TriMas Corporation (TRS): Business Model Canvas [Dec-2025 Updated]

You're looking to quickly map out where TriMas Corporation stands right now, especially given the massive portfolio shift underway. Honestly, understanding their model means looking past the announced sale of the high-performing Aerospace segment-which nets them a $1.45 billion cash event-and focusing on the core engine: engineered dispensing and specialty gas cylinders. As a former head analyst, I can tell you this transition is key; we expect the remaining segments to drive about 10% consolidated sales growth for the full year 2025 over 2024, signaling a leaner, more focused operation. Below, I've broken down the nine essential blocks of their current business model, showing you exactly where they create, deliver, and capture value now, so you can make a truly informed assessment.

TriMas Corporation (TRS) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships TriMas Corporation maintains to execute its strategy, especially following the major portfolio shift announced in late 2025. These partnerships are the backbone supporting their focus on the Packaging platform.

Major Transaction and Advisory Alliances

The most significant recent partnership involves the divestiture of the Aerospace segment, which required engagement with high-level financial and legal advisors. This move was designed to optimize the business portfolio, as stated by the Board Chair.

The definitive agreement, signed November 4, 2025, for the sale of TriMas Aerospace to an affiliate of Tinicum L.P., with Blackstone funds participating as a minority investor, is valued at approximately \$1.45 billion in an all-cash transaction. This segment accounted for about 37% of TriMas' total revenue of \$1.01 billion for the last twelve months ending Q3 2025.

Partner Type	Entity/Affiliate	Transaction/Role Context	Associated Financial Figure (Approximate/Contextual)
Acquirer/Investor	Affiliate of Tinicum L.P. and Blackstone funds	Buyer of TriMas Aerospace segment	\$1.45 billion Purchase Price
Financial Advisor (TRS)	PJT Partners and BofA Securities	Financial advisors for portfolio optimization review leading to the sale	Engagement announced February 2025 to evaluate options.
Legal Counsel (TRS)	Jones Day	Outside legal counsel for TriMas in the Aerospace sale.	Not specified.
Acquisition Target Segment Revenue	TriMas Aerospace	Revenue for the divested segment (LTM Q3 2025).	\$374 million in revenue (LTM).

Operational Supply Chain and Distribution Networks

TriMas Corporation relies on a network of suppliers for its core manufacturing inputs and external channels to move its Specialty Products.

The company's largest raw material purchases center on specific commodities essential for its Packaging and Specialty Products groups.

• Global raw material suppliers for polymeric resins (polypropylene and polyethylene).
• Global raw material suppliers for steel, purchased primarily from steel mills.
• Third-party agents and distributors supporting the Specialty Products sales channel. TriMas Specialty Products reported net sales of \$30.3 million for the third quarter of 2025.

Technology and Process Improvement Partners

To drive operational excellence, TriMas is focused on integrating technology, a common theme in the manufacturing sector as of late 2025. The new CEO specifically mentioned ongoing investment in automation and productivity tools.

While TriMas has not disclosed specific 2025 capital expenditure amounts dedicated solely to automation, industry benchmarks show the scale of investment required to see significant returns. For instance, manufacturers adopting robotics and AI-driven production have reportedly cut labor costs by 15-20% within 18 months. The capital expenditure required for such technology adoption can range from \$10 million to \$100 million per facility.

The partnership structure here is less about a single named entity and more about the strategic use of technology providers to meet operational goals.

• Technology partners for implementing manufacturing automation and process control systems.
• These investments aim to create a more agile and integrated enterprise.

Finance: draft 13-week cash view by Friday.

TriMas Corporation (TRS) - Canvas Business Model: Key Activities

You're looking at the core engine of TriMas Corporation, the things they absolutely must do well to keep the whole model running. It's a mix of making things, making them better, and making smart moves on the corporate development front.

The first key activity is the fundamental one: manufacturing and assembly of highly-engineered dispensing and closure systems. This happens across their segments, from the Packaging group's dispensers and caps to the precision-machined components from TriMas Aerospace. For instance, the Packaging segment posted net sales of $135.7 million in the third quarter of 2025.

Next up is the relentless focus on improvement, which you see in the execution of a global operational excellence program (Lean Six Sigma). This isn't just talk; it shows up in the numbers. The TriMas Aerospace group saw its adjusted operating profit margin increase by 860 basis points over the third quarter of 2024, directly driven by these operational excellence initiatives.

The company also prioritizes product innovation and co-development with customer engineering teams. This is how they secure big wins, like the massive growth in Aerospace. That segment's net sales hit $103.2 million in the third quarter of 2025, a year-over-year increase of 45.8%, reflecting new awards and strong industry build rates.

Managing the physical flow of goods is critical, which means managing a global supply chain across 13 countries. As of early 2025, TriMas supported this operation with approximately 3,900 dedicated employees across those locations. To enhance this, they launched a new, state-of-the-art, 225,000 square foot facility for the Packaging group in Haining, China, in late 2024.

Finally, you have the activity of strategic portfolio shaping, specifically the integration of acquired businesses like TriMas Aerospace Germany (TAG). TriMas completed this acquisition in the first quarter of 2025. The acquired entity, which had approximately €22 million in revenue in fiscal year 2024, immediately contributed to the Aerospace segment's performance.

Here's a quick look at how some of these activities translated into recent financial performance through the third quarter of 2025:

Key Activity Metric	Value/Amount	Period/Context
Aerospace Segment Net Sales	$103.2 million	Third Quarter 2025
Aerospace Sales Year-over-Year Growth	45.8%	Third Quarter 2025
Aerospace Adjusted Operating Profit Margin Improvement	860 basis points	Over Third Quarter 2024
Global Employee Count	Approximately 3,900	As of early 2025
Countries of Operation	13	As of early 2025
TAG (Acquired) 2024 Revenue	Approximately €22 million	Fiscal Year 2024

The success of these activities is reflected in the overall financial results for the first nine months of 2025:

• Net cash provided by operating activities year-to-date: $75.9 million.
• Year-to-date Free Cash Flow: $43.9 million.
• Cash on hand as of September 30, 2025: $33.6 million.
• Total Debt as of September 30, 2025: $407.1 million.
• Net Debt as of September 30, 2025: $373.4 million.
• Shares repurchased year-to-date: 106,220 shares for $2.3 million.

The focus on operational execution and strategic additions like TAG is clearly driving conversion. For example, the adjusted operating profit for the entire company in Q3 2025 was $30.3 million, a 33.9% increase versus the prior year period.

You can see the commitment to manufacturing excellence through facility upgrades, like the new 225,000 square foot Haining facility, which features autonomous robots and a specialized Warehouse Management System. That's how you support the global footprint. Finance: draft 13-week cash view by Friday.

TriMas Corporation (TRS) - Canvas Business Model: Key Resources

The foundation of TriMas Corporation's operational capability rests on its physical assets and human capital spread across the globe. You see this in their extensive manufacturing base, which supports their three core segments: Packaging, Aerospace, and Specialty Products.

TriMas Corporation maintains a global manufacturing footprint, operating from 37 manufacturing and support locations across 13 countries as of early 2025. This physical presence is coupled with specialized production equipment necessary for high-precision work, particularly within the TriMas Aerospace segment, which saw net sales increase by 45.8% in the third quarter of 2025 over the prior year period.

A critical resource is the company's portfolio of market-leading product brands. These brands represent established trust and market share in their respective niches. Key examples include the specialized products under the Norris Cylinder name and the high-reliability components from Monogram Aerospace Fasteners.

The intellectual property and proprietary designs held by TriMas Corporation are central to their value proposition, especially in creating innovative systems for dispensing and fastening applications across consumer products and aerospace markets. This know-how underpins their ability to secure new awards and execute commercial actions, as evidenced by the 860 basis points increase in the adjusted operating profit margin for the Aerospace group in Q3 2025 over the same period in 2024.

The dedicated workforce is a significant asset, totaling approximately 3,900 employees as of the end of 2024, a number that grew by 500 employees or 14.71% year-over-year from the end of 2023. This team drives the operational excellence initiatives mentioned by management.

Financially, TriMas Corporation supports its operations with a strong balance sheet. As of September 30, 2025, the company reported a net debt leverage ratio of 2.3x, an improvement from 2.6 times at the end of 2024, reflecting higher earnings and debt reduction efforts. Here's a quick look at the balance sheet components supporting this position:

Financial Metric	Amount as of Q3 2025 (Sep 30, 2025)
Total Debt	$407.1 million
Net Debt	$373.4 million
Cash on Hand	$33.6 million
Cash and Available Borrowing Capacity	$270.7 million

The company's operational cash generation also bolsters these resources. Year-to-date through Q3 2025, net cash provided by operating activities reached $75.9 million, resulting in year-to-date Free Cash Flow of $43.9 million for the same period. This cash flow performance is a key enabler for investing in business growth.

You can summarize the scale of these resources with a few key operational metrics:

• Dedicated Workforce Size: Approximately 3,900 employees.
• Global Footprint: Operations in 13 countries.
• Net Debt Leverage Ratio (Q3 2025): 2.3x.
• Year-to-Date Free Cash Flow (Q3 2025): $43.9 million.
• Aerospace Segment Q3 2025 Sales Growth (YoY): 45.8%.

Finance: draft 13-week cash view by Friday.

TriMas Corporation (TRS) - Canvas Business Model: Value Propositions

You're looking at the core promises TriMas Corporation (TRS) makes to its customers as of late 2025, grounded in their recent performance. Honestly, the numbers from the third quarter of 2025 tell a clear story about where the value is being delivered right now.

Packaging: High-performance, value-added dispensing and closure systems.

The Packaging segment delivers specialized systems designed to enhance how customers store, transport, process, and dispense their products. This value proposition is supported by consistent, though moderate, growth.

• Net sales for the Packaging segment saw a 4.2% increase in the third quarter of 2025.
• Management forecasts this segment to achieve GDP-plus growth rates, specifically in the 2% to 4% range for the full year 2025.

Specialty Products: Reliable, high-pressure steel cylinders for compressed gases.

This segment, anchored by the Norris Cylinder business, provides highly-engineered, high and low-pressure Type 1 steel cylinders. These are essential for the transportation, storage, and dispensing of various compressed gases across industrial, health care, and defense markets.

Here's a quick look at the recent traction for this specialized offering:

Metric	Value (Q3 2025)	Comparison
Net Sales Increase	7.2%	Year-over-year increase
Cylinder Business Description	Leading designer, manufacturer and distributor of highly-engineered, large, intermediate and small size, high and low- pressure Type 1 steel cylinders.

Aerospace (Pre-Sale): Highly-engineered, mission-critical fasteners and components.

TriMas Aerospace provides components directly to aircraft manufacturers, supply chain distributors, and the United States government. The value here is in mission-critical engineering, often involving one-sided installation (OSI) or blind bolt applications, where TriMas believes it holds significant market share in its competed categories.

The performance in this area has been exceptional, clearly driving the overall company results:

• Aerospace segment net sales increased by a massive 45.8% in the third quarter of 2025.
• For the first quarter of 2025, organic sales growth in Aerospace hit 27.8%.
• The segment delivered record quarterly performance in Q3 2025.

Operational excellence driving superior quality and delivery performance.

The commitment to operational excellence is not just talk; it's showing up in the financial results, particularly through successful initiatives within the high-growth Aerospace group. You can see the impact in the profitability metrics.

The math on operational improvement for Q3 2025 looks like this:

Financial Metric	Q3 2025 Value	Year-over-Year Change
Adjusted Operating Profit	$30.3 million	Up 33.9%
Operating Profit Margin	11%	Expanded by 240 basis points
Consolidated Net Sales Growth	17.4%	Year-over-year increase

Customer-driven innovation to reduce total installed cost.

Innovation is focused on delivering products that lower the customer's overall cost of ownership, not just the sticker price. This strategic focus underpins the confidence management has in the near-term outlook.

The result of this focus is a raised outlook for the year:

• TriMas raised its full-year 2025 consolidated sales growth guidance to approximately 10%.
• The full-year 2025 adjusted diluted earnings per share guidance is now in the range of $2.02 to $2.12.

Finance: draft 13-week cash view by Friday.

TriMas Corporation (TRS) - Canvas Business Model: Customer Relationships

You're looking at how TriMas Corporation (TRS) connects with and serves its diverse customer base across its segments, which, as of late 2025, is undergoing a significant strategic shift with the pending sale of the Aerospace business.

Dedicated direct sales force for key accounts and technical support.

TriMas Corporation deploys its approximately 3,900 dedicated employees in 13 countries to support customer needs across its operating groups. For major clients, especially in the high-value Aerospace segment, this involves a dedicated, technical approach. The TriMas Packaging group, for instance, has commercial teams deployed across North America, South America, Europe and Asia to manage direct sales relationships. This direct engagement is crucial for maintaining the high-touch service required by large, sophisticated buyers.

Collaborative product development with customer engineering teams.

A core element of the customer relationship strategy involves deep integration with the buyer's technical staff. The close working relationship between TriMas sales and engineering teams and customers' engineering teams is key to developing future products desired and required by those customers. This collaborative process adds value by directly addressing assembly and manufacturing process challenges to improve productivity and reduce the overall installed cost for the customer. For example, within the Aerospace group, this collaboration led to the development of new fastener products that offer a flush break upon installation, streamlining the assembly process.

The depth of this collaboration is reflected in segment performance:

Segment	Q1 2025 Organic Growth Rate	Key Relationship Indicator
Aerospace	27.8%	Secured multi-year global contract with Airbus (Feb 2025)
Packaging	3.3%	Close working relationship with customer engineering teams

Long-term supply agreements, especially in Aerospace and Packaging.

Securing long-term commitments locks in revenue visibility, which is vital for capital-intensive manufacturing. The Aerospace segment, which posted net sales of $103.2 million in the third quarter of 2025 (a 45.8% increase year-over-year), has historically relied on these agreements. The February 2025 award of a multi-year global contract with Airbus exemplifies this, broadening the scope across multiple civil and military platforms. For the Packaging segment, which represented 55% of 2024 net sales ($512.3 million), long-standing relationships with container manufacturers are also critical, often supported by formal supply arrangements.

The strategic decision in November 2025 to sell the Aerospace segment for approximately $1.45 billion signals a pivot to focus on the Packaging platform, which management believes will be more focused and high-margin, thus changing the nature of these long-term agreements going forward.

Transactional sales through distributors for smaller industrial customers.

Not all relationships are deep, multi-year engineering partnerships. TriMas Packaging accesses its markets not only through direct sales but also through leading distributors, where it maintains favorable, long-standing relationships. This channel is essential for serving smaller industrial customers and ensuring broad market coverage for standard or less-engineered closure and dispensing systems. While the Aerospace segment focused on key accounts, the Packaging segment balances this with a broader distribution network to capture transactional volume.

• TriMas Packaging utilizes third-party agents and distributors in key geographic markets.
• Distributors primarily sell to container manufacturers and end-users/fillers.
• This supports the Packaging group's reach into consumer packaging, life science, and industrial markets.

The company is focused on disciplined commercial execution to drive sustained growth, which means managing this mix of high-touch direct sales and broader transactional distribution effectively.

Finance: draft 13-week cash view by Friday.

TriMas Corporation (TRS) - Canvas Business Model: Channels

You're looking at how TriMas Corporation moves its products-from specialized aerospace components to consumer packaging-to its global customer base as of late 2025. The channel strategy is clearly multi-faceted, supporting a business with approximately 3,900 dedicated employees operating across 13 countries. The scale of sales flowing through these channels is significant; for instance, Q3 2025 net sales hit $269.3 million, contributing to a trailing twelve-month revenue of about $1.01 Billion USD.

The structure relies on a mix of direct engagement and third-party leverage to cover its diverse markets, which include consumer products, aerospace, and industrial applications. Here's how the revenue streams break down by the primary operating segments that feed these channels for the third quarter of 2025:

Segment	Q3 2025 Net Sales (Millions USD)	Year-over-Year Growth
TriMas Packaging	$135.7 million	4.2%
TriMas Aerospace	$103.2 million	45.8%
Specialty Products (Norris Cylinder)	$30.3 million	7.2%

Direct sales force to large OEMs and multinational corporations is a key component, especially for the high-growth TriMas Aerospace segment, which saw sales jump 45.8% in Q3 2025, driven by industry build rates and new awards. This direct approach is necessary for managing complex, high-value contracts with major original equipment manufacturers.

The global network of third-party distributors and agents supports the broader reach, particularly for the Packaging segment, where sales were $135.7 million in Q3 2025. This channel helps TriMas Corporation manage the volume and geographic spread required for consumer and industrial product distribution.

Participation in premier international trade shows, such as LUXE PACK Monaco, is an implied channel activity supporting the Packaging group, which focuses on beauty and personal care dispensers. While I don't have the specific 2025 trade show spend or attendance numbers, these events are where new product lines are introduced to key buyers in the consumer space.

The e-commerce platforms for spare parts and industrial components are likely integrated into the Specialty Products group, which includes Norris Cylinder. That group saw a 31.3% year-over-year sales increase for Norris Cylinder in Q3 2025, suggesting that digital or streamlined ordering for replacement parts and standard industrial components is an active, though perhaps less financially segmented, part of the overall channel mix. The company is projecting full-year 2025 consolidated sales growth to land between 8% and 10%, meaning these channels are effectively moving product.

You can see the company's commitment to its capital structure alongside this sales activity; they ended Q3 2025 with $33.6 million in cash on hand and a net leverage ratio of 2.3x. Finance: draft 13-week cash view by Friday.

TriMas Corporation (TRS) - Canvas Business Model: Customer Segments

You're looking at the customer base for TriMas Corporation right before a major strategic shift, so the numbers reflect a three-segment structure that's about to change significantly.

The primary customer base is served through the TriMas Packaging group, which targets consumer-facing industries. This group saw net sales of $512.3 million in fiscal year 2024, representing 55% of the total consolidated net sales of $925.0 million for that year. As of Q2 2025, this segment delivered net sales of $143.0 million, an increase of 8.4% year-over-year, and management forecasts GDP-plus growth rates (2% to 4%) for the full year 2025.

The customer segments for the Packaging group are:

• Consumer Products: Beauty & personal care, food & beverage, and home care companies.
• Life Science and pharmaceutical/nutraceutical submarkets.
• Industrial markets.

The Aerospace segment, which serves commercial and military aircraft OEMs and Tier 1 suppliers, was a major revenue driver through Q3 2025, achieving record annual sales of $294.2 million in 2024. This segment showed exceptional momentum in 2025, with sales increasing by 32.5% in Q2 2025 and by 45.8% in Q3 2025. However, you need to note that TriMas announced in November 2025 that it would divest this entire aerospace division in a $1.45 billion all-cash deal, projected to close in Q1 2026.

The Industrial/Life Science customer base is also served by the Specialty Products segment, primarily through Norris Cylinder, which designs and manufactures high-pressure steel cylinders for the transportation, storage, and dispensing of compressed gases. This segment had net sales of $118.5 million in 2024, but experienced a sales decline of 37.2% compared to 2023. By Q3 2025, this segment showed early signs of recovery, posting a sales increase of 7.2%.

Geographically, TriMas Corporation is heavily concentrated in North America, which accounted for approximately 77% of its 2024 net sales. The company operates from 37 manufacturing and support locations across 13 countries as of early 2025.

Here's a quick look at the 2024 revenue contribution by the segments that define these customer groups:

Segment	2024 Net Sales (Millions USD)	Percentage of 2024 Total Net Sales
Packaging (Consumer/Industrial/Life Science)	$512.3	55%
Aerospace (OEMs/Tier 1 Suppliers)	$294.2	N/A
Specialty Products (Gas Cylinders)	$118.5	N/A

The total consolidated net sales for TriMas Corporation in 2024 were $925.0 million.

The key customer-facing markets served by the continuing businesses (Packaging and Specialty Products) as of late 2025 include:

• Beauty & personal care
• Food & beverage
• Home care
• Industrial markets
• Life sciences
• Transportation and storage of compressed gases (via Norris Cylinder).

Finance: draft 13-week cash view by Friday.

TriMas Corporation (TRS) - Canvas Business Model: Cost Structure

You're looking at the cost side of the TriMas Corporation (TRS) engine as of late 2025. This is where the revenue from their Packaging, Aerospace, and Specialty Products groups gets spent to keep the global manufacturing running. Honestly, the cost structure is heavily influenced by global supply chain dynamics, which management noted as a risk in Q3 2025.

The primary variable costs are tied directly to production volume. TriMas explicitly mentioned risks related to inflationary pressures on raw material and energy costs in their Q3 2025 commentary. Given that the Norris Cylinder business within Specialty Products manufactures steel cylinders, steel prices are a key input cost driver. Polymeric resins are essential for the Packaging segment's dispensing and closure products.

Manufacturing and labor costs are spread across a significant international footprint. As of late 2025, TriMas supports its operations with approximately 3,900 dedicated employees operating in 13 countries. The company has been actively optimizing this, such as consolidating two Chinese facilities into one new, highly automated Haining facility designed to reduce labor expenses through automation like AGVs and robotic auto palletizing.

Here's a look at the sales performance that drives these costs for the third quarter of 2025:

Segment	Q3 2025 Net Sales (Millions USD)	Year-over-Year Growth
TriMas Packaging	$135.7M	4.2%
TriMas Aerospace	$103.2M	45.8%
TriMas Specialty Products	$30.3M	7.2%
Consolidated Net Sales	$269.3M	17.4%

The total cost of goods sold, selling, general, and administrative expenses (SG&A), and research, development, and engineering (R&D) combined represent the bulk of expenses required to generate sales. For the third quarter of 2025, with Net Sales at $269.3 million and GAAP Operating Profit at $16.6 million, the combined total for these three cost categories was $252.7 million.

The breakdown of these costs is typically found in the full GAAP income statement, which was not fully detailed in the available summaries. However, we can look at the cash flow components to understand investment spending:

• Net Cash Provided by Operating Activities (YTD through Q3 2025): $75.9 million.
• Adjusted Free Cash Flow (YTD through Q3 2025): $43.9 million.

Capital expenditures (CapEx) are a necessary outlay to support future capacity and improvements, such as the new Haining facility. CapEx is a subtraction from the cash flow calculation used to arrive at Free Cash Flow. The company is focused on operational improvements, including the launch of a global operational excellence program.

Selling, General, and Administrative (SG&A) expenses include corporate overhead necessary to manage the global structure. While the specific dollar amount for Q3 2025 SG&A is not explicitly itemized separately from Cost of Sales and R&D in the provided summaries, the adjusted operating profit margin for Q3 2025 was reported at 11%.

Research, development, and engineering costs are critical for innovation across the segments. The company's focus on proprietary, highly-engineered products suggests a material, ongoing investment in R&D, though the specific dollar amount for Q3 2025 is embedded within the $252.7 million total cost bucket mentioned above.

TriMas Corporation (TRS) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for TriMas Corporation (TRS) as of late 2025, right in the middle of a major portfolio transformation. The company is actively generating revenue from its core operations while simultaneously realizing a massive cash event from a strategic divestiture.

The primary revenue streams before the Aerospace segment sale closes are derived from three distinct business segments. You see the strength of the remaining core business in the latest reported figures.

For the third quarter ended September 30, 2025, TriMas Corporation reported consolidated net sales of $269.3 million, which was a 17.4% increase compared to the third quarter of 2024. This top-line performance is driving the updated full-year expectation.

The full-year 2025 consolidated sales growth is now anticipated to reach the higher end of the projected range of 8% to 10% compared to the full-year 2024 net sales of $925.0 million.

Here's a breakdown of the revenue contribution by segment based on the third quarter 2025 results, illustrating the current mix:

Revenue Stream / Segment	Q3 2025 Net Sales (Millions USD)	Year-over-Year Sales Change (Q3 2025 vs Q3 2024)
Sales of engineered dispensing and closure systems (Packaging)	Not explicitly broken out from total sales	Organic sales increased 2.6%
Sales of steel cylinders and specialty industrial products (Specialty Products)	$30.3 million	Increased 7.2%
Sales of aerospace fasteners and components (Aerospace)	Largest contributor to the 17.4% consolidated growth	Organic growth over 37%

Sales of engineered dispensing and closure systems (Packaging) are a key component of the ongoing revenue base. You should note that management is focused on brand consolidation, implementing a unified "One TriMas" brand initiative to improve customer experience and cross-selling opportunities.

Revenue from steel cylinders and specialty industrial products is driven by the Norris Cylinder business within the Specialty Products segment. For the third quarter of 2025, Norris Cylinder specifically delivered a sales increase of 31.3% year-over-year, which helped offset the loss of sales from the divested Arrow Engine business.

Revenue from aerospace fasteners and components (Aerospace) has been exceptionally strong leading up to the sale. For instance, second quarter 2025 Aerospace sales were $103.0 million, marking a 32.5% increase compared to the second quarter of 2024, supported by increased industry build rates and new awards. The segment was noted as contributing roughly 38% of TriMas' net sales prior to the announced sale agreement.

The most significant, non-recurring financial event impacting the future cash flow profile is the planned divestiture. TriMas Corporation entered a definitive agreement to sell its Aerospace segment for an all-cash purchase price of approximately $1.45 billion. This transaction is expected to close by the end of the first quarter of 2026.

The expected revenue performance for the full year 2025 is robust, with management now estimating consolidated sales growth to be around 10% over 2024. This updated outlook reflects strong momentum across the remaining businesses following the Arrow Engine divestiture in January 2025.

Key operational drivers supporting these revenue streams include:

• Continued strong sales in the Aerospace group due to a robust market demand and a healthy backlog.
• The acquisition of TriMas Aerospace Germany (TAG) in the first quarter of 2025, contributing to Aerospace sales growth.
• Management prioritizing targeted capital investments to expand capacity within TriMas Aerospace to sustain momentum.
• The Packaging group expecting a reversion to a more normalized market growth rate following channel fill in 2024.

Finance: draft 13-week cash view by Friday.