US-based manufacturer of engineered and applied products, TriMas has acquired 70% of Arminak & Associates for $64m.
The agreement, which will provide TriMas an option to purchase Arminak's remaining 30% interest in the company, will make Arminak a part of TriMas' packaging segment.
TriMas CEO David Wathen said the acquisition provides opportunities for additional synergies and complements the company's growth strategies for its business Rieke Packaging Systems, a manufacturer of packaging products for the commercial, industrial and consumer sectors.
Rieke Packaging Systems president Lynn Brooks said Arminak will enhance the company's product offering and provide access to large global customers in the cosmetic and personal care end markets.
TriMas' packaging segment reported a 26.1% increase in the fourth quarter 2011 net sales compared to the same period a year before, as a result of the Innovative Molding acquisition completed in August 2011 and an increase in specialty systems product sales, partially offset by a decrease in industrial closure product sales.
The company said it will continue to develop specialty dispensing and closure applications for markets including pharmaceutical, personal care, nutrition and food and beverage, and expand into complementary products.
Arminak, which designs, manufactures and supplies foamers, lotion pumps, fine mist sprayers and other packaging solutions, has registered about $60m in revenue for the full year ended 31 December 2011.