TriMas (NASDAQ: TRS) announced today that it has signed an agreement to acquire Plastic Srl, a privately-owned manufacturer of polymeric caps and closures for home care product applications, located in Forlì, Italy. The transaction is expected to close in early 2019.
"We are excited to announce an agreement between TriMas and the Muccioli family to acquire Plastic Srl, which will enhance TriMas' Packaging group's single-bodied and assembled closure product offering," said Thomas Amato, president and chief executive officer of TriMas. "Plastic Srl broadens our geographic presence, adds adjacent products and designs to our current product offering, and increases production capability through innovative manufacturing know-how."
Plastic Srl predominantly manufactures single-bodied and assembled caps and closures, including child resistant closures, for home care product applications, such as detergent and household cleaning products. With more than 100 closure product designs, including several patented closure systems, Plastic Srl serves the home care market in Italy and other European countries. Located approximately 50 miles southeast of Bologna, Italy, Plastic Srl generates approximately ?10 million ($12 million) in annual revenue. Upon closing, Plastic Srl will be a wholly-owned division of TriMas' Rieke business.
Amato continued, "We appreciated the opportunity to work exclusively on this transaction with the Muccioli family and welcome the broader Plastic Srl team to the TriMas organization. We are pleased to add this business to Rieke, and look forward to further growing Plastic Srl's product line."