The purchase price is subject to a net working capital adjustment, if any. The transaction is scheduled to close August 1, 2011, at which time Innovative Molding will be integrated into the Company's Rieke Packaging Systems business.
Innovative Molding is a technology leader in the design, lining and manufacturing of specialty plastic closures for bottles and jars for the food and nutrition industries. The company, with manufacturing operations in Sebastopol, California and Atkins, Arkansas, holds numerous patents on closures, container finishes, molds and tooling. The company also maintains an in- house engineering function that designs and manufactures its own tooling and support equipment and develops custom manufacturing processes to maximize product quality and operating efficiencies. Innovative Molding generated approximately $28 million in revenue for the 12 months ended May 31, 2011.
"We are pleased to add Innovative Molding to TriMas," said David Wathen, president and chief executive officer of TriMas. "Similar to Rieke's product offering, Innovative Molding provides proprietary products and unique customer solutions to the growing food and nutrition industries. This acquisition complements our growth strategies for our packaging business and provides opportunities for additional synergies."
"We are excited to better serve the product needs of both companies' customers and leverage Rieke's broad domestic and global footprint," said Lynn Brooks, president of Rieke Packaging Systems. "This complementary business is a natural fit with our organization. We welcome the dedicated employees at Innovative Molding to our Rieke family."
Innovative Molding is a technology leader in the design, lining and manufacturing of specialty plastic closures for bottles and jars for the food and nutrition industries. The company, with manufacturing operations in Sebastopol, California and Atkins, Arkansas, holds numerous patents on closures, container finishes, molds and tooling. The company also maintains an in- house engineering function that designs and manufactures its own tooling and support equipment and develops custom manufacturing processes to maximize product quality and operating efficiencies. Innovative Molding generated approximately $28 million in revenue for the 12 months ended May 31, 2011.
"We are pleased to add Innovative Molding to TriMas," said David Wathen, president and chief executive officer of TriMas. "Similar to Rieke's product offering, Innovative Molding provides proprietary products and unique customer solutions to the growing food and nutrition industries. This acquisition complements our growth strategies for our packaging business and provides opportunities for additional synergies."
"We are excited to better serve the product needs of both companies' customers and leverage Rieke's broad domestic and global footprint," said Lynn Brooks, president of Rieke Packaging Systems. "This complementary business is a natural fit with our organization. We welcome the dedicated employees at Innovative Molding to our Rieke family."
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