under the Arrow brand; and spare parts for various industrial engines. The company sells its products through a direct sales force, third-party agents, and distributors. TriMas Corporation was incorporated in 1986 and is headquartered in Bloomfield Hills, Michigan.
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Here are a couple of analogies for TriMas (TRS):
Think of TriMas (TRS) as an 'Intel Inside' for various industries, supplying essential engineered components like the specialized pumps and closures on many consumer product bottles, and critical fasteners for aerospace applications.
They are similar to a smaller, B2B-focused '3M (MMM)', manufacturing a diverse array of specialized industrial products ranging from dispensing pumps for consumer goods to aerospace fasteners and industrial cylinders.
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- Dispensing & Closure Products: Manufactures highly-engineered pumps, sprayers, and closure systems for packaging in beauty, food, home care, and pharmaceutical markets.
- Aerospace Fasteners: Produces precision-engineered fasteners, blind bolts, rivets, and other fastening systems for aerospace and defense applications.
- High-Pressure Cylinders: Designs and manufactures steel and aluminum cylinders for the containment and transport of various gases.
- Industrial Clamps: Develops and supplies a wide range of clamping and connecting devices for automotive, heavy-duty, industrial, and agricultural end markets.
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TriMas (symbol: TRS) is primarily a business-to-business (B2B) company, selling its engineered products and solutions to other companies rather than directly to individual consumers.
Based on its 2023 annual report (10-K), no single customer accounted for 10% or more of TriMas's consolidated net sales during the year. As such, specific names of major customers are not publicly disclosed in their SEC filings.
However, TriMas serves a diverse range of customers across its three main business segments:
* **Packaging Segment:** This segment manufactures highly engineered dispensing and closure products. Its customers are **consumer goods companies** in the beauty and personal care, home care, food and beverage, and health and industrial end markets. These are the companies that produce the finished products that end up on store shelves.
* **Aerospace Segment:** This segment designs and manufactures specialty fasteners, fluid conveyance components, and other engineered products. Its customers include **aerospace and defense manufacturers**, both commercial and military, as well as companies involved in industrial gas turbines and power generation.
* **Specialty Products Segment:** This segment designs and manufactures engines, pumps, compressors, and related components, and provides manufacturing and processing services. Its customers are **industrial and commercial companies** across various end markets, including oil and gas, petrochemical, chemical processing, wastewater, and mining industries.
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Thomas J. Snyder President & Chief Executive Officer
Thomas J. Snyder was appointed President and Chief Executive Officer of TriMas, and to its Board of Directors, effective June 23, 2025. Mr. Snyder brings nearly 35 years of experience in the packaging industry, having held various leadership positions at Silgan Holdings Inc., a global manufacturer of packaging solutions for consumer goods products. Most recently, he served as President of Silgan Containers LLC from October 2007, where he managed close to $3 billion in sales and drove significant sales, earnings, and cash flow growth. His previous roles at Silgan Containers include Executive Vice President and Vice President of Sales and Marketing. Earlier in his career, he served in roles such as Director of Sales, National Account Manager, Materials Application Engineer, and various operations management positions for Silgan Containers. Mr. Snyder holds an M.B.A. from Pepperdine University and a B.S. in Packaging from Michigan State University.
Teresa Finley Interim Chief Financial Officer
Teresa Finley was appointed interim Chief Financial Officer of TriMas, effective March 20, 2025. She has been a member of TriMas's Board of Directors since January 2020. Ms. Finley brings over 34 years of experience in financial, marketing, and strategic leadership roles, including at a Fortune 50 company. Her tenure at UPS included serving as Chief Marketing and Business Services Officer from 2015 until her retirement in 2017. Prior roles at UPS also encompassed CFO for multiple global businesses, Corporate Controller, Treasurer, and Vice President of Investor Relations. Additionally, Ms. Finley served as a Senior Advisor at the Boston Consulting Group from June 2019 to November 2021 and currently serves on the Union Pacific Railroad Board.
Jodi Robin General Counsel
Jodi Robin serves as the General Counsel for TriMas.
Fabio Salik President - TriMas Packaging
Fabio Salik is the President of TriMas Packaging.
Vitaliy Rusakov President – TriMas Aerospace
Vitaliy Rusakov is the President of TriMas Aerospace.
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TriMas (TRS) operates through its Packaging and Specialty Products segments, following the announced divestiture of its Aerospace segment, which is anticipated to close by the end of the first quarter of 2026.
TriMas Packaging Segment
The TriMas Packaging segment specializes in dispensing and closure products for various end markets, including health, beauty, home care, food and beverage, and industrial applications.
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Dispensing Pumps and Closures (Global): The global dispensing pumps market was valued at approximately $8 billion in 2023 and is projected to reach $13.5 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.8%. Another estimate places the global market for dispensing pumps at $4.001 billion in 2024, expected to reach $5.640 billion by 2031 with a CAGR of 5.1%. The broader global pump and dispenser market is valued at $38.2 billion in 2025 and is projected to reach $78.7 billion by 2035, expanding at a CAGR of 7.50%. The packaging pumps and dispensers market specifically is valued at $10.01 billion in 2025, with a forecast to hit $11.99 billion by 2030, growing at a CAGR of 3.68%. The cosmetic packaging market, which includes closures, is expected to reach $47.7 billion by 2028, with a CAGR of 4.6%.
TriMas Specialty Products Segment
The Specialty Products segment includes products such like steel cylinders (under the Norris Cylinder brand) and industrial sealing and fastener products (under the Lamons brand). TriMas divested its Arrow Engine business in January 2025.
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Steel Cylinders (Global): The global steel cylinder market size was valued at approximately $5.2 billion in 2023 and is projected to grow to $7.8 billion by 2032, with a CAGR of 4.4%. Other estimates for the global steel gas cylinder market range from $2.01 billion in 2024 to $3.25 billion by 2033 (CAGR of 5.5%), and $2.007 billion in 2024 to $2.896 billion by 2031 (CAGR of 5.5%).
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Industrial Sealing and Fasteners (Global): The global industrial sealing fastener market was valued at $8.2 billion in 2023 and is expected to reach $12.5 billion by 2032, growing at a CAGR of 4.7%. The industrial fastener seal market, a sub-segment, was estimated at $418.62 million in 2024, expected to reach $443.93 million in 2025, and projected to grow to $671.78 million by 2032 with a CAGR of 6.09%. More broadly, the global industrial fasteners market generated a revenue of $99.54 billion in 2024 and is expected to reach $131.59 billion by 2030, with a CAGR of 4.8% (2025-2030). Another report estimates the global industrial fasteners market size at $124.2 billion in 2024, expecting it to reach $173.8 billion by 2034, growing at a CAGR of 3.4%.
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Expected Drivers of Future Revenue Growth for TriMas (TRS)
Over the next 2-3 years, following the announced divestiture of its Aerospace segment, TriMas (TRS) is expected to focus its revenue growth efforts primarily on its Packaging and Specialty Products segments, driven by both organic and strategic inorganic initiatives. The company's future growth drivers include:
- Strategic Acquisitions within the Packaging Segment: Upon the completion of the Aerospace divestiture, TriMas intends to reinvest the proceeds to drive profitable growth through targeted, high-quality acquisitions. The company has indicated a priority for bolt-on mergers and acquisitions in the beauty, food & beverage, and life sciences end markets to strengthen its packaging platform.
- Organic Growth and Innovation in Packaging: TriMas expects continued organic growth and margin expansion within its Packaging group. This growth is anticipated to come from sustained demand in key end markets such as beauty & personal care and industrial, supported by customer-driven innovation.
- Recovery and Operational Enhancements in Specialty Products (Norris Cylinder): With the divestiture of the Arrow Engine business and the implementation of cost restructuring actions, the Norris Cylinder business, part of the Specialty Products segment, is strategically positioned for improved performance as its market recovers.
- Company-Wide Operational Excellence and Commercial Strategies: TriMas is implementing a global operational excellence program, in-depth strategic planning, and commercial actions across its remaining businesses. These initiatives are designed to enhance efficiency, improve throughput, and drive overall future performance and profitability.
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Share Repurchases
- TriMas increased its common stock share repurchase authorization to $250 million in March 2020, adding $100 million to a previous authorization. As of February 27, 2020, approximately $92 million remained under the existing authorization.
- In 2024, the company repurchased 771,067 shares of its common stock for $19.3 million, reducing net shares outstanding by approximately 1.5%. As of December 31, 2024, $67.6 million remained under the repurchase authorization.
- During the first nine months of 2025, TriMas repurchased 106,220 shares for $2.3 million. As of September 30, 2025, $65.4 million remained under the repurchase authorization. The company's buyback program initiated in 2015 was completed.
Outbound Investments
- In early 2020, TriMas acquired RSA Engineered Products, enhancing its Aerospace segment with complex air ducting products and increasing its position in defense and business jet markets.
- In late 2020, TriMas acquired Affaba & Ferrari Srl, a designer and manufacturer of precision caps and closures for food & beverage and industrial applications, expanding its Packaging segment.
- In 2021, TriMas acquired Omega Plastics (Packaging) and TFI Aerospace (Aerospace), further expanding its packaging capabilities and aerospace fastener product lines. In February 2025, TriMas completed the acquisition of GMT Aerospace, adding tie-rods and anti-vibration systems to its Aerospace group.
- TriMas completed the sale of its Arrow Engine business in January 2025. On November 4, 2025, TriMas announced a definitive agreement to sell its Aerospace segment for approximately $1.45 billion in cash to an affiliate of Tinicum L.P., with Blackstone as a minority investor. The transaction is expected to close by the end of the first quarter of 2026.
Capital Expenditures
- Capital expenditures were $40 million in 2020, $45 million in 2021, $46 million in 2022, $54 million in 2023, and $51 million in 2024.
- For the first nine months of 2025, capital expenditures were $43.7 million.
- TriMas's capital allocation priorities include investing in projects to grow its businesses through innovation and strategic bolt-on acquisitions.
