TriMas Subsidiary Cequent Acquires Australian Parkside Towbars
BLOOMFIELD HILLS, Mich., Jan. 31 /PRNewswire-FirstCall/ -- TriMas Corporation (NYSE: TRS) - a diversified growth company of high-end, specialty niche businesses - today announced that its Cequent group acquired Parkside Towbars, located in Western Australia. With annual revenues of approximately $5 million, Parkside Towbars adds to Cequent's towing and truck accessory product offering, while strengthening its position in an attractive international market. Parkside Towbars will be integrated with Cequent's already well-established business in Australia, operating under the brand of Hayman Reese®.
"Consistent with our strategy to expand internationally, the acquisition of Parkside Towbars provides us greater access to the robust Western Australian segment of the Australian market," commented Ed Schwartz, Cequent Group President. "Parkside's recognized brand and established channel presence will generate new opportunities for Cequent products in this market. This acquisition will also allow us to expand into complimentary products, including front-end protection equipment for motor vehicles."
About Parkside Towbars
Located in Perth, Western Australia, Parkside Towbars is a leading manufacturer and distributor of standard towbars, Tow-Safe® hitches, roobars, nudge bars, front protection bars and bullbars. Parkside Towbars also carries a range of related vehicle accessories such as load equalizing hitches, electric brake units, transmission coolers, cargo barriers and spotlights. Established in 1972, Parkside Towbars earned certification as a Quality Endorsed Company with Quality Assurance Services (Standards Australia) in 1992.
About Cequent
Cequent is a leading designer, manufacturer and marketer of a broad range of accessories for light trucks, sport utility vehicles, recreational vehicles, passenger cars and trailers of all types. Products include towing and hitch systems, trailer components and accessories, and electrical, brake, cargo-carrying and rack systems. Cequent draws upon a 75-year-old heritage of superior towing and trailer brands, including: ROLA®, Hayman Reese®, Highland®, Draw-Tite®, Reese®, Fulton®, Wesbar®, Bull Dog®, Hidden Hitch® and Tekonsha®.
About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NYSE: TRS) is a diversified growth company of high-end, specialty niche businesses manufacturing a variety of products for commercial, industrial and consumer markets worldwide. TriMas Corporation is organized into five strategic business groups: Packaging Systems, Energy Products, Industrial Specialties, RV & Trailer Products and Recreational Accessories. TriMas Corporation has nearly 5,000 employees at 80 different facilities in 10 countries. For additional information, please visit www.trimascorp.com.
SOURCE TriMas Corporation
CONTACT:
Sherry Lauderback
Vice President, Investor Relations & Communications
TriMas Corporation
+1-248-631-5506
sherrylauderback@trimascorp.com
