TriMas announces continued review of portfolio actions

TriMas (TRS) announced that the company is taking continued actions toward the goal of streamlining and optimizing the business portfolio. The TriMas board and management team have been actively exploring a range of potential options, particularly over the past year, to accelerate the focus of its business portfolio. On January 31, the company announced that it had completed the sale of its Arrow Engine business, facilitating the exit of its only remaining business in the oil and gas end market. As a next step and part of the board’s ongoing review of strategic priorities, TriMas is further assessing additional options to focus its business portfolio and unlock value, and has engaged PJT Partners and Bank of America as its financial advisors. “The TriMas Board of Directors and management team remain committed to making decisions that serve the best interests of the Company and all of our shareholders,” commented Herbert Parker, TriMas’ board chair. “We recognize the importance of shareholder input in shaping the Company’s strategic direction. Over the past year, members of the Board and management team have had extensive engagement with shareholders that have provided valuable perspectives in support of the Board’s ongoing efforts to streamline and optimize the business portfolio, drive continuous improvement and return capital to shareholders, all to maximize shareholder value.”