8/15/2016 12:40:00 AM
HEADLINES
Amid Sales Slump, TriMas Replaces CEO
TriMas reported second quarter sales fell 9.6% to $203.3 million, hurt by ongoing weakness in energy, industrial and aerospace markets. Q2 operating profit dropped 2.6% to $18.7 million.
Aerospace segment sales, including fasteners, increased 2% to $44.1 million in Q2, partially offset by lower demand from larger distribution customers.
Second quarter Energy segment sales, including fasteners, dropped 20.3% to $39.9 million, hurt by reduced demand from upstream oil and gas customers. TriMas said its Energy segment continues to accelerate the manufacturing of products in Reynosa, Mexico, as part of its restructuring.
TriMas also announced that it ousted CEO David Wathen in favor of Thomas Amato.
“Amato brings more than 25 years of broad industrial experience, having served in several leadership positions at global, multi-billion dollar businesses,” the company stated.
Most recently, Amato served as CEO of Metaldyne, LLC, a $1.1 billion engineered products manufacturing company with 25 facilities in 13 countries, and co-president and CIO of Metaldyne Performance Group, a $3 billion global manufacturing company formed in mid-2014 and taken public in the same year.
After earning his MBA, Amato joined MascoTech and its TriMas subsidiary, where he worked in a number of leadership roles, one of which was serving as the TriMas head of business development.
Consisting of the Houston-based Lamons business, the Energy segment designs, manufactures and distributes metallic and non-metallic gaskets, bolts, industrial fasteners and specialty products for the global petroleum refining, petrochemical, oil field and industrial markets.
Bloomfield Hills, MI-based TriMas also provides fasteners through its Aerospace segment, which consists of Allfast Fastening Systems, Monogram Aerospace Fasteners, Mac Fasteners, and Martinic Engineering. Web: trimascorp.com
Related Stories:
Share: