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TriMas Aerospace Saw Fastener Sales Drop

Bloomfield Hills, MI – TriMas Corporation, a packaging firm with a fastener division –TriMas Aerospace -reported fourth quarter net sales of $188.2 million, up 10.1% from a year ago as the COVID-19 pandemic boosted packaged goods sales. But weak demand in aerospace from the effects of the COVID-19 pandemic, which has reduced air travel, saw sales drop 23.6%.

Aerospace is about 22% of TriMas 2020 net sales, roughly $37 million in the fourth quarter. For the entire year, TriMas Aerospace reported $167.7 million in revenue. The business includes Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, RSA Engineered Products (RSA) and Martinic Engineering brands. These businesses develop, qualify, and manufacture highly engineered precision fasteners and machined components for the aerospace end market, including military and defense.

The pandemic significantly lowered air travel and reduced commercial and business jet production. A more favorable factor was a sales increase related to the acquisition of RSA, a 100-employee firm with $32 million in revenue, completed in February 2020. TriMas Aerospace scored a win last year with a multi-year contract to supply Boeing from its Monogram Aerospace Fasteners and Allfast Fastening Systems operations.