Fastener Sales at TriMas Up
Fastener Sales at TriMas Up
Jason Sandefur
TriMas Corp. reported sales at it Industrial Specialties segment, including fasteners, grew 6.4% to $56.21 million, led by growth in our aerospace fastener business from market share gains and strong overall market demand. Operating profit increased slightly to $11.48 million during Q2 as the benefits of higher sales volumes were partially offset by increased expenditures to invest in growth initiatives and lower absorption of fixed costs.
Industrial Specialties sales rose 6% to $109.68 million during the first six months of 2008, while operating profit edged up to $22.64 million.
TriMas plans to drive growth in its fastener segment by developing specialty products for growing end markets such as medical and aerospace, while continuing to expand international sales efforts.
Overall sales rose 3.3% to a record $297.1 million during Q2, with operating income jumping 46% to $29.9 million and net profit more than tripling to $9.4 million.
During 2007 TriMas listed its stock on the New York Stock Exchange. Web: trimascorp.com �2008 FastenerNews.com
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