TriMas completes Plastic Srl acquisition

14 January 2019 (Last Updated January 14th, 2019 11:31)

US-based company TriMas has completed the acquisition of polymeric caps and closures manufacturer Plastic Srl.

TriMas completes Plastic Srl acquisition
Shrinath Flexipack will produce 30,000 tonnes of plastic per annum at KIZAD’s Polymers Park, which was launched in January 2019 to become a major economic driver for the UAE. Credit: Jonathan Chng on Unsplash

US-based company TriMas has completed the acquisition of polymeric caps and closures manufacturer Plastic Srl.

Plastic Srl will operate as a wholly owned unit of TriMas’ Rieke business.

TriMas president and CEO Thomas Amato said: “We are pleased to have closed on this bolt-on acquisition and begin integrating Plastic Srl with our Rieke business, broadening our geographic presence, and adding adjacent products and designs to our current product offering.

“We welcome the Plastic Srl team to the TriMas organisation and look forward to working together to serve our existing and new customers with our expanded product and manufacturing capabilities.”

In November, TriMas signed the agreement to acquire Plastic Srl.

Based in Forlì, Italy, Plastic Srl produces single-bodied and assembled caps and closures for the home care product market.

The company’s product portfolio includes more than 100 closure designs, including multiple patented closure systems. Besides the domestic Italian market, Plastic Srl caters to other European markets.

“We welcome the Plastic Srl team to the TriMas organisation and look forward to working together to serve our existing and new customers.”

It is said to generate more than €10m ($12m) in annual revenue.

Headquartered in the US state of Michigan, TriMas focuses on manufacturing industrial products for several industries, including consumer products, aerospace, petrochemical, refinery as well as oil and gas end markets.

The company has three business segments, including packaging, aerospace and speciality products. It operates in 13 countries and has 4,000 employees.

Last year, its Rieke business developed a trigger sprayer for e-commerce applications. The sprayer is designed to prevent leaking of stored liquids during shipment.