Bloomfield Hills, Mich.-based TriMas Corp., parent of RV supplier Cequent Performance Products Inc., today (Feb. 27) reported record fourth-quarter and full-year sales.
Revenue during the fourth quarter from continuing operations was $259.7 million, an increase of 22.2% compared to fourth quarter 2010. Fourth quarter 2011 income from continuing operations was $7.1 million, or $0.20 per diluted share, as compared to $7.6 million, or $0.22 per diluted share, in fourth quarter 2010.
For the year ended Dec. 31, the company reported sales from continuing operations of just over $1 billion, an increase of 20.1% compared to 2010. TiMas reported full year income from continuing operations of $50.8 million, or $1.46 per diluted share, compared to income from continuing operations of $38.9 million, or $1.13 per diluted share, in 2010.
Other TriMas 2011 highlights:
• Generated 2011 Free Cash Flow of $63.2 million, or more than 115% of income from continuing operations.
• Reduced total indebtedness, net of cash, from $448.3 million as of Dec. 31, 2010, to $381.0 million as of Dec. 31, 2011.
• Refined the business portfolio to support strategic imperatives and drive the highest return for stakeholders by completing three bolt-on acquisitions and selling the precision cutting tool and specialty fittings businesses.
• Refinanced the company’s U.S. credit facilities and amended its accounts receivable facility to reduce interest costs, extend maturities and improve financial and operational flexibility.
The company also announced acquisition of 70% ownership of Arminak & Associates, a leader in the design and supply of foamers, lotion pumps, fine mist sprayers and other packaging solutions for the cosmetic, personal care and household product markets. Arminak will become part of Rieke, within the Packaging segment.
“We are proud of our many accomplishments in 2011, as our balanced and structured approach to growth, productivity and cash generation drove positive results, significantly better than our early expectations,” said David Wathen, TriMas president and CEO. “We achieved sales growth of 20%, resulting primarily from the successful execution of our strategic growth initiatives including product innovation, geographic expansion and bolt-on acquisitions. We remained focused on our productivity and lean initiatives, and we used these savings to fund growth, offset inflation and maintain operating margin in a year of increased growth investment. We generated strong cash flow, managed our operating working capital as a percentage of sales and reduced interest costs. All of these successes, made possible by our dedicated employees, contributed to our earnings growth of approximately 40% on a comparable basis with 2010.”
To view the entire report click here.
Cequent Performance Products Inc.’s introduction of the new Reese Goose Box pin box replacement will benefit RV enthusiasts who use a gooseneck hitch to tow their fifth-wheel trailer, according to a press release.
The Reese Goose Box is a single unit which replaces the old RV Pin Box/adaptor system and uses proven Reese 5th Airborne technology. The combination of an airbag, dual shocks and rubber bumpers used in the Goose Box provides multi-directional shock absorption for a smoother driving experience that RV enthusiasts will appreciate.
Cequent reported that Goose Box was “thoroughly put through its paces” at both the Plymouth, Mich.-based company’s state-of-the-art test laboratory and the Bosch Proving Grounds. Performance tests were conducted on a traditional pin box, existing gooseneck extension adaptors and the Goose Box. The results were conclusive as Rich Pilarski, Bosch senior engineer, noted, “The overall results showed that the Goose Box was very similar in performance to the standard (fifth-wheel) pin box.”
After reviewing the Bosch Test reports, Lippert Components Inc. signed on as the exclusive supplier to RV OEMs of the Goose Box making it the first RV gooseneck hitch adapter to be accepted by a RV frame manufacturer.
The patent pending Goose Box will be available both as a retrofit kit in the aftermarket and on new models directly through RV manufacturers.
Camping is a fun experience — but for some, the drive there is anything but. Adding the tongue weight of a travel trailer to the rear of a tow vehicle alters its geometry and can, in some situations, create an unsafe driving environment. The simple solution is to utilize a weight-distributing hitch. Cequent Performance Products Inc. has introduced its Pro Series complete weight-distribution kit that incorporates everything needed to improve towing safety and performance. The package includes a 2 5/16-inch hitch ball and sway control ball that have been pre-installed on the fabricated weight-distributing head, u-bolts and chains pre-installed on a choice of 550-, 750- or 1,000-pound spring bars, friction sway control, welded hitch bar and mounting hardware. For more information, contact Cequent Performance Products, 47774 Anchor Ct. West, Plymouth, MI 48170; (800) 632-3290, www.cequentgroup.com.
TriMas Corp. announced last week that its Cequent Performance Products Inc. unit had reached an agreement with Pacific Rim International LLC to protect the intellectual property rights of various Cequent Bulldog brand gooseneck trailer couplers.
In response to the discovery late last year that Pacific Rim had copied Cequent’s patented technology on several models of Cequent’s Bulldog gooseneck trailer couplers, Cequent filed a patent infringement suit, according to a news release.
Cequent’s Bulldog brand is a leading name in heavy duty couplers designed for utility, horse/livestock, cargo and construction trailer applications. The patented technology utilized in the Bulldog gooseneck couplers features a highly functional tapered locking plate system that has very high acceptance in these markets. Cequent’s Bulldog gooseneck couplers are available in configurations to match virtually any gooseneck trailer.
In response to Cequent’s claims, Pacific Rim agreed to settle the dispute with Cequent as opposed to facing continuing patent litigation in federal district court. The specific terms are confidential.
Cequent Performance Products Inc. will participate in the Trade Show of the 2010 Alltech FEI World Equestrian Games, which will be held at Lexington’s Kentucky Horse Park, from Sept. 25 to Oct. 10 in Lexington, Ky.
With approximately 600,000 tickets to be sold, spectators will come from around the world to witness the highest achievements in equestrian sport.
The 2010 Games Trade Show will allow spectators a luxury shopping experience in between competitions. As a vendor at the 2010 Games Trade Show, Cequent will showcase gooseneck hitches, weight distribution systems, brake controls and other towing accessories, according to a news release. Cequent’s booth will be on the grounds of the Kentucky Horse Park during the 16 days of competition.
“At Cequent, we take your journey seriously,” states Tom Benson, president at Cequent Performance Products. “We invest untold hours of testing and validating the performance of our hitches, brake controls and coupling devices that keep your truck and trailer rolling smoothly. You can count on brands like Bulldog, Draw-Tite, Tekonsha and Reese to be the very best you can buy. Our goal is to ensure your peace of mind as you journey to some of the best times of your life.”
Cequent Performance Products Inc. announced Wednesday (Feb. 17) that its premium trailer products brand, Fulton, has entered into a sponsorship agreement with professional angler Brent Chapman.
Chapman is a very skillful angler who most recently qualified for his ninth BASS Master Classic, finished 20th in the 2009 Angler of the Year points and has a long list of many other accomplishments in the world of professional angling, accoring to a news release.
The boat and trailer used by Chapman during the 2010 BASS Master Elite season will be outfitted with the recently introduced award winning Fulton F2 jack and F2 winch. In addition to the actual products, his boat and jersey will feature the Fulton F2 logo.
“We are very excited about the sponsorship and exposure this partnership will give to the Fulton F2 family of products,” said Victor Burmeister product manager for Cequent Performance Products.
Cequent Performance Products Inc. is the industry largest manufacturer of towing and trailer aftermarket products. Product focuses include vehicle specific trailer hitches, electric trailer brake controls, fifth-wheel hitches, gooseneck hitches, weight distribution systems, cargo management, custom designed and standard electrical harnesses, trailer jacks and couplers. Brand names include Bargman, Bulldog, Draw-Tite, Fulton, Hidden Hitch, Highland, Pro Series, Reese, ROLA, Tekonsha, Tow Ready and Wesbar. Cequent Performance Products Inc. is a subsidiary of TriMas Corp. For additional information, visit www.cequentgroup.com.
TriMas Corp. today (Sept. 28) announced that Cequent Performance Products Inc. reached an agreement with Ford Motor Co. to supply a patented cross bed towing system to be offered as an option on 2011 production Super Duty trucks.
Using designs from its Reese Signature Series fifth-wheel and gooseneck hitch family, Cequent customized a unique frame mounted cross bed towing system designed for towing gooseneck and fifth-wheel style trailers. Using a patented “drop in” gooseneck hitch ball or the patented, customized fifth-wheel hitch, users can now pull trailers up to 25,000 pounds (depending on rated vehicle capability) using a system that is integrated with pickup trucks built at the Ford Kentucky Truck Plant factory, according to a news release.
Cequent’s Reese brand is the leading name in heavy duty fifth-wheel, gooseneck, weight distributing and sway control systems designed for pulling recreational vehicle, utility, horse/livestock, cargo and construction trailer applications. For almost 60 years, Reese products have offered design features and distinctive looks that have great functionality and a very high acceptance in the towing and trailering market.
“The combination of Cequent, the leader in the towing industry, and Ford, the nation’s leading truck producer, complements each company’s existing strengths and provides customers the best product offering available in the market place,” said Tom Benson, president of Cequent Performance Products. “It has long been our goal to work with manufacturers to make towing trailers easier. Integrating a specially designed under bed cross member allows for specific integration with the truck frame and a secure towing experience.”
TriMas Corp. today (Sept. 17) announced that its Cequent Performance Products Inc. subsidiary has reached an agreement with Pacific Rim International LLC to protect the intellectual property rights of various Cequent Bulldog brand trailer couplers.
Earlier this year, Cequent discovered that Pacific Rim had copied the technology and infringed upon the design of the configuration of several models of Cequent’s Bulldog trailer couplers, TriMas stated in a news release. Cequent’s Bulldog brand is a leading name in heavy duty couplers designed for utility, horse/livestock, cargo and construction trailer applications. The Bulldog design features a very distinctive look that has great functionality and very high acceptance in these markets. Cequent’s Bulldog couplers are available in configurations to match virtually any trailer.
In response to Cequent’s claims, Pacific Rim acknowledged the validity of Cequent’s product configuration trademark and registration and agreed to settle the dispute for an undisclosed amount. In addition, Pacific Rim agreed to cease all sales of the couplers in dispute no later than Oct. 31, destroying any unsold products after this agreed-upon short sell-off period. During the sell-off period, Pacific Rim must clearly identify the manufacturer of these couplers to avoid confusion in the market place.
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 cargo management and rack systems, towing and hitch systems, and trailer and electrical brake systems.