TriMas Corp has agreed to sell its aerospace division to an affiliate of investment firm Tinicum for $1.45 billion in cash, as the company sharpens its focus on its core packaging operations following pressure from activist investor Barington Capital.
The move comes after TriMas completed the sale of its Arrow Engine business earlier this year, part of an ongoing portfolio review initiated under Barington’s urging. The aerospace segment, which contributes roughly 38% of TriMas’ net sales, manufactures fasteners and supplies major clients such as Airbus.
Funds managed by Blackstone will take a minority stake in the business as part of the deal, which is expected to close by the end of Q1 next year. Barington, which holds about 1.5% of TriMas shares, has long argued that the company’s mix of packaging, aerospace, and specialty products divisions has depressed its valuation.
TriMas said PJT Partners and BofA Securities acted as financial advisers for the sale. Tinicum, whose portfolio spans several aerospace firms and has a total enterprise value of $8.9 billion, said the acquisition strengthens its presence in the sector.
Source: Reuters
