Activist Barington Urges TriMas to Consider Sale of Company

Activist investor Barington Capital Group, L.P. has urged TriMas Corporation (TRS) to consider strategic alternatives, including the sale of the entire company, to address its long-term share price underperformance. In a letter sent to TriMas' Chairman, Herbert K. Parker, Barington highlighted the company's underperformance compared to its peers and the market, as well as the potential for consolidation in the aerospace sector.

TriMas' shares have underperformed its peers and the market over a long-term period, with a total shareholder return of +4.6% versus the Company's Proxy Statement peers and the Russell 2000, which have delivered total shareholder returns of +26.8% and +19.1%, respectively. Barington believes that TriMas' multi-segment structure has done little to benefit stockholders and recommends that the Company consider a range of alternatives to improve shareholder value.

Barington sees two compelling alternatives that the TriMas Board should immediately pursue to improve shareholder value – (i) sell the Aerospace segment or (ii) sell the entire Company. The activist investor notes that the aerospace sector continues to consolidate due to the robust outlook for travel and defense demand, and recent acquisitions of TriMas' multi-segment industrial peers at substantial premiums to TriMas' current NTM consensus EBITDA multiple.



Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm established by James A. Mitarotonda in January 2000. The firm invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value when substantive improvements are made to their operations, corporate strategy, capital allocation, and corporate governance.

TriMas Corporation is a diversified manufacturer of engineered and applied products, serving a variety of end markets, including aerospace, defense, automotive, and industrial. The company operates through three segments: TriMas Packaging, TriMas Aerospace, and TriMas Specialty Products.

In response to Barington's letter, TriMas has not yet issued a public statement. However, the company may consider the activist investor's recommendations and explore strategic alternatives to maximize shareholder value. As the situation develops, investors and stakeholders should closely monitor TriMas' progress and any potential changes in its strategic direction.



In conclusion, Barington Capital Group, L.P. has urged TriMas Corporation to consider the sale of the entire company or its Aerospace segment to address its long-term share price underperformance. The activist investor's recommendation aligns with the ongoing consolidation in the aerospace sector and the potential for premium valuations in a consolidating market. As TriMas evaluates its strategic alternatives, investors and stakeholders should closely follow the company's progress and any potential changes in its strategic direction.