TriMas to Buy Omega Plastics, TFI Aerospace

TriMas recently signed agreements to acquire Omega Plastics (to be added to TriMas Packaging) and TFI Aerospace.
 
Clinton Township, Mich.-based Omega manufactures custom components and devices for drug delivery, diagnostics, and orthopedics, as well as industrial components. The company touts in-house tool-making, an ISO 13485-certified injection molding facility, and ISO Class 8 cleanroom. Omega operates as a private, family-owned company and is expected to accrue about $18 million in revenue next year.
 
“We are excited to announce the agreement between TriMas and Omega,” Thomas Amato, president and CEO of TriMas told the press. “We look forward to expanding Omega’s production capacity to benefit its customers’ longer-term needs, while also leveraging Omega’s advanced tool making capabilities to add rapid prototyping to enhance TriMas Packaging’s speed-to-market advantage on innovation and new product designs. The addition of Omega further expands our Pharmaceutical & Nutraceutical product offerings into additional medical applications, which we believe is an attractive market for long-term growth.”
 
Amato continued, “We continue to execute on our core strategy of augmenting our growth through bolt-on acquisitions by leveraging our strong cash generation. After closing these two acquisitions, we expect our net leverage ratio to remain below 2.0x, providing ample capacity to execute on additional bolt-on acquisitions while also returning capital to shareholders through dividends and share buybacks.”
 
TriMas aims to close the acquisition of Omega by the end of the year.