ITALY – US manufacturing group Trimas has acquired Affaba & Ferrari designs, an Italian designer and manufacturer of precision caps and closures for the food and beverage industry.
The deal – which was made for an undisclosed sum –marks TriMas’ fourth acquisition in the packaging sector since 2019, as it aims to grow the platform.
Founded in 1949, Affaba & Ferrari designs, develops and manufactures proprietary, precision caps and closures with intellectual property protection for customers throughout Europe.
Its product offering includes aseptic caps for juices, dairy products and sport energy drinks, as well as tamper evident, child-proof, induction, flex spout and other caps and closures used in food and beverage, agrochemical and other industrial applications.
The Italian company is expected to generate approximately €32 million (about US$37.29 million) in revenue in fiscal year 2020.
“The acquisition of Affaba & Ferrari will supplement our existing food and beverage and industrial product offerings,” said Thomas Amato, president and CEO of TriMas.
Amato says that the acquisition will also bring on board new blue-chip customers and a state-of-the-art manufacturing operation to Trimas’ European base
Following the transaction, Affaba & Ferrari will become part of TriMas’ packaging segment reporting to its Rieke division.
“we believe the combination will unlock additional growth and expansion opportunities globally,” the CEO of Trimas noted with confidence.
The acquisition of the Italian caps and closures manufacturer was made public during the release of Trimas third quarter report where it recorded 5.9% rise in net sales, driven by record sales in company’s Packaging group.
The acquisition of Affaba & Ferrari thus makes sense as it will join the company’s increasingly important packaging business which remained resilient during the COVID-19 pandemic.
Trimas’ Aviation and Industrial business however experienced weaker demand resulting in low sales.
Overall, in its third quarter, Trimas reported an operating loss of $108.3 million in third quarter 2020, a weaker performance compared to an operating profit of $23.6 million in third quarter 2019.
In his concluding remarks, Amato said: “While 2020 has undoubtedly been challenging, it has also provided us with an opportunity to demonstrate the strength of our presence in a diverse set of end markets.”
“We will continue to leverage the TriMas Business Model to drive performance across all of our businesses to capture additional opportunities, while taking any necessary realignment steps to improve future performance when certain markets recover.”
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