US-based engineered products manufacturer TriMas has entered an agreement to purchase polymeric caps and closures maker Plastic Srl.
The Italy-based packaging firm produces single-bodied and assembled caps and closures such as child-resistant products.
The company currently holds more than 100 closure product designs serving the home care market across Italy and other European countries. It generates approximately €10m ($12m) in annual revenue.
TriMas president and chief executive officer Thomas Amato said: “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.
“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.”
The company expects to close the transaction early next year when Plastic Srl will become the wholly owned division of TriMas’ Rieke business.
Amato added: “We appreciated the opportunity to work exclusively on this transaction with the Muccioli family and welcome the broader Plastic Srl team to the TriMas organisation.
“We are pleased to add this business to Rieke, and look forward to further growing Plastic Srl’s product line.”
TriMas offers a wide range of products across three segments, including packaging and speciality products. It has approximately 4,000 employees in 13 countries.