BLOOMFIELD HILLS, MI — TriMas announced March 1 that it has acquired Intertech Plastics, an innovative solutions provider of complex, precision injection molded components, expanding its product portfolio and capabilities for applications in the medical end market. Intertech will become part of TriMas Packaging, effective immediately.
Intertech, founded by Noel Ginsburg in 1980, consists of two manufacturing facilities located in Denver, Colorado, which specialize in custom injection molding with advanced manufacturing capabilities for products used in medical applications, as well as products and assemblies for consumer and industrial applications. Intertech’s medical-related product offering, manufactured in a dedicated ISO 13485 certified facility with a Class 8 controlled environment and MedAccred accreditations, includes highly-engineered and tight tolerance components used in vascular access and in vitro diagnostic applications. In a separate facility, Intertech manufactures injection-molded products for food, wellness, hospitality and e-commerce logistics applications. Intertech has invested in innovation efforts to commercialize sustainable resin technology, including the use of biopolymers and plant-based resins in specific packaging applications. Intertech previously operated as a private, family-owned company, and generated approximately $32 million in revenue in fiscal year 2021.
“We are excited to announce the addition of Intertech to the TriMas family of businesses,” said Thomas Amato, President and Chief Executive Officer of TriMas. “We look forward to supporting Intertech’s management team and leveraging the TriMas Business Model to accelerate the growth of products used in medical and health-related applications. The addition of Intertech, combined with TriMas’ December 2021 acquisition of Omega and our existing presence in pharmaceutical & nutraceutical applications, expands our product offerings into the Life Sciences market, which we believe has attractive long-term growth characteristics.”
“We have been pleased to work with and carefully select TriMas, as we transition Intertech into its next phase of development,” said Noel Ginsburg, Intertech’s founder and majority shareholder. “We look forward to TriMas’ support and investments to enhance Intertech’s growth well into the future.” Jim Kepler, Intertech’s President and shareholder, along with the Intertech leadership team, will stay on with the Company and will report to Fabio Salik, President of TriMas Packaging. “We look forward to Jim and the broader Intertech management team’s future contributions to TriMas,” concluded Amato.
TriMas’ acquisition of Intertech represents TriMas’ sixth acquisition in the packaging market since early 2019, and its second with products, injection molding manufacturing capability and customer approvals in the medical technology end market. This acquisition is consistent with TriMas’ core strategy to allocate capital and available capacity to build out its packaging platform. TriMas will discuss additional details related to this transaction on its fourth quarter and full year 2021 earnings conference call later today.
TriMas reported fourth quarter net sales of $209.0 million, an increase of 11.1% compared to $188.2 million in fourth quarter 2020, as a result of organic growth, including the impacts of customers’ stocking orders in TriMas’ Aerospace group and increased demand in TriMas' Specialty Products group, and acquisition-related sales. The company reported operating profit of $17.6 million in fourth quarter 2021 compared to $18.4 million in fourth quarter 2020. Adjusting for Special Items primarily related to realignment and acquisition-related diligence and transaction costs, fourth quarter 2021 adjusted operating profit was $24.5 million, an increase of 16.4% compared to $21.1 million in the prior year period, primarily as a result of higher overall sales and improved profit margin within the Aerospace and Specialty Products segments, partially offset by increased input costs, primarily in the Packaging segment, in fourth quarter 2021.
The Company reported fourth quarter 2021 net income of $12.8 million, compared to $23.7 million in fourth quarter 2020, primarily as a result of a fourth quarter 2020 change in recognized tax benefits that did not repeat in fourth quarter 2021. Adjusting for Special Items, fourth quarter 2021 adjusted net income was $20.1 million, a 21.9% increase compared to $16.5 million in the prior-year period.
Full Year 2021
For the full year 2021, TriMas reported net sales of $857.1 million, an increase of 11.3% compared to $770.0 million in 2020, driven by organic sales growth, including approximately $29.4 million of customers’ stocking orders in TriMas’ Aerospace group, acquisition-related sales and favorable currency exchange. The company reported operating profit of $95.1 million in 2021, compared to an operating loss of $88.3 million in 2020. This increase was primarily the result of the company's third quarter 2020 pre-tax, noncash goodwill and indefinite-lived intangible asset impairment charges related to the effects of the pandemic in its Aerospace segment. Adjusting for Special Items, 2021 adjusted operating profit was $112.8 million, an increase of 12.6% compared to $100.2 million in the prior year period.
The company reported full year 2021 net income of $57.3 million, compared to a net loss of $79.8 million in 2020. Full year 2021 adjusted net income was $80.6 million, a 17.0% increase compared to $68.9 million in 2020.
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,500 dedicated employees in 12 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is headquartered in Bloomfield Hills, MI.