TriMas Announces Sale of Assets of Hi-Vol Products and Precision Tool Company; Sale Price of $38.6M

TriMas Corporation TRS announced today that the Company closed on a transaction to sell the assets of its Hi-Vol Products and Precision Tool Company subsidiaries to ARCH Global Precision LLC, a newly formed entity created by Strength Capital Partners. The sale price was $38.6 million, plus additional contingent consideration up to $2.5 million, based on achievement of certain levels of future financial performance. The purchase price remains subject to a net working capital adjustment, if any, to be finalized within 60 days. The transaction closed on December 22, 2011. "We continue to refine our business portfolio to support our strategic imperatives, including focusing on opportunities in identified growth businesses and redeploying assets to drive the highest return for stakeholders," said Dave Wathen, president and chief executive officer of TriMas Corporation. "I am pleased that we have secured a buyer for whom the businesses will be an ideal fit."