CNC Customize Parts Professional Solution & Processing Provider

trimas corporation (trs)

by:QY Precision      2019-10-09
Washington, D. C. Securities and Exchange CommissionC.
20549 __________________________________________________________________________________________________ Form10-K (Mark One)
Annual reports submitted under sections 13 or 15 (d)
Securities Trading Act for the fiscal year ended December 31, 2018 under sections 13 or 15d)
Provisions of the 19-34 year securities trading law on the transition period from the Commission file number 001-
10716__________________________________________________________________________________________________TRIMAS the company
The exact name of the registrant specified in the articles of association)Delaware(
State or other jurisdiction registered or organized)38-2687639(
IRS employer identification number)
38505 Woodward Avenue, Mount Bloomfield, Woodward e200, Michigan 48304 (
Address of main administrative office including postal code)(248)631-5450(
Registrant phone number, including area code)
Securities registered under section 12th (b)
Title of the act: name of each category: name of each exchange registered: Common stock, $0.
Stock market LLCSecurities registered under section 12th (g)
Key points of the act: if the registrant is healthy, it is not indicated by a check mark
Well-known experienced issuers as defined in Rule 405 of the Securities Act.
Yesxnoo indicates by check mark whether the registrant does not need to submit a report under sections 13 and 15 (d)of the Act.
Indicate the registrant by checking the mark (1)
All reports requested in Section 13 or 15 have been submitted (d)
Securities Trading Act of 1934 within the first 12 months (
Or a short period of time required for the registrant to submit such reports), and (2)
This filing requirement has been bound for the last 90 days.
Yesxnoo indicates by check mark whether the registrant has electronically submitted each Interactive Data File submitted as required by regulation rule 05 05 --T (§232.
This Chapter 405)
Within the first 12 months (
Or within a shorter period of time when the registrant is required to submit such documents).
Yesxnoo indicates by check mark that if the declaration of arrears is disclosed under section 405th of the regulations --
K is not included here and, to the knowledge of the registrant, will not be included in the final proxy or information statement referenced in Part 2 of this Form 10 --
K or any amendments to this form 10K.
O indicate whether the registrant is a large accelerated filer, non-accelerated filer by checking the mark
A smaller reporting company, or an emerging growth company.
See the definition of \"accelerated reporting company\", \"large accelerated reporting company\", \"smaller reporting company\" and \"emerging growth company\" in Rule12b
2 of the Trading Act.
Big acceleration filerxaccelated fileroNon-
Emerging growth companies, emerging growth companies, indicate by check mark whether the registrant chooses not to use the extended transition period to comply with any new or revised financial accounting standards provided under section 13 (a)
The Trading Act.
Indicate whether the registrant is a shell company by check mark (
Defined in Rule 12b-2 of the Act).
Total market value of non-held voting ordinary shares of YesoNoxThe
The registrant\'s affiliate is ofJune29, and 2018 is about $1.
3 billion, according to the closing price of the common stock of the registrant, $0.
01 face value, reported this date on NASDAQ Global Select Market.
For the purposes of this calculation only, the director, executive officer and the principal controlling shareholder or entity controlled by that controlling shareholder are treated as affiliates of the registrant.
As of 2019, the number of outstanding shares of the registrant\'s common stock was $0.
The face value is 530,615 shares.
Part of the registrant\'s proxy statement on the 2019 Annual General Meeting is included in this report by referring to the second part of this Annual Report on form 10-
K to the extent described here.
Trimas corporation index page numberForward-
View the statement and service MarksPART I. Item1. BusinessItem1A.
Risk factor 1b.
Unresolved employee reviewsProperty item3.
Legal ProceedingsItem4.
Supplementary Mine Safety Project.
The second part of the company\'s executives. Item5.
The market in which the registrant\'s common stock, related shareholder matters and the issuer purchase equity securities.
Selected Financial Data 7.
Management Discussion and Analysis of the financial status and results of the operating website 7a.
Quantitative and qualitative disclosure on the market riskitem8.
Financial statements and supplementary data 9.
Changes and disagreements with accountants on accounting and financial disclosure project 9a.
Control and procedures.
Part Three. Item10.
Directors, executives and corporate governance
Perform CompensationItem12.
Security ownership of certain beneficial owners and management and related shareholders mattersitem13.
Certain relationships and related party transactions, as well as independent programs for directors 14.
The fourth part is the main accounting expenses and services. Item15.
Exhibit and financial statements schedule 16Form 10-
K. Summary signature 2 table content forwarding-
This report may contain forward-looking statements
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 refer to forward-looking statements regarding our financial position, operations and business results. These forward-
Forward-looking statements can be identified by using forward-looking
Looks like words like \"possible\", \"should\", \"estimate\", \"project\", \"forecast\", \"intended\", \"expected\", \"believe\", \"target\",\" plan \"or other similar words, or by discussing strategies that may involve risk and uncertainty. These forward-
The outlook statements are affected by many assumptions, risks and uncertainties that may have a significant impact on our business, financial position or future results, including but not limited to: general economic and monetary conditions;
Cost of materials and energy;
Risks and uncertainties related to intangible assets, including goodwill or other intangible asset impairment costs;
Competitive factors; future trends;
Our ability to achieve business strategy;
Our ability to identify attractive acquisition candidates, successfully integrate the acquisition business or achieve the expected benefits of such acquisitions;
Information technology and other network technologiesrelated risks;
Performance of our subcontractors and suppliers;
Supply restrictions; market demand;
Intellectual property factors; litigation;
Government and regulatory actions, including but not limited to the impact of tariffs, quotas and surcharges; our leverage;
Liabilities caused by our debt instruments; labor disputes;
Changes in fiscal and tax policies;
Contingent liabilities relating to the acquisition activities;
Catastrophic or special events, including natural disasters, interrupt operations;
Potential impact of Brexit
Tax considerations related to Cequent spinoff;
Our future prospects
Part 1 other risks discussed in Item 1A \"risk factors.
\"The risks described in this report are not the only ones our company faces.
Additional risks and uncertainties that we do not currently know or that we currently consider irrelevant may also have a significant adverse effect on our business, financial position and operational or cash flow results.
The above warning statement shall be considered in connection with any subsequent forwarding in writing or orally --
We or those who act on our behalf may make forward-looking statements.
We remind readers not to rely too much on these statements, which were not made until the date of this report.
We have no obligation to review or confirm the analyst\'s expectations or estimates, nor to publicly publish any revisions to any forward --
Looking for statements to reflect events or circumstances after the date of this report, or to reflect the occurrence of an accident, unless required by law.
We disclose important factors that may lead to significant differences between our actual results and our expectations
Part II of this report, Item 7, statements under \"Management\'s Discussion and Analysis of Financial Position and operational results\" and elsewhere.
These alert statements are eligible for all forwarding
Forward-looking statements of people who belong to us or act on our behalf.
When we indicate that an event, condition, or environment may or will have an adverse effect on us, we mean to include an impact on our business, financial and other conditions, results of operations, prospects and capabilities for debt repayment.
We have or have the right to a trademark, service trademark or trade name associated with the operation of the business.
For convenience only, some of the copyrights, trademarks, service marks and trademark names mentioned in form 10 of this year\'s report-
K not listed©,®And™However, under the applicable law, we will assert our rights to copyright, trademarks, service trademarks, trademarks and domain names to the greatest extent.
Trademarks, service marks and trade names of other companies appearing in form 10 of this year\'s report-
K is, as far as we know, the property of their respective owners.
Table ContentsPART iitem 1.
Business soverview we are a diversified global manufacturer offering products to customers in consumer goods, aerospace, industrial, petrochemical, refinery and oil and gas terminal markets.
Our wide range of innovative product solutions are designed to solve application problems
Specific challenges for customers.
We believe that our business has important features, including:
Recognized and leading brand names in key markets where we serve;
Innovative Product Technology and functions;
Process and qualified products approved by customers;
Establish a distribution network;
The demand for sustained capital investment is relatively low;
Strong cash flow conversion and long term
Long-term growth opportunities.
We produce and supply products for a wide range of companies worldwide, with about 80% of our revenue from sales to North America in 2018.
In addition, we generated more than 50% of our revenue in 2018, from sales to smaller cyclical consumer goods and aerospace markets.
Our net sales were $877 in 2018.
1 million, operating profit of $122.
1 million, net cash provided for operational activities amounted to $129. 3 million.
We carry out business in three fields: packaging, aerospace and special products.
Our brand includes Rieke. ®(
Report in package);
Aerospace™Aviation fasteners™, Fast fastening system®, Mac fasteners™Martin Nick engineering™(
Aerospace report);
And Lama®Norris Hall™And Arrows®Engine Company (
Professional product report).
We believe that TriMas has unique advantages, including:
Well-known brands.
We believe in each of us. to-
Good market brand
Recognized and firmly established in the key markets of our services.
We believe that our brand represents the high standards and commitment to quality that our customers rely on when making purchasing decisions.
In most applications, the products we sell under our brand meet strict industry standards or customer qualifications and have an advantage over a wide range of competitors.
In addition, we enhance our branded products through continuous investment in new products to help us gain more customer share and identify new customers or market opportunities.
Innovative proprietary manufacturing and product technology.
We believe every business we do is good.
Positioning through years of fine manufacturing knowledge
Innovative product development and application engineering and solution design.
We believe that it will be difficult and expensive to replicate our manufacturing capabilities and installed capital bases, which gives us a greater advantage than potential competitors.
We continue to put investment innovation first in order to protect and strengthen our product design, brand and manufacturing methods.
TriMas continues to prioritize growth through product and process innovation for each business. Customer-
Focused solutions drive deep and long term development
Term relationship.
We work with our customers to design new product applications that help meet the rapidly changing preferences of today\'s consumer goods market.
As a recognized leader in many of our markets, customers work with us in the product development and production lifecycle.
These ongoing relationships are usually developed in decades, plus our expertise in innovation and applied engineering, enabling us to win new with our customers when they launch new products or projects
Thanks to our long-standing product innovation, customers want trimas\'s business
Long term, trustworthy relationship, providing favorable technology for their existing products, we promise to cooperate for their future product design. Well-
Extensive distribution channels have been established.
Each of our businesses provides products through established distribution channels to meet the specific needs of customers\' purchasing preferences.
For decades, we have developed many such channels and believe that they are our competitive advantage in the markets we serve.
In many cases, we offer products directly to the final market through our location, while in other cases we offer products to distribution companies that offer flexible sourcing solutions to our customers.
4 Business model table for ContentsTriMas.
We have realized the business model of TriMas (\"TBM\")
Our business management and performance improved in the 2016 s.
The tunnel management board provides a platform to set up nearbyand long-
Long-term performance goals and goals, including safety, finance and talent development, measure them against established goals, and leverage a reliable communication and upgrade process to provide flexibility when market expectations change and
We believe that our business is connected by a tunnel management system, and we can share best practices in each business.
We believe that by improving and continuously improving the culture, it is helpful for the long-term development of the machine.
The long-term improvement of our performance.
For example, since August 2016, we have rationalized 13 manufacturing, warehousing and office locations, simplifying fixed and sales, general and administrative costs for certain businesses, we are more focused on optimizing inventory levels and improving certain manufacturing processes.
We believe that the actions driven by the TBM bring us economic benefits and enhance our cash conversion features and overall performance.
Specifically, we have reduced our debt from $374.
7 million atDecember31, $2016 to $293.
6 million atDecember31, 2018, we ended 2018 at $108.
2 million of cash and cash equivalents on the balance sheet.
We will continue to rely on the TBM to drive continuous improvement and unlock the value potential of trimas.
Guided by our experienced management team and commitment to operational excellence, our strategic focus is on forming the following components of our core strategy: Leveraging the TriMas business model to drive performance.
Our commitment to operational excellence and continuous improvement is a key tenet of tunnel engineering.
We have adopted an improvement approach in our operations, depending on getting our employees involved to improve all aspects of our business.
We believe that our performance will continue to benefit from the use of improvement as a means of driving our decisions --
Production process.
In addition to continuous improvement, the project focuses on the environment, health and safety, annual goal setting and measurement, perfect release and talent development. Enhance Long-
Long-term growth through innovation.
Each of our businesses sells products in a good environment.
Recognized brand names in key markets where they serve.
We intend to leverage our brand to expand our products to current and new customers and to introduce innovative products to meet the needs of our customers and help solve their challenges.
We are confident that this disciplined approach will enable us to defend and expand our products and grow our business in the longer term.
In addition to product innovation, we also attach importance to process innovation and believe that we can solidify customer relationships into innovative new processes and manufacturing \"knowledge\"
How to \"improve our quality, speed of listing and overall competitive power, improve customer satisfaction and our performance \".
Operate in a culture dedicated to cash conversion.
We use tunnels to advance management decisions.
Develop processes to achieve our annual growth and profitability goals and drive our business to market goals
Leading returns and cash flow conversions.
We believe in our commitment to health.
Develop and implement established strategies based on annual and long-term goals
Scope target for operations in data-
The annual cash flow performance of our team will enable us to invest and develop our business.
A disciplined approach to capital allocation.
We believe that we have the ability to create a large amount of free cash flow for reinvestment of our businesses based on our capital allocation priorities.
We will continue to adopt a disciplined approach to capital allocation and other investments.
We will invest in the organic growth of our most eye-catching market segments with the highest return potential and based on our long term
Net leverage target.
We will also consider strategic bolts.
On acquisitions and other capital allocation actions that have been consistent with us for a long time
Term, financial objectives, such as the repurchase of shares of our issued common stock.
The segments we can report we report the results of our operations in the three segments where the net sales and operating profits are 2018, respectively, as follows: Packaging (net sales:$368. 2 million;
Operating profit: $84. 6 million), Aerospace(net sales:$185. 9 million;
Operating profit: $27. 3 million)
Featured products (net sales:$323. 0 million;
Operating profit: $34. 3 million).
For information on net sales and operating profits belonging to our market segments that can be reported by us, please refer to Note 18, \"market segment information\", which is included in Item 8, \"financial statements and supplementary data, \"In this form 10-K.
5 The content table, compared to 2019, we will report on the operation of machined parts in the special products department located in Stanton, California and tolesong, Arizona.
This change has been reported by the aerospace department before this change.
This modification enables us to better utilize our processing capabilities and resources in our business in the field of specialized products, and also provides us with the opportunity to expand the sales of these products to customers outside the aerospace market.
In addition, this change enables our TriMas Aerospace team to better focus on driving growth and innovation in our aerospace fasteners and related product lines.
In addition, starting from 2018, we have adjusted the structure of the reportable market segments from four to three.
While there is no change in the packaging and aerospace sections, we combine the previous energy and engineering components sections into a segment called \"Professional Products.
This change is related to our business restructuring efforts and is designed to provide a more streamlined operational structure and better utilize resources in the Norris Cylinder, Lamons and Arrow Engine businesses.
The following page will describe each of our report-able segments in more detail. Packaging (
2018 of net sales of 42%)
Our packaging department is mainly composed of the Rieke business. we think that Rieke is professional and highly-
Design closed and distributed systems for a range of end markets including the steel and plastic industries and consumer packaging markets.
Rieke manufacturing high
Performance, value-
Added products designed to enhance the customer\'s ability to store, transport, process and distribute a wide range of products for health, beauty and home care, food and beverages, and industrial markets.
These enhancements help our customers differentiate their products and related applications from those of their competitors.
Rieke designs and manufactures specialized distribution systems including products in the market for cosmetics, personal care, pharmaceutical and household products such as nebulizers, milk pumps, fine mist sprayers, Airless dispensers and
Rieke also offers professional distributors for the food and beverage and industrial markets.
The professional closed part of the Rieke business includes products made of steel or polymer materials for use in various end markets.
Rieke\'s professional closure products include steel barrel housing, plastic bucket housing, plastic bucket dispenser and plug, and plastic case for sub-containers20 liter-
Large containers generally sold to the industrial terminal market.
Rieke\'s closed products also include special plastic closures for bottles and cans used in the food and beverage markets.
Rieke has the ability to manufacture most of its products in North America, Europe or Asia, which enables Rieke to evaluate manufacturing location decisions based on customer needs, time, cost and capabilities.
We believe that Rieke can benefit from the following competitive advantages: strong product innovation.
We believe that Rieke\'s product development capability is a competitive advantage.
Through its global innovation centers in the US, UK and India, Rieke focuses on driving innovation in a wide range of dispensing and closed solutions for its customers.
Rieke\'s product development program offers innovative proprietary product solutions such as Visegrip®Steel Flange and plug off, and all
Plastic, environmental protection
Ventilation FlexSpout®Flexible pouring mouth.
Rieke, who works with Amazon, has also developed a range of products designed to meet highgrowth e-
Commercial retail channels, including proprietary dispenser locking mechanisms, protect the integrity of the package and prevent leakage of liquids during transportation.
Thanks to this innovation, Rieke was named by Dow Chemical in 2018 as a finalist for packaging innovative diamonds for the development of a new e-
Business Solutions.
Other developments include:
Dose dispenser providing exact dose
Concentrated liquid in the health and beauty market.
Rieke attaches great importance-
Engineering solutions and product development have produced many patents that have been issued and can be executed, and many other patent applications are under trial.
6 A table of content solutions to increase customer loyalty and relationships.
A large part of Rieke\'s products are custom designs designed to meet the technical, marketing and sustainability needs of specific customers, helping us to differentiate our customers\' products from those of our competitors.
For example, the customization of professional plastic caps and caps, including brands, unique colors, collar size, lining and ventilation, can generate a lot of customer loyalty.
A large investment in flexible manufacturing units enables Rieke to offer short-term lead
The time of high volume products and the extensive customization of low order volume provide a significant advantage for our consumer goods customer base.
In addition, Rieke offers customized dispensing solutions including unique pump design, precision metering, unique colors and special collar sizes to suit the bottles of customers.
Rieke has also successfully promoted the sale of complementary products, striving to achieve the preferred supplier status with several customers.
Leading market position and global influence.
Rieke has a global manufacturing and distribution network serving our growing global customer base.
Rieke\'s global customers typically want supply chain capabilities and a flexible manufacturing footprint close to the final market, reducing supply chains, reducing carbon footprints and increasing sustainability.
To serve our customers in Asia, we have the design and manufacturing capabilities to provide highly specialized dispensing solutions through locations in China, India and Vietnam and to expand our presence in Asia
In addition, Rieke opened a factory in San Miguel d\'alendor, Mexico, in 2017 to replace an old factory in Mexico City and provide additional manufacturing capabilities to support growth.
This flexible manufacturing footprint offers Rieke a variety of production options to best meet customer needs and mitigate the impact of potential trade disruptions.
Rieke\'s most manufacturing facilities around the world have advanced injection molding machines required to manufacture precision engineering dispensing and closing parts, as well as automation, high
Multi-speed assembly equipment
Component products.
We believe there are great opportunities for Rieke to develop, including innovative new products and new applications.
Rieke focuses on product development capabilities for consumer applications that require special packaging forms, stylized containers and distribution systems that require a high degree of functionality and engineering design, as well as the continuous development of its industrial applications, including child-proof closures and other applications.
Rieke has a range of new products ready for release.
For example, 52 patents were filed in 2018 and 25 patents were issued.
Become a leader in e-commerce
Commercial packaging allows Rieke to work with Amazon to generate innovative solutions including e-commerce
The commercial trigger sprayer meets the needs of consumers and meets the ISTA 6 standard required by Amazon.
Increase global influence.
Rieke has successfully achieved product globalization by customizing products that meet the needs of regional markets.
Our global manufacturing and distribution network ensures customers have global product standards made locally, reducing order lead
Time and product support required by customers.
We believe that Rieke can provide a wider range of products to our global customers through enhanced service support, and have signed supply agreements with many of these customers based on our extensive product offerings.
Over the past few years, Rieke has increased its global manufacturing and sales operations with advanced manufacturing capabilities in China, India, Vietnam and Mexico.
We also expanded our sales in Europe and Asia, and in January 2019 we ended our acquisition of plastic caps, a polymer cap and cap manufacturer for home care product applications, forl GmbH, located in Italy, provides us with additional manufacturing capabilities and sales operations in Europe.
By maintaining influence in the international market, Rieke focuses on leveraging its global design and manufacturing capabilities to develop new markets and new applications for its products.
Use TriMas\'s business model to improve performance.
Rieke is committed to operational excellence and continuous improvement, and has used improvement methods in its operations.
For example, Rieke continuously evaluates its floor plans and processes to maximize the efficiency and cost of the manufacturing and assembly processes.
Rieke also strives to use it materials effectively and eliminate as much scrap as possible during the manufacturing process.
In addition to continuous improvement, Rieke focuses on the quality and safety of products and processes.
Marketing, customers and distribution enter its market through direct sales
Use the customer, as well as enjoy a good long term through the leading dealer, where it
Standing relationship
Rieke employs an in-house salesperson in North America, Europe and Asia.
Rieke focuses on the business and sales organization of health, beauty and home care, food and beverage and industrial end markets by region, in order to better provide customers with the breadth of their portfolio and solutions, a global strategic customer sales team has recently been established.
Rieke also uses the third
Party agents and distributors in key geographic markets such as Europe, South America and Asia.
Rieke\'s agents and distributors mainly sell to container manufacturers and users or fillers of containers.
Contenteeke\'s end customers include, but are not limited to, medicines for agricultural chemicals, consumer goods, cosmetics, food, industrial chemicals, paints, personal care, petroleum, chemical companies, warehouse clubs, retailers and fast food retailers and health Supply.
Rieke can provide its products directly to the end customer, but the end customer can also specify to provide our products to the filler or Packers.
We also supply major container manufacturers around the world.
Rieke has a customer service center to provide technical support and other technical support to customers.
Rieke in the United States, Mexico, the United Kingdom, Germany, Italy (
Due to the purchase of plastic Srl on January 2019)
China, India and Vietnam.
Competitive rieke has a wide range of products in both closed systems and distribution systems, so there are various competitors in each of our products.
We don\'t believe that any of our competitors can match our entire product.
According to the products and customers provided, Rieke\'s competitors include Albea, Aptar, Bericap, Berry Global, Greif, Phoenix Closures, Silgan, limcraft andAerospace (
2018 of net sales of 21%)
Our Aerospace division consists of TriMas Aerospace, which includes Monogram Aerospace Fasteners, all fast fastening systems, Mac fasteners, and the Martin Nick engineering brand.
We believe that TriMas Aerospace is a leading manufacturer of design and production of a wide range of products, including high
Engineering fasteners, collars, blind bolts, rivets and precision-
Machining components for key markets in the aerospace industry.
In general, these products are customers.
Specific and manufacturing customers-
Qualified proprietary processes.
These products also meet strict customer recognition or unique aerospace industry standards, so we think the number of competitors is limited.
We provide products for business, maintenance, repair and operation (\"MRO\")
Military aerospace applications and platforms sold to OEMs (\"OEMs\")
Supply chain distributors, MRO/after-sales service providers, and Tier 1 suppliers. Our customer-
Specify and/or qualified products for the production of a large number of long-
Including several commercial passenger aircraft projects for Boeing and Airbus.
According to future aircraft delivery forecasts for Boeing and Airbus, commercial production is expected to remain stable in the next few years.
We believe that our brand is recognized in their market.
TriMas aerospace products are provided as follows: Monogram Aerospace Fasteners (“Monogram”).
Products include blind bolts for permanent threads, including high
Rotation strength-
Blinding bolts, when the contact is limited to one side of the fuselage, allow the various parts of the aircraft to be connected together, which is more cost-effective than the traditional two-piece fastening device.
Monogram also provides collars and temporary fasteners for aircraft construction and assembly.
Fast fastening system (“Allfast”).
The product includes solid and blind rivets, blind bolts, temporary fasteners and mounting tools for the aerospace industry. Mac Fasteners.
The product by high
Volume including NAS, MS, AN and AS standards, standard aerospace screws and bolts.
Martin Nick engineering
Product includes height-
Complex machinery for precision machining-to-
Printed parts for aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems.
Starting from 2019, the Martin Nick project will be reported in the professional product department.
Competitive advantage we believe TriMas airlines will benefit from the following competitive advantages: a broad portfolio of mature brands.
We believe that TriMas Aerospace is the leading designer and manufacturer of fasteners and other complex, precision fasteners
Machining parts for aerospace industry.
The combination of Monogram, Allfast and Mac fastener brands enables TriMas Aerospace to deliver a wide range of fastener products that meet a wide range of customer needs and provide scale to customers who continue to rationalize the supply base.
In several product categories, including rotation
TriMas Aerospace has a rich market share including drive blind bolts, blind rivets and solid rivets
Well-known brands and established brands.
Product innovation content Table 8.
We believe that the engineering, R & D capabilities and new products of TriMas airlines focus on competitive advantage.
Over the years, TriMas Aerospace\'s product development projects have provided innovative, proprietary product solutions.
We believe in our customers.
Key ways to provide costs
Effective technical solutions will drive the development of new products and create new growth opportunities.
Our innovation team adds value by working directly with customers to address the challenges in assembly and manufacturing processes, resulting in increased productivity, quality, speed and efficiency while reducing overall installation costs.
Leading manufacturing capabilities and processes.
We believe that TriMas Aerospace is the leading manufacturer of precision engineering components in the Aerospace industry.
In view of industry regulatory requirements and customer requirements, these products need to be manufactured within strict tolerances and specifications, usually from hardto-work-
The materials include titanium, inconel and special steel.
Many products, facilities, and manufacturing processes of TriMas Aerospace need to be qualified and/or certified.
Key certifications for TriMas Aerospace include: AS9100: 2009 Revision D; ISO9001:2008; TSO;
And NADCAP\'s non-
Destructive testing, heat treatment, wet process and material testing.
While proprietary products and patents are important, having proprietary manufacturing processes and capabilities makes it difficult to replicate products from TriMas Aerospace.
We believe that the manufacturing processes, capabilities and quality of TriMas Aerospace create a competitive advantage for the business.
Strategy we believes that TriMas Aerospace has significant growth and improvement opportunities based on the following strategies: development, certification and commercial innovation of fastener products.
With a history of successful development and introduction of new products, TriMas Aerospace is currently implementing several new product initiatives.
We focus on extending our current products to new applications on aircraft and fixing qualified products on new projects.
TriMas aerospace products contain patent protection and additional patents are pending and are manufactured using proprietary manufacturing processes and \"knowledge\"how.
TriMas Aerospace has developed a new fastener product that provides flushing interrupts at installation and is developing and testing other fastener designs that provide improved clamping on composite structures
An example like this will include a newer component
Lite™Fasteners, in conjunction with the fuel-efficient aircraft design, greatly save the installation weight.
TriMas Aerospace has also recently designed the next generation of temporary fasteners with a 800% increase in clamping force called Fastack®SC (Super Clamp).
TriMas Aerospace also extends fastener products, including other fastening product applications on current aircraft, including the expansion of traditional dual-sided assembly.
The close working relationship between our sales and engineering team and the customer\'s engineering team is the key to developing future products that the customer expects and demands.
Take advantage of TriMas\'s business model.
TriMas Aerospace focuses on continuously improving its processes and manufacturing operations by using improvement and automation tools, if applicable.
The aerospace industry has strict requirements for quality and delivery, so process innovation and continuous improvement are critical to the success of TriMas Aerospace.
In addition, the combined product range of Monogram, Allfast and Mac fastener brands enables us to benefit from the platform
Broad supply opportunities.
In addition, our aerospace platform should benefit from the use of joint procurement activities and other support activities
Office functions, joint business and product development work, and sharing best practices among previously separated businesses.
TriMas Aerospace customers benefit from a portfolio of proprietary products and product development efforts.
In 2018, TriMas Aerospace was recognized by customers with strong customer relationships and excellent operational capabilities, including Boeing Excellence Award and Airbus 2018 best performance award for the seventh consecutive year.
Marketing, customer and distribution trimas Aerospace provides services to OEM and after-sales customers on various platforms.
Given the key nature of many of our products, TriMas Aerospace relies on a global sales team that understands both the network established by OEM customers and independent distributors.
Despite the fierce competition in the market for fasteners and complex mechanical components, we mainly provide products and services for the professional market, mainly in terms of technology, quality and service.
TriMas Aerospace works directly with aircraft manufacturers to develop and test new products and improve existing products.
Key customers of TriMas Aerospace include OEMs, supply chain distributors, Tier 1 suppliers and the US government.
The manufacturing facility of ContentsTriMas Aerospace is located in the United States and it exports products to Europe, South America and Asia.
Depending on the products offered and the customers, our main competitors include Arconic, Inc.
Cherry airlines (
Precision casting company)
And LISI airlines.
We believe that we are the leader in the blind Bolt market and have a significant market share in all blind fastener product categories we compete.
Featured products (
2018 of net sales of 37%)
Our professional product division consists of Norris Cylinder, Lamons and Arrow Engine Company.
We believe that these businesses have been established and recognized in their respective markets, and in general their products are highly-
Customer design-
Specific goods sold to key markets. Norris Cylinder.
We believe that Norris Cylinder is a leading designer, manufacturer and distributor
Engineering cylinders for industrial, construction, healthcare and defense end markets.
We believe Norris Cylinder is a leading supplier of large, medium and small, high and low voltage production lines
Pressure cylinders for compressed gas transport, storage and distribution.
The height of the Norris Cylinder-
Pressure seamless gas cylinders are mainly used to transport, store and distribute oxygen, nitrogen, hydrogen, helium and other compressed gases.
In addition, Norris Cylinder provides a complete set of cylinders for the inclusion and distribution of acetylene gas in the welding and cutting industry.
The products of the Norris Cylinder meet the strict standards required by the Ministry of Transport (\"DOT\")
Or International Standards Organization (\"ISO\")
, Which proves whether the cylinder is working enough in a particular application.
Norris cylinders are mainly sold to domestic and foreign industrial gas producers and distributors, welding equipment distributors and equipment manufacturers.
Given this customer base, Norris Hills tends to grow when investment in industry and infrastructure increases. Lamons.
We believe that Lamons is the leading designer, manufacturer and distributor of industrial seals, fasteners and professional products in petrochemical, refining, oil fields, water/wastewater treatment and other industrial markets.
These products are used for regular MRO activities, as well as new facility construction or capacity expansion for industrial OEMs.
Our sealing and fastener solutions typically represent low
The cost element of the whole project, but many times it needs to be fast
Ability to reduce customer facilities-
Time, as well as operating under harsh conditions, and there are serious consequences of failure.
Therefore, we believe that, given the long history of Lamons, customers often choose to work with Lamons
A reputable brand known for its quality products and fast customer service. Arrow Engine.
We believe that Arrow Engine is a leading supplier of gas-powered wellhead engines, compressors and replacement components, all designed for oil and gas production as well as other industrial and commercial markets.
Since Arrow\'s engine can operate from natural gas generated from the wellhead, we believe that Arrow has a unique position in providing products for remote pump jack installation.
Arrow Engine distributes its products through a global distribution network and has a particularly strong presence in the US and Canada.
Arrow Engine produces its own engine series and also provides various spare parts for a variety of industrial engines not manufactured by Arrow Engine, including selected engines manufactured and sold by Caterpillar®Summer®And Ajax®Brand.
Arrow Engine has expanded its product line, including compressor and compressor packaging, as well as certain gas production equipment.
Competitive advantage we believe that Norris cylinders, Ramon and Arlo engines benefit from the following competitive advantages: a leading market position and a strong brand.
Norris Cylinder, with more than 70 years of experience, is the largest high in the worldand low-
Pressure cylinders, also the only manufacturer in the United States.
We believe Norris has a high reputation.
High quality cylinders for a wide range of applications including industrial gas, welding and cutting, government, medical, laboratory, food and beverage technology, breathing air, fire and aviation.
We also consider Lamons to be one of the largest suppliers of washers and bolts in the United StatesS. energy market.
We believe that Lamons is a quality brand that provides quality services to the industry.
We also believe that our facilities have the latest proprietary technology and equipment to produce locally washers and bolts that meet the urgent requirements of our customers.
We believe that Arrow Engine has also built a reputation for the quality equipment, parts and accessories used in oil and gas production and has a leading market position in the segment of its services.
A comprehensive table of contents provided by the product.
The Norris Cylinder offers a full range of large, medium, small size, high, low
Pressure cylinders to customers in various end markets.
Lamons offers a full range of customized and standard metal and non-metallic gasket and Bolt products for refining, petrochemical, oilfield and industrial markets.
Lamons has expanded its product range over the years, including customization
Other CNC-manufactured professional bolts of all sizes
Machining parts and isolation gasket kits.
Arrow Engine also offers a comprehensive range of products for a wide range of oil and industrial markets, including engines, compressors, chemical pumps, generator sets, electronics and replacement parts.
Extensive distribution channels have been established.
Lamons leverages established hubsand-
Our main manufacturing facility provides products to our own branches, as well as a network of knowledgeable global distributors and licensees close to our major customers.
With its branch network and close contact with customers, lamons is able to provide a quick turn
Offers a competitive edge to customer tailor-made solutions.
Norris Cylinder length-
Establish long-term customer relationships and direct distribution with major gas companies and distribute them to domestic sourcing groups, OEMs, small and medium independent gas companies and independent gas and Welding Distributors.
Over the past few years, we have adjusted these businesses to better align with the level of demand, especially in our energy sector.
For enterprises.
We are now focused on opportunities for continuous improvement, which will have a positive impact on these businesses.
We believe there are more opportunities to improve profit margins while maintaining market leadership, including leveraging TriMas business models to drive performance.
Over the past few years, we have reduced our cost structure through continuous manufacturing, overhead and administrative productivity initiatives and global sourcing of certain components.
At Lamons and Arrow Engine, we conducted a comprehensive review of our physical footprint and closed or integrated the location to reduce and adjust our fixed cost structure to accommodate the current
We have also reconfigured our facilities to increase efficiency and reduce the structure of operating costs, allowing for increased capacity.
Norris has deployed previously acquired assets to reduce risk, increase efficiency and support its expected growth in the future, increasing manufacturing flexibility for large and small high-pressure cylinders.
We have also changed the cost structure of the Arrow Engine to respond quickly to changes in the end market, increase flexibility, drive low-cost sourcing efforts, and focus on additional productivity and lean initiatives.
We also work to mitigate the indirect impact of material cost increases and tariffs through business negotiations, procurement actions, leveraging existing footprint and cost savings initiatives.
We believe that we also have more opportunities to improve operational efficiency through continuous implementation of lean
Based on the manufacturing plan.
With Kanban and an improved approach to production planning, inventory management, and order fulfillment processes, we believe Lamons can improve margins while reducing product lead
Increase the number of customer fillsrates.
Expand products and markets.
Norris Cylinder has been pursuing new end markets such as cylinders used to store hydrogen fuel cells (cell towers), transport (fork trucks)
Breathing air applications and fire fighting.
Norris cylinders also created new designs for seamless acetylene applications in the Marine and international markets.
In the past few years, we have also introduced several new heights.
Engineering and professional products and expanded our professional Bolt products in Lamons.
Examples of new products include: WRI-
LP gasket, a solution of hf gasket;
Inhibitor washers used to prevent corrosion of offshore platform flanges;
IsoTekTM gasket, engineering Sealing Solution for flange pipe connection; hose products;
Intelligent bolts that provide more reliable load indication.
Arrow Engine continues to expand its portfolio to serve new customers and new applications across all sectors, including shale drilling.
Arrow Engine has also introduced customizable compressor and natural gas production equipment for use by existing end customers in the oil and gas mining market, and has developed a natural gas compressor for compressed natural gas filling stations.
Although Arrow Engine has also been working to expand its international sales over the past few years due to lower drilling levels, especially in Mexico.
11 content sheet marketing, customers and the main customers who distribute our professional product business operate in the oil and gas, industrial and commercial terminal markets.
Given the key nature of many of our products, we rely on a combination of direct sales people and dealer networks familiar with terminalsusers.
For example, Lamons relies on a combination of direct sales people and established networks of independent distributors and licensees.
The close connection between the sales and distribution network and the customer makes it possible for Lamons to react to the customer
A specific engineering application with a high degree of customer service.
Norris also sells directly to customers through distributors.
Our key customers include industrial gas producers and distributors, distributors of welding equipment, equipment manufacturers, petrochemical companies and refineries.
The manufacturing plant of the Norris Cylinder and the Aloha engine is located in the United States.
Lamons\'s main manufacturing plants and most of the sales and service locations are located in the United States, and there are other locations in Belgium, Canada, Singapore, Spain and Thailand.
Norris\'s rival to Beijing Tianhai Industrial Co. , Ltd. is Worthington.
Faber and Vitkovice cylinders are the only manufacturers of cylinders in the United States.
In May 2012, the United StatesS.
The International Trade Commission unanimously decided that Norris cylinders were imported due to DOT high-
Pressure cylinders subsidized by the Chinese government and pressure cylinders dumped in the United StatesS.
The market of Chinese producers.
As a result, five trade tariffs were imposed on subject imports
Create a fairer competitive environment for the United States.
Extended and increased tariffs for 5 people
The annual period from 2017 will be extended from 2022.
We believe Lamons offers a wider portfolio of washers and bolts than competitors, as most people tend to focus on washers or bolts, but neither.
In addition, the terminal market for consumer gasket and Bolt products is very wide, and Lamons mainly serves for mid-stream and downstream petrochemical and refinery applications.
Therefore, Lamons compete with various companies based on geographical location and product content, including ERIKS, Flexitallic Group, Garlock (EnPro)
GHX, Klinger and Lone Star, but rarely compete directly with another company on all products.
Arrow engines tend to compete with gas-powered, low-horsepower, multi-horsepower engines
Cylinder engines from manufacturers such as Caterpillar, Chevrolet, Cummins and Ford industrial engines and motors.
12 content lists \"acquisition strategy\" capital allocation priorities include reinvestment in the production capacity and capacity of our business, implementation of Treasury actions such as stock repurchase, and accelerate product and geography through mergers and acquisitions while maintaining a disciplined net leverage approach.
We believe that TriMas has the opportunity to leverage our core business through strategic acquisitions.
We usually look
In the \"acquisition, we acquired another industry participant or adjacent product line that extends our existing products to gain access to new customers, end markets and distribution channels, expand our geographic footprint and/or leverage scale and cost-effectiveness.
Our main concern is Bolt.
Among the acquisition candidates in the packaging and aerospace fields, we believe that these areas provide the highest growth and performance.
We will also consider the opportunistic bolt.
On the other part of us, even the acquisition of a new market segment, this transaction is the secondary focus.
Steel, polyethylene and other resins, aluminum, titanium and copper are the largest source of raw materials.
Raw materials and other supplies used in our operations are generally available from a variety of competitive suppliers.
In addition to the raw materials, we also from low-
Cost sources for China, India, Mexico, South Korea, Thailand and Vietnam.
Steel is mainly purchased from steel mills and service centers. the pricing contracts are mainly in three-to-
Six months.
The changing dynamics of global steel production and supply will continue to challenge our business.
Polyethylene is usually a commodity resin with multiple suppliers able to deliver products worldwide.
Historically, we experienced fluctuations in the cost of purchasing raw materials and worked with suppliers to manage costs and supply disruptions.
We also use the pricing plan to pass on the increased cost of steel, resin and other raw materials to our customers.
Although we may encounter delays in implementing the ability to increase prices, we are generally able to recover the costs of this increase.
In 2018, we hired about 4,000 people, about 44% of whom were outside the United States and 16% joined the Union.
We currently have a collective bargaining agreement for four factories worldwide, two of which are in the United States.
Two facilities outside the United States for collective bargaining agreements are state-related.
Control the Union.
We believe that the staff is in good relations and do not know that any of our facilities currently have any active union organization activities.
We cannot predict the impact of further joint work in the workplace.
Our labor agreement with US United Automotive, Aerospace and Agricultural Tool workers at the commercial TriMas aerospace facility in California expired in August 2018, when we revised the collective bargaining agreement and now extended to 2021.
In addition to our fourth quarter, there is no significant seasonal fluctuation in seasonality and backlog of our business, as certain of our customers and other customers postpone capital expenditures to the new year, the holiday is closed, this is often the lowest net sales quarter of the year.
We don\'t think the backlog of sales orders is an important factor in our business.
Our TriMas aerospace customers often provide a forward-looking view of product build rates and requirements, but corporate orders will not be extended for more than a few months, guaranteed or changed.
Increasingly stringent environmental laws and regulations, including laws and regulations related to air emissions, wastewater emissions and the management and disposal of chemical and hazardous wastes.
Some of these environmental laws provide that the owner or operator of the land or business is responsible for the release of dangerous or toxic substances or wastes by itself and former owners or operators.
Other environmental laws and regulations require access to and compliance with environmental permits.
To date, the cost of complying with environmental, health and safety requirements is not important.
However, the nature of our business and the history of our long-term industrial activities at some of our existing or previous facilities, as well as the facilities acquired, may lead to significant environmental responsibility.
Current laws and regulations do not have a significant impact on our business, capital expenditures or financial position.
However, we must comply with existing and pending climate change legislation, regulations and international treaties or agreements.
Future events, including those related to climate change or greenhouse gas regulation, may require us to bear the costs associated with modifying or cutting operations, install pollution control equipment or investigate and clean up contaminated sites.
13 content Intangible assets table the intangible assets determined by us consisting of customer relations, trademarks, commodity names and technologies are recorded at approximately $174.
After deducting the accumulated amortization, 5 million atDecember31, 2018.
Valuation of each identified intangible asset is carried out using widely accepted valuation methods and techniques.
Customer relationship.
We have maintained steady development for a long time.
Build long-term sales relationships with customer groups for specific brand products and/or key market products in each of our businesses.
The service life of intangible assets allocated to customer relationships ranges from five to 25 years and is estimated using historical customer retention and turnover data.
Other factors considered in evaluating the estimated useful life span include the diversity of key markets and products that we have a large share of, how customers in these markets buy and their position in the supply chain.
We also monitor and evaluate the impact of other evolving risks, including threats from low-cost competitors and evolving technologies.
Trademark and trade name.
Each of our businesses designs and manufactures products in markets with a variety of trademarks and trademarks (
Please see the discussion in the report section above).
Intangible assets of our trademarks/Trademarks
Long-term establishment and consideration
Living assets that need to be maintained through advertising and promotional spending.
Because our practice and intent is to maintain and continue to support, develop and sell these trademarks/trade names in the foreseeable future, we believe that, in addition to the provisions of applicable law, our rights in these trademarks/trade names are indefinite. Technology.
We have a number of US and foreign patents, patent applications and patented products and processes.
Technology-oriented in all three of our reporting areas.
We have and will continue to work on the technical resources to further develop our products and processes to maintain our competitive position in the industrial, commercial and consumer end markets we serve.
The estimated service life of our technical Intangible assets ranges from 1 to 30 years, in part determined by any legal, regulatory or contractual terms that limit the service life.
In the United States, for example, the maximum period of patent rights is 20 years.
Other factors considered include the operational team\'s expected use of technology, the expected service life of the product and/or technology-related product procedures, and the industry\'s adoption rate of technology.
International operation sapproximately13.
9% of our net sales this year come from businesses outside the US, 2018 from our business, and we may expand our international business through organic growth actions and acquisitions.
Also, about 15. 8% of our long-
As of now, 2018 people live outside the United States.
We are in Belgium, Canada, China, Germany, India, Italy (
Due to the purchase of plastic Srl on January 2019)
Mexico, Singapore, Spain, Thailand, the UK and Vietnam.
In addition to the net sales sold by our businesses outside the US, we also created about $72.
7 million of sales exported from the United States.
Information on net sales and long-term sales
Living assets belonging to our international business refer to the notes 18 \"segment information\" contained in Item 8 of \"financial statements and supplementary data\" in this form 10\"K.
We use our company website, www. trimascorp.
Com, as a routine distribution channel for important information, including press releases, corporate presentations, links to our corporate websites, and financial information.
We will submit the documents electronically to the Securities and Exchange Commission or provide them to the Securities and Exchange Commission as soon as reasonably practicable (\"SEC\")
Including our annual, quarterly and current reports on Forms10K, 10-Q, and 8-
K, our proxy statements and any amendments to these reports or statements.
All of these posts and files are available for free in the investor section of our website.
The SEC also maintains a website, www. sec.
Gov, which contains reports, agency and information statements, and other information about issuers who file electronically with the SEC.
About what is on any website mentioned in this annual report of Form10-
K was not cited for inclusion in the annual report on Form10
Unless clearly stated.
Table 1a of content website.
Risk factors you should carefully consider each of the risks described below and the information contained elsewhere in the annual report on Form10
K and other documents we submit to SEC.
The risks and uncertainties described below are the risks and uncertainties that we have identified as substantial, but not the only ones we face.
Additional risks and uncertainties that we do not currently know or that we currently consider irrelevant may also affect our business operations, financial results and liquidity.
Risks related to our business depends on the general economic conditions, we provide services to customers in some highly cyclical industries;
As a result, we may suffer sales and profit losses due to a recession or recession.
Our financial performance depends to a large extent on the market conditions we serve in the United States. S.
And the global economy.
Some end markets we serve are highly cyclical, such as the end markets for oil and gas products and industrial products, as well as terminal markets for aerospace and consumer goods to a lesser extent.
When combined with ongoing customer consolidation activities and regular inventory plans, uncertain macro
The economic and political environment may lead to a decrease in customer demand, a change in time to sell to customers, an increase in price competition for our products, an increase in the risk of excess and obsolete inventory, and accounts receivable that cannot be recovered, and higher overhead as a percentage of revenue, all of which can affect our operating margins.
If our customers are adversely affected by these factors, we may experience lower product bulk orders, which may adversely affect our revenue and operating profits.
We are unable to accurately predict the level of customer orders, which may result in inefficient manufacturing capacity for our installations and lead to sub-
Best business and financial results.
We rely on our manufacturing facilities to produce our high-engineering products, which puts us at risk associated with disruption and changing technologies and manufacturing technologies that may
If our manufacturing facilities are temporarily or permanently unavailable due to labor disruption or circumstances beyond our control, such as logistics complications caused by geopolitical developments or acts of war, networks
Attacks, weather, global climate change, earthquakes or other natural disasters, we may not be able to transfer production to other facilities or make up for the loss of production.
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