Cosmetic packaging boost for Rieke following Arminak acquisition
The agreement, reported to be for $64m, with $59m paid in cash at closing, provides TriMas an option to purchase, and Arminak an option to sell, Arminak's remaining 30 percent interest in the company.
"Arminak will enhance our highly-engineered product offering and provide access to large global customers in the cosmetic and personal care end markets," said Lynn Brooks, president of Rieke Packaging Systems.
A ‘natural’ fit
"Arminak's custom design capabilities and rapid speed to market are impressive. This business is a natural fit with our organization and we welcome Arminak's employees to our Rieke family."
Headqurtered in Southern California, Arminak is a manufacturer and supplier of foamers, lotion pumps, fine mist sprayers and other packaging solutions for the cosmetic, personal care, beauty aids and household product markets.
According to company figures, it generated approximately $60m in revenue for the 12 months ended December 31, 2011.
Broadening portfolio
"We continue to identify and execute on acquisitions that are consistent with our targeted growth platforms of packaging[and other industries]," said David Wathen, president and chief executive officer of TriMas Corporation.
"This acquisition complements our growth strategies for our Rieke business and provides opportunities for additional synergies."
Arminak believes the agreement will enable it to better serve the needs of both companies' customers by providing a superior product portfolio, enhanced design and innovation capabilities, and improved global manufacturing flexibility.
"We are excited about the opportunity to partner with TriMas and Rieke in our efforts to accelerate growth and further support our global customers," commented Helga Arminak, president of Arminak & Associates.
