v3.25.2
Segment Information (Notes)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company defines its segments consistent with how internally reported financial information is regularly reviewed by TriMas' President and Chief Executive Officer (chief operating decision maker) to analyze financial performance, make decisions, and allocate resources. TriMas reports its operations in three segments: Packaging, Aerospace and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by the chief operating decision maker. The chief operating decision maker uses segment adjusted operating profit when assessing segment performance, determining resource and capital allocation and developing overall strategic direction of the Company. The chief operating decision maker analyzes segment adjusted operating profit on a monthly basis by comparing actual results to forecasted and budgeted expectations to assess performance. Segment adjusted operating profit is also used in compensation related decision-making under certain employee incentive programs. Segment adjusted operating profit is defined as operating profit excluding Special Items. Special Items include: realignment and severance costs, purchase accounting charges related to the step-up of inventory to fair value, and mergers, acquisitions, diligence and transaction costs.
See below for more information regarding the types of products and services provided within each reportable segment:
Packaging – TriMas' Packaging segment consists primarily of the Rieke, Affaba & Ferrari, Taplast, Rapak, Plastic Srl, and Aarts Packaging brands, which are also marketed under the TriMas Packaging brand, as well as the Intertech and Omega brands, which are also marketed under the TriMas Life Sciences brand. TriMas' Packaging business develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion, hand soap and sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (such as food lids, flip-top closures, child resistant caps, beverage closures, fragrance and cosmetic caps, drum and pail closures, and flexible spouts), polymeric jar products, fully integrated dispensers for fill-ready bag-in-box applications, and consumable vascular delivery and diagnostic test components, all for a variety of consumer products submarkets including, but not limited to, beauty and personal care, food and beverage, home care, and life sciences, including, but not limited to, pharmaceutical, nutraceutical, and medical, as well as industrial markets (including agricultural).
Aerospace – TriMas' Aerospace segment includes the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, TFI Aerospace, RSA Engineered Products, Martinic Engineering, and Weldmac Manufacturing Company brands, which are also marketed under the TriMas Aerospace brand. TriMas' Aerospace business develops, qualifies and manufactures highly-engineered, precision fasteners, tubular products and assemblies for fluid conveyance, and machined products and assemblies to serve the aerospace and defense market. TriMas' Aerospace segment also includes GMT Aerospace, acquired on February 17, 2025, which the Company has renamed TriMas Aerospace Germany.
Specialty Products – TriMas' Specialty Products segment, which includes the Norris Cylinder brand, designs, manufactures and distributes highly-engineered steel cylinders for use within industrial and aerospace markets. On January 31, 2025, the Company completed the divestiture of its Arrow Engine business within its Specialty Products segment. The Arrow Engine business manufactured and distributed natural gas-fired engines for remote power generation applications and compression systems for use within the North American industrial oil and gas markets.
Corporate consists of our corporate office and related corporate activities. Corporate expenses primarily include compensation, benefits, professional services, information technology and other administrative costs. Corporate assets consist primarily of cash and cash equivalents, unallocated deferred tax assets and prepaid assets. Corporate expenses and assets reconcile reportable segment information to the consolidated totals.
Segment activity is as follows (dollars in thousands):
 PackagingAerospaceSpecialty ProductsTotal
Three Months Ended June 30, 2025
Net sales$143,010 $103,010 $28,740 $274,760 
Adjusted cost of sales (a)
(107,260)(70,730)(26,350)
Adjusted selling, general and administrative expenses (b)
(15,300)(11,630)(1,130)
Other segment items (c)
(20)— — 
Segment adjusted operating profit$20,430 $20,650 $1,260 $42,340 
Corporate (d)
(14,260)
Business realignment and severance costs(440)
Purchase accounting charges(510)
Interest expense(4,550)
Other income (expense), net(230)
Income before income tax expense$22,350 
 PackagingAerospaceSpecialty ProductsTotal
Three Months Ended June 30, 2024
Net sales$131,930 $77,720 $30,850 $240,500 
Adjusted cost of sales (a)
(99,820)(58,430)(28,240)
Adjusted selling, general and administrative expenses (b)
(13,590)(8,840)(2,010)
Other segment items (c)
(60)10 (20)
Segment adjusted operating profit$18,460 $10,460 $580 $29,500 
Corporate (e)
(11,180)
Business realignment and severance costs(440)
Mergers, acquisitions, diligence and transaction costs(30)
Interest expense(5,220)
Other income (expense), net40 
Income before income tax expense$12,670 
Six Months Ended June 30, 2025
Net sales$270,580 $192,220 $53,630 $516,430 
Adjusted cost of sales (a)
(202,910)(135,580)(49,780)
Adjusted selling, general and administrative expenses (b)
(29,390)(20,760)(2,500)
Other segment items (c)
(30)— — 
Segment adjusted operating profit$38,250 $35,880 $1,350 $75,480 
Corporate (f)
(23,640)
Business realignment and severance costs(2,260)
Purchase accounting charges(670)
Interest expense(9,070)
Other income (expense), net(330)
Income before income tax expense$39,510 
Six Months Ended June 30, 2024
Net sales$258,950 $145,060 $63,590 $467,600 
Adjusted cost of sales (a)
(194,470)(110,200)(56,100)
Adjusted selling, general and administrative expenses (b)
(27,990)(17,290)(4,280)
Other segment items (c)
(10)20 (20)
Segment adjusted operating profit$36,480 $17,590 $3,190 $57,260 
Corporate (g)
(25,590)
Business realignment and severance costs(1,350)
Mergers, acquisitions, diligence and transaction costs(30)
Interest expense(10,150)
Other income (expense), net(280)
Income before income tax expense$19,860 
__________________________
(a) Adjusted cost of sales is defined as cost of sales excluding Special Items.
(b) Adjusted selling, general and administrative expenses is defined as selling, general and administrative expenses excluding Special Items.
(c) Other segment items for each reportable segment includes net gain (loss) on dispositions of assets excluding Special Items.
(d) Includes $2.2 million of realignment, severance and consulting costs and $1.4 million of system implementation costs.
(e) Includes $1.0 million of mergers, acquisition, diligence and transaction costs, and $0.8 million of system implementation costs and $0.7 million for an environmental settlement related to a legacy liability.
(f) Includes $7.0 million of realignment, severance and consulting costs, a $5.3 million gain on the sale of Arrow Engine, $2.4 million of system implementation costs and $0.3 million of mergers, acquisition, diligence and transaction costs.
(g) Includes $2.2 million of mergers, acquisition, diligence and transaction costs, and $1.8 million of system implementation costs, $0.7 million of consulting costs and $0.7 million for an environmental settlement related to a legacy liability.
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Capital expenditures
Packaging$8,110 $7,350 $16,090 $15,830 
Aerospace4,920 1,230 7,410 2,660 
Specialty Products2,800 1,460 3,860 4,360 
Corporate1,210 820 2,620 1,260 
Total$17,040 $10,860 $29,980 $24,110 
Depreciation and amortization
Packaging$8,710 $8,540 $17,040 $17,110 
Aerospace4,730 4,580 9,330 9,150 
Specialty Products830 1,070 1,650 2,080 
Corporate90 50 170 90 
Total$14,360 $14,240 $28,190 $28,430 

June 30, 2025December 31, 2024
Total Assets
Packaging$885,330 $811,190 
Aerospace454,150 390,980 
Specialty Products76,430 89,210 
Corporate29,490 32,800 
Total$1,445,400 $1,324,180