TriMas, a diversified industrial products manufacturer, has agreed to acquire Italian firm Plastic Srl for an undisclosed sum.
Based in Forlì, Plastic Srl is engaged in the manufacturing of polymeric caps and closures for home care product applications.
TriMas president and CEO Thomas Amato said: “We are excited to announce an agreement between TriMas and the Muccioli family to acquire Plastic Srl, which will enhance TriMas’ Packaging group’s single-bodied and assembled closure product offering.
“Plastic Srl broadens our geographic presence, adds adjacent products and designs to our current product offering, and increases production capability through innovative manufacturing know-how.”
Plastic Srl primarily produces single-bodied and assembled caps and closures such as child resistant closures for home care product applications, as well as detergent and household cleaning products.
Its child resistant closures can be used for dangerous products and gel liquids. Some of the closures are provided spout with a hole inside to support runoff of the liquid from the bottle.
The firm’s product portfolio is comprised of push-pull closures, dosing closures, pouring closures, closures with spout, flip-top closures, refill closures, closures with seal, special dishwasher, stain remover closures and bottles.
The company has over 100 closure product designs, including several patented closure systems. It serves customers in the home care market in Italy and other European countries.
Situated around 50 miles southeast of Bologna, Plastic Srl is said to generate around €10m in annual revenue.
The deal is expected to be completed in early 2019. Once the deal is concluded, Plastic Srl will be included in TriMas’ Rieke business segment.
Amato further added: “We appreciated the opportunity to work exclusively on this transaction with the Muccioli family and welcome the broader Plastic Srl team to the TriMas organization.
“We are pleased to add this business to Rieke, and look forward to further growing Plastic Srl’s product line.”
With around 4,000 employees in 13 countries, TriMas manufactures products for customers in the consumer products, aerospace, industrial, petrochemical, refinery, and oil and gas end markets.
Based in Bloomfield Hills of Michigan, the company operates three segments, including packaging, aerospace and specialty products.