Global Fastener News

2003 FIN – TriMas Creates Fastening Systems Group

November 16
00:00 2012

2003 FIN  TriMas to End Lake Erie Production in Cleveland

May 12, 2003 FIN – TriMas Corporation created the Fastening Systems Group with a new management team, CEO Grant Beard announced.
TriMas also announced it has acquired the automotive fastener manufacturing business from Metaldyne Corporation for approximately $24 million.
The TriMas fastening group consists of the Industrial Specialties Group of Lake Erie Products, which includes Entegra Fastener and Lake Erie Screw, and Monogram Aerospace Fasteners Inc.
Terry Campbell was named president; Dave Gibson, vice president/operations; Ed Zelaski, sales & marketing vice president; and Jim Zils, vice president of engineering & quality assurance.
Campbell was executive vice president and general manager of Genfast Manufacturing and General Fastener Company, a $230 million division of MNP Corporation.
Gibson was general manager for the Romulus Nut Division of Federal Screw Works. Zelaski has been with Flexalloy and Integrated Logistics Solutions. Zils has 30 years experience Lamson & Sessions, RB&W, Flexalloy, SPS Technologies and Huck Fasteners.
Lake Erie Products manufactures small specialty and custom fasteners and build-to-print large diameter fasteners. Monogram manufactures specialty fasteners for aerospace industry and the aftermarket.
Bloomfield Hills, MI-based TiMas consists of 10 companies with 5,000 employees at 80 facilities in 10 countries. TriMas anticipates 2003 revenues of approximately $900 million. TriMas has three other business groups: Cequent, Rieke Packaging Systems and Industrial Specialties.
Automotive Acquisition
The acquired business is a manufacturer of specialized fittings and cold-headed parts used in automotive and industrial applications. Products are supplied to OEMs as well as an array of global Tier I suppliers.
“Due to the recent reorganization of our fasteners division, TriMas is in a strong position to integrate this asset into our Fastening Systems Group,” Beard noted. “With an entirely new management in place now, the fasteners group is poised to build value, and incremental business wins will surely follow.”
Campbell commented that, “the fittings operations will fit strategically with our existing business lines and wqill provide multiple in-house design and engineering advantages across our entire organization.”
The transaction was funded by a combination of drawings under the company’s revolving credit facility and a cash equity contribution by Heartland Industrial Partners. TriMas will also sublease a related facility that is subject to a long-term lease by Metaldyne.
Due to the common affiliation of TriMas and Metaldyne with Heartland Industrial Partners, the TriMas Board of Directors relied on a fairness opinion in connection with the transaction.
A private equity shareholder group led by Heartland Indusrial Partners acquired TriMas in June 2002. It had been a subsidiary of Metaldyne, a Heartlad corporation.

MascoTech
Heartland is an investment group led by former Reagan budget czar David Stockman. In 2000 Heartland bought controlling interest in MascoTech Inc., the parent company of TriMas Corp.
MascoTech’s fastener revenues total $168 million of the corporation’s $1.68 billion annual revenue.
MascoTech was headed by prominent Detroit businessman and philanthropist Richard Manoogian. The sale price was reported to be about $550 million in cash and assuption of $1.4 billion of debt. ©2003/2012 Fastener Industry News
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