What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-03-01 compared with 2021-02-25 · 163 added, 163 removed, 173 unchanged (65% of the section changed)

TriMas is a diversified manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets.

Our wide range of innovative product solutions are engineered and designed to solve application-specific challenges that our customers face.

TriMas designs, develops and 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.

We believe our businesses share important and distinguishing characteristics, including:

well-recognized and leading brand names in the focused markets we serve;

well-recognized brand names in the focused markets we serve;

innovative product technologies and features;

customer approved processes and qualified products;

established distribution networks;

relatively low ongoing capital investment requirements;

strong cash flow conversion and long-term growth opportunities.

With approximately 3,200 employees in eleven countries, we manufacture and supply products globally to a wide range of companies, with nearly 75% of our 2020 revenue generated from sales into North America.

During 2020, our net sales were $770.0 million, operating loss was $88.3 million, which included non-cash goodwill and indefinite-lived intangible asset impairment pre-tax charges of approximately $134.6 million in the Aerospace segment, and net cash provided by operating activities was $127.4 million.

On December 20, 2019, we completed the previously announced divestiture of our Lamons business ("Lamons"), a transaction entered into on November 1, 2019 with an investment fund sponsored by First Reserve.

Lamons was sold for approximately $137 million in cash.

The financial results of Lamons were previously reported within our Specialty Products segment, and are presented as discontinued operations for all periods presented in the financial statements attached hereto.

Headquartered in Bloomfield Hills, Michigan, TriMas has approximately 3,500 employees who serve our customers from 38 manufacturing and support locations in twelve countries.

During 2021, our net sales were $857.1 million, operating profit was $95.1 million, and net ca sh provided by operating activities was $134.2 million.

Approximately 70% of our 2021 net sales were generated from sales into North America.

Our Competitive Strengths

Our operations are reported in three segments:

TriMas reports its operating activities in three segments:

Packaging, Aerospace and Specialty Products.

We believe TriMas is uniquely positioned because of a number of competitive strengths, including:

Our management team believes TriMas is uniquely positioned because of a number of competitive strengths, including:

• Well-Recognized and Established Brands.

Our main brands include Rieke®, Affaba & Ferrari™, Taplast™ and Rapak ® (reported in Packaging);

TriMas Aerospace™, Monogram Aerospace Fasteners™, Allfast Fastening Systems ® , Mac Fasteners™, RSA Engineered Products and Martinic Engineering™ (reported in Aerospace);

Our main brands include Rieke®, Affaba & Ferrari™, Taplast™, Rapak ® and Omega Plastics (reported in Packaging);

TriMas Aerospace™, Monogram Aerospace Fasteners™, Allfast Fastening Systems ® , Mac Fasteners™, RSA Engineered Products, Martinic Engineering™ and TFI Aerospace (reported in Aerospace);

and Norris Cylinder™ and Arrow ® Engine Company (reported in Specialty Products).

We believe each of our go-to-market brands are well-recognized and firmly established in the focused markets we serve.

We believe our brands represent high standards and a commitment to quality and service that our customers rely on when they make their sourcing decisions.

We believe our brands represent high standards and a commitment to quality and service that our customers rely on, and in many cases certify or audit, when they make their sourcing decisions.

• Innovative and Proprietary Manufacturing and Product Technologies.

We believe each of our businesses is well-positioned through years of refined manufacturing know-how, innovative product development, application engineering and solutions design.

We believe our manufacturing competencies and installed capital base would be difficult and costly to replicate, providing us an advantage.

We continue to place a priority on investing in innovation to protect and enhance our product designs, brand names and manufacturing methods.

We believe our manufacturing footprint and operational competencies would be difficult and costly to replicate, providing us an advantage.

We continue to place a priority on investing in innovation to protect and enhance our product designs, brand names, and manufacturing processes and competencies.

• Customer-Focused Solutions and Long-Term Customer Relationships.

We work collaboratively with our customers to design new product applications that help satisfy rapidly changing preferences in the consumer product marketplace.

As a recognized leader in many of our markets, customers partner with us during both the product development and production life cycle.

We work collaboratively with our customers to design new product applications that help satisfy rapidly changing preferences in the marketplace.

As a recognized leader in many of our markets, customers partner with us during the design, product development and production life cycle.

These ongoing relationships, often developed over decades, coupled with our expertise in innovation and application engineering, position us to win new and replacement business with our customers when they launch new products or programs.

Customers look to TriMas’ businesses for these product innovations because of our long-standing, trusted relationships.

• Well-Established, Extensive Distribution Channels.

Each of our businesses provides products through established distribution channels that cater to the specific needs of our customers’ purchasing preferences.

We developed many of these channels over decades, and believe they are a competitive differentiator for us across the markets we serve.

In many cases, we provide products directly to our end markets through our locations, while in other cases, we supply to distribution companies that provide our customers with flexible purchasing solutions.

• TriMas Business Model.

We implemented the TriMas Business Model ("TBM") in late 2016 to improve the management, performance and oversight of our businesses.

The TBM is the framework that provides a platform of standards across TriMas, which allows the executive management team to communicate how we plan, budget, measure, review, incent and reward our employees.

It provides the foundation for determining our priorities, executing our growth and productivity initiatives, and allocating capital and resources.

Through the TMB, we set near- and long-term performance objectives and goals, including safety, financial, and talent development, measure these against defined objectives, and utilize a reliable communication and escalation process that provides for flexibility and adjustments if market expectations change.

We believe the TBM enhances connectivity between our operations, and allows us to benefit from sharing best practices across each of our businesses.

We believe that the TBM, through a culture of Kaizen and continuous improvement, helps drive long-term improvement in our performance.

Since implementation, we have rationalized manufacturing, warehousing and office locations, streamlined fixed expenses and selling, general and administrative expenses in certain of our businesses, increased our focus on optimizing inventory levels and improved certain of our manufacturing processes.

We believe actions driven by the TBM have provided a benefit to us and have augmented our cash conversion characteristics and performance overall.

We will continue to rely on the TBM to drive continuous improvement and to unlock TriMas’ value potential.

Our Growth Strategy

Guided by our experienced management team and our commitment to operational excellence, we are focused on the following components that comprise our core growth strategy:

• Leverage the TriMas Business Model to Drive Performance.

• Experienced Management Team.

Given the range of product and process technologies within each of our businesses, TriMas' success is a function of our experienced management team.

In each of our businesses, including businesses we have acquired, we have members of our leadership team that have served the vast majority of their careers, and have extensive and often times unique experience, in the industries we operate.

The TriMas management team is focused and committed to continuously improving Company performance and growing shareholder value.

Management compensation is tied to financial results through short-term incentive plans, long-term equity incentive programs and Company-established stock ownership guidelines.

Guided by our experienced management team, we are focused on the following components that comprise our core strategy:

• Leverage the TriMas Business Model.

The TriMas Business Model ("TBM") serves as the platform to manage our diverse set of businesses under a common set of standards focused on driving long-term exceptional performance.

Through the TBM, we set near- and long-term performance objectives and goals, and utilize a reliable communication and escalation process that provides for flexibility and adjustments if market expectations change.

A key tenet of the TBM is our commitment to operational excellence and continuous improvement.

We adopted the use of Kaizen methodology within our operations, which is predicated on engaging our employees to improve all aspects of our businesses.

We believe our operating performance will continue to benefit from the use of Kaizen as a means to drive our decision-making processes.

In addition to continuous improvement, the TBM is also focused on environmental, health and safety, annual goal setting and measurement, flawless launches and talent development.

• Accelerate Organic Growth through Innovation.

We leverage the Kaizen methodology, which is predicated on engaging our employees to identify cost effective ways to improve all aspects of our businesses, throughout our manufacturing operations and support services.

We believe our operating performance will continue to benefit from the use of Kaizen as a means to drive our decision-making and investment processes.

In addition to continuous improvement and goal setting, the TBM is also focused on environmental, health and safety, talent development, and flawless new product and process launches.

• Accelerate Growth through Innovation.

We continue to invest in organic growth in our most compelling market segments with the highest long-term return potential.

We intend to leverage our brands, expand our product offerings to current and new customers, and introduce innovative products to meet our customers' needs and help solve their challenges.

We believe our disciplined approach will allow us to defend and expand our product offerings, and grow our business over the longer term.

In addition to product innovation, we also value process innovation and believe we can solidify our customer relationships using new innovative processes and manufacturing "know-how" to improve our quality, speed to market and overall competitiveness, increasing customer satisfaction, as well as our performance.

• Expand our Core Platforms through Strategic Acquisitions.

We believe that TriMas has opportunities to grow through strategic acquisitions that enhance the strengths of our core businesses.

Our primary focus is on acquisition candidates to build out our Packaging and Aerospace platforms, as we believe the markets they serve offer the highest long-term growth and performance profile.

We typically seek "bolt-on" acquisitions, in which we acquire another industry participant or adjacent product lines that expand our existing product offerings, gain access to new customers, end markets and distribution channels, expand our geographic footprint and/or capitalize on scale and cost efficiencies.

We operate under a disciplined approach to defend and expand our product offerings, and grow our business over the longer term.

In addition to product innovation, we also value process innovation and believe we can solidify our customer relationships using new innovative processes and manufacturing "know-how" to improve our quality, speed to develop and commercialize, sustainability and overall competitiveness, increasing customer satisfaction, as well as our performance.

• Augment Growth with Strategic Acquisitions.

We believe TriMas, through its relatively low debt profile and its strong free cash flow, is uniquely positioned to enhance organic growth with strategic acquisitions.

Our acquisition priority is to build out the Packaging platform, continuing our initiative to increase TriMas’ weight in packaging-related end markets, which comprise more than 60% of consolidated net sales in 2021, as well as explore opportunities to further expand our Aerospace platform.

We typically seek to acquire adjacent product lines that expand our existing product offerings, gain access to new customers and end markets, expand our geographic footprint and/or capitalize on scale and cost efficiencies.

• Drive Enhanced Cash Conversion.

We use the TBM to drive management’s decision-making processes to achieve our annual growth and profitability targets, as well as drive our businesses toward achieving market-leading returns and cash flow conversion.

We believe our commitment to having well-defined strategies in place, setting and executing against annual goals and long-range targets, operating in a data-driven environment, and awarding our team on annual cash flow achievement will allow us to grow our businesses and enhance our cash flow and related cash conversion.

We believe we have the ability to generate substantial cash flow for reinvestment in our businesses, strategic acquisitions and other capital allocation actions consistent with our long-term financial goals.

Our Reportable Segments

We report the results of our operations in three segments, which had net sales and operating profit/loss for the year ended December 31, 2020 as follows:

We leverage the TBM to drive management’s decision-making processes to achieve our growth and profitability targets, as well as drive our businesses toward achieving market-leading returns and cash flow conversion.

We believe establishing well-defined strategies, executing against annual goals and long-range targets, operating in a data-driven, fact-based environment, and awarding our team on annual cash flow generation will allow us to expand our free cash flow and create shareholder value.

We plan to use this cash for reinvestment in our businesses, strategic acquisitions and other capital allocation actions, such as share buybacks and dividends, which we initiated in 2021.

• Engage our People.

We believe our talented and dedicated global team is the foundation of our success.

We strive to be a great employer through our demonstrated commitment to employee safety, diversity, equity and inclusion, talent development and workplace culture.

We embrace the tools of Kaizen and foster a culture of employee engagement to drive performance improvements, operational excellence and a sustainable future.

• Focus on Sustainability in Everything We Do.

We view sustainability and Environmental, Social and Governance ("ESG") practices as important components of our culture and rooted in our core values representing who we are as a company.

We proactively seek new ways to make progress in each of the four key areas of our sustainability strategy:

Governance & Ethics, People, Environment and Products.

We believe that sustainability is broader than caring for the environment, and encompasses care for our employees, as well as the communities where we live and work.

It means continuously enhancing our products and our processes to make the world a better place.

We strive to incorporate the concept of sustainability into our decision-making model, and continue to increase the importance of sustainability in everything we do.

Our Businesses

We report the results of our operations in three segments, which had net sales and operating profit for the year ended December 31, 2021 as follows:

Packaging (net sales:

3 unchanged sentences

$183.3 million;

operating loss:

$133.4 million, which includes non-cash goodwill and indefinite-lived intangible asset impairment charges) and Specialty Products (net sales:

operating profit:

$13.3 million) and Specialty Products (net sales:

$140.5 million;

2 unchanged sentences

For information pertaining to the net sales and operating profit attributed to our segments, refer to Note 22, " Segment Information ," included in Item 8, " Financial Statements and Supplementary Data ," within this Form 10-K.

Effective with the first quarter of 2020, we reported our machined components operations in Stanton, California, and Tolleson, Arizona, as part of the Aerospace segment.

The operations were previously reported in the Specialty Products segment.

The move of these operations into our Aerospace segment facilitated a more rapid approach to achieving anticipated synergies from the February 2020 RSA Engineered Products acquisition, allowing the Company to better leverage the machining competencies and resources across its aerospace businesses.

Each of our segments is described in more detail on the following pages.

Packaging (62% of 2021 net sales)

TriMas' Packaging segment consists primarily of the Rieke, Affaba & Ferrari, Taplast and Rapak brands.

We believe our Packaging segment is a leading designer and manufacturer of specialty, highly-engineered polymeric and steel closure and dispensing systems for a range of end markets, including consumer packaging and industrial markets.

We manufacture high-performance, value-added products that are designed to enhance its customers’ ability to store, transport, process and dispense various products.

Our Packaging segment designs and manufactures dispensing products, (including foaming pumps, lotion and hand soap pumps, sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (including food lids, flip-top closures, child resistance caps, drum and pail closures and flexible spouts), polymeric jar products, and fully integrated dispensers for fill-ready bag-in-box applications, all for a variety of consumer product markets including, but not limited to, beauty and personal care, home care, food and beverage, and pharmaceutical and nutraceutical, as well as the industrial market.

During 2020, we acquired the Rapak ® brand in April and Affaba & Ferrari Srl in December to continue to expand our packaging platform.

The acquisition of the Rapak brand included certain bag-in-box product lines and assets used in dairy, soda, smoothie and wine applications in the United States.

Affaba & Ferrari, with a highly-automated manufacturing operation in Italy, designs and manufactures aseptic closures for energetic, juice and dairy drinks, as well as industrial closures and flex spouts with tamper evident and child-proof features.

During 2019, we acquired Plastic Srl and Taplast.

Plastic Srl, with operations in Italy, is a manufacturer of single-bodied and assembled caps and closures for use in home care product applications.

Taplast, with operations in Italy and Slovakia, is a designer and manufacturer of dispensers, closures and containers for the beauty and personal care, household, and food and beverage packaging markets.

TriMas' Packaging segment has the capability of manufacturing the majority of its products in North America, Europe or Asia, which allows us to evaluate manufacturing location decisions based on customer needs, timing, cost and capacity.

TriMas' Packaging segment consists of TriMas Packaging, which includes the Rieke, Affaba & Ferrari, Taplast, Rapak and Omega Plastics brands.

We believe TriMas Packaging is a leading designer, developer and manufacturer of specialty, highly-engineered polymeric and steel closure and dispensing systems for a range of end markets, including consumer packaging and industrial markets.

We manufacture high-performance, value-added products that are designed to enhance our customers’ ability to store, transport, process and dispense various products.

TriMas Packaging designs and manufactures dispensing products (including foaming pumps, lotion and hand soap pumps, sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (including food lids, flip-top closures, child resistance caps, drum and pail closures and flexible spouts), polymeric jar products, and fully integrated dispensers for fill-ready, flexible bag-in-box applications, for a variety of consumer product markets including, but not limited to, beauty and personal care, home care, food and beverage, medical, pharmaceutical and nutraceutical, as well as industrial markets.

In December 2021, we acquired Omega Plastics, a manufacturer of custom injection molded components and devices for drug delivery, diagnostic and orthopedic medical applications, as well as various injection molded products for industrial products.

Omega Plastics adds rapid prototyping and advanced in-house tool making capabilities to enhance our speed-to-market advantage for innovative new product designs, as well as an ISO13485-certified injection molding facility and an ISO Class 8 clean room.

In April 2020, we acquired the Rapak brand of flexible bag-in-box product lines and assets used in dairy, soda, smoothie and wine applications.

In December 2020, we acquired Affaba & Ferrari Srl, a highly-automated manufacturer of aseptic closures for energetic, juice and dairy drinks, as well as industrial closures and flex spouts, in December.

TriMas Packaging has the capability of manufacturing the majority of our products in North America, Europe or Asia, which allows us to evaluate manufacturing location decisions based on customer needs, timing, cost and capacity.

Competitive Strengths

We believe TriMas' Packaging segment benefits from the following competitive strengths in coordination with operating under TriMas' overarching strategy:

We believe TriMas Packaging benefits from the following competitive strengths in coordination with operating under TriMas' overarching strategy:

• Strong Product Innovation .

Through its Global Innovation Centers located in India, the United Kingdom and the United States, our Packaging segment is focused on driving innovation across a broad range of dispensing and closure solutions for its customers.

We have focused product development capabilities on consumer applications requiring special packaging forms, stylized containers and dispensing systems requiring a high degree of functionality and engineering, as well as evolving its industrial applications to include child resistant closures and other applications.

Our Packaging segment has a consistent pipeline of new products ready for launch and continues to innovate to make products more environmentally friendly.

For example, Rieke’s product development programs have provided innovative and proprietary product solution s, such as the patented single-polymer Mono TM -2e pump, which features six parts, all made from one material making it 100% recyclable.

Taplast's AllPlastic TM pump, which contains 100% polyolefin materials, has a bellows technology that replaces the metal spring delivering an eco-friendly solution to our customers and consumers.

In addition, Rieke, partnering with Amazon, also developed a range of products designed to meet the requirements of the high-growth e-commerce retail channel, including a proprietary dispenser locking mechanism to protect the integrity of package s and prevent liquids from leaking during shipment, such as the LDS TM -2e, a lotion pump, which was developed to meet consumers' demands and ISTA 6 standards as required by Amazon.

TriMas' Packaging segment's emphasis on highly-engineered solutions and product development has yielded numerous issued and enforceable patents, with many other patent applications pending.

For example, 45 patents were filed and 84 patents were issued in 2020.

• Customized Solutions that Enhance Customer Loyalty and Relationships .

A significant portion of our Packaging segment's products are customized designs that are developed and engineered to address specific customer technical, marketing and sustainability needs, helping to distinguish our customers’ products from those of their competitors.

Through a multi-layered approach to product and process innovation starting with subject matter experts, our TriMas Packaging team is focused on driving innovation across a broad range of solutions for our customers.

Our New Product Development teams are also supported by our Engineering Resource Center ("ERC"), located in India, to enhance our technical innovation and development.

TriMas Packaging has a consistent pipeline of new products ready for launch and continues to innovate to make products more sustainable and environmentally friendly.

For example, TriMas Packaging's product development programs have provided innovative and proprietary product solution s, such as the patented single-polymer Mono TM -2e pump, which features six parts, all made from one material, making it 100% recyclable.

We are also developing additional dispensing products made from a single-material without compromising quality, aesthetics, performance or formula compatibility, under the Singolo TM brand.

In addition, TriMas Packaging partnered with Amazon to develop a range of products designed to meet the requirements of the high-growth e-commerce retail channel, including a proprietary dispenser locking mechanism to protect the integrity of package s and prevent liquids from leaking during shipment, meeting consumers' demands and ISTA 6 standards as required by Amazon.

TriMas Packaging's emphasis on highly-engineered solutions and product development has yielded numerous issued and enforceable patents, with many other patent applications pending.

For example, 44 patents were filed and 64 patents were issued in 2021, related to both new and existing patent families.

• Customized Solutions that Enhance Customer Relationships .

A significant portion of our products have customized designs that are developed and engineered to address customer-specific technical, marketing and sustainability needs, helping to distinguish our customers’ products from those of their competitors.

For example, the customization of specialty plastic caps, closures and dispensers including branding, unique colors, collar sizes, lining and venting results in substantial customer loyalty.

The substantial investment in flexible manufacturing cells allows us to offer both short lead-times for high volume products and customization for more moderate volume orders, which provides significant advantages to our consumer packaged goods customer base.

In addition, we provide customized dispensing solutions including unique pump designs, precision metering, unique colors and special collar sizes to fit the customer’s bottles.

TriMas' Packaging segment is collaborating with customers to develop innovative products that are more eco-friendly and easier to recycle.

In addition, we provide customized dispensing solutions including unique pump designs, precision metering, unique colors and special collar sizes to fit the customer’s containers.

TriMas Packaging collaborates with customers to develop innovative products that are more eco-friendly and easier to recycle.

We have also been successful in promoting the sale of complementary products in an effort to achieve preferred supplier status with several customers.

• Global Sales and Manufacturing Footprint.

TriMas' Packaging segment maintains a global network of sales, manufacturing and distribution sites, to serve our global customer base.

Our global customers often desire supply chain capability and a flexible manufacturing footprint close to their end markets which result in shorter supply chains, reduced carbon footprint and better sustainability.

To serve our customers in Asia, we have design and manufacturing capacity and offer highly engineered dispensing solutions through locations in China, India and Vietnam, and increased our Asian market sales coverage.

Additionally, Rieke opened a facility in San Miguel de Allende, Mexico, during 2017, to replace an older, smaller facility in Mexico City, and provide additional manufacturing capacity to support growth.

• Global Manufacturing Footprint.

TriMas Packaging maintains a global network of sales, manufacturing and distribution sites, to serve our global customer base.

Our customers, including larger consumer products customers, often desire supply capability and a manufacturing footprint close to their end markets which results in more efficient supply chains, reduced carbon footprint and better sustainability.

In light of recent market forces that impact logistics, we are expanding our North American manufacturing presence by launching a new, highly automated facility in New Albany, Ohio, which will be operational in 2022.

This new facility w ill enable TriMas Packaging to shift production of a variety of products currently produced outside of the United States and provide significant incremental capacity for new business growth closer to our customers in North America as needed.

To serve our customers in Asia, we have design and manufacturing capacity and offer highly engineered dispensing solutions through locations in China, India and Vietnam, and have increased our Asian market sales coverage.

Additionally, TriMas Packaging opened a facility in San Miguel de Allende, Mexico, during 2017, to provide incremental manufacturing capacity to support our growth in North America.

We have also increased our sales coverage in Europe and Asia.

Our acquisitions of Affaba & Ferrari in 2020, and Plastic Srl and Taplast in 2019, provide us with additional sales, design and manufacturing capacity in Europe, with additional manufacturing facilities in Italy and Slovakia.

We believe this flexible footprint provides us with multiple alternatives for production to best meet customer requirements and helps mitigate the impacts of potential trade disruption.

The majority of our Packaging segment's manufacturing facilities around the world have advanced injection molding machines required to manufacture precision engineered dispensing and closure components, as well as automated, high-speed assembly equipment for multi-component products.

In addition, we are starting to expand into South America, opening our first warehouse in Brazil for planned commercial activity beginning in 2022.

We believe TriMas Packaging's flexible footprint provides us with multiple alternatives for production to best meet customer requirements and helps mitigate the impacts of potential trade disruption.

The majority of TriMas Packaging's manufacturing facilities around the world have advanced injection molding machines required to manufacture precision engineered dispensing and closure components, as well as automated, high-speed assembly equipment for multi-component products.

Marketing, Customers and Distribution

TriMas' Packaging segment accesses its markets through direct sales to end-use customers, as well as through leading distributors, where it has enjoyed favorable, long-standing relationships.

Rieke employs an internal sales force in North America, Europe and Asia, and has recently established a Global Strategic Account sales team.

We also use third-party agents and distributors in key geographic markets, including Europe, South America and Asia, as well as agents and distributors primarily to sell to container manufacturers and to users or fillers of containers.

TriMas' Packaging segment's end customers include, but are not limited to, consumer packaged goods, cosmetic, personal care, pharmaceutical, nutraceutical, food, beverage, warehouse clubs, retailers, e-retailers, fast food retailers, industrial chemical, paint, petroleum, agricultural chemical and sanitary supply chemical companies.

TriMas Packaging accesses its markets through direct sales to end-use customers, as well as through leading distributors, where it has enjoyed favorable, long-standing relationships.

We employ commercial teams in North America, Europe and Asia, organized by product line and combined with a Global Strategic Accounts sales team, led by a chief commercial officer.

We also at times use third-party agents and distributors in key geographic markets, including Europe, South America and Asia, as well as agents and distributors primarily to sell to container manufacturers and to users or fillers of containers.

TriMas Packaging's end customers include, but are not limited to, consumer packaged goods, beauty and cosmetic, personal care, medical, pharmaceutical, nutraceutical, food and beverage, industrial, agricultural, chemical, and cleaning and sanitary supply companies.

We also provide products into applications used by warehouse clubs, e-retailers and fast food retailers.

We may provide products directly to the end customer, but the end customers may also specify that our products be provided to fillers or packagers.

We also supply major container manufacturers around the world, and maintain a customer service center that provides technical support, as well as other technical assistance to customers.

Our Packaging segment has manufacturing and distribution facilities in the United States, Mexico, the United Kingdom, Germany, Italy, Slovakia, China, India and Vietnam.

TriMas' Packaging segment has a broad range of products in both closures and dispensing systems, and therefore has various competitors in each of our product offerings.

In addition, we also provide products to major container manufacturers, and maintain a customer service center that provides technical support, as well as other technical assistance to customers.

TriMas Packaging has manufacturing and support facilities in the United States, Mexico, the United Kingdom, Germany, Italy, Slovakia, China, India and Vietnam.

TriMas Packaging has a broad range of products in closure, dispensing and flexible packaging systems, and therefore has various competitors in each of our product offerings.

We do not believe that there is a single competitor that matches our entire product offering.

Depending on the product and customers served, our competitors include Aptar, Bericap, Berry Global, CLC Packaging, Greif, Phoenix Closures, Silgan (including the acquisition of Albea in 2020), Technocraft and TKPC.

Depending on the product and customers served, our competitors include Aptar, Bericap, Berry Global, Greif, Mold-Rite, Phoenix Closures, Silgan, Technocraft and other smaller private companies located in Asia.

Aerospace (22% of 2021 net sales)

Our Aerospace segment is comprised of TriMas Aerospace, which includes the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, RSA Engineered Products and Martinic Engineering brands.

Our Aerospace segment is comprised of TriMas Aerospace, which includes the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, RSA Engineered Products, Martinic Engineering and TFI Aerospace brands.

We believe TriMas Aerospace is a leading designer and manufacturer of a diverse range of products, including, but not limited to, highly-engineered fasteners, collars, blind bolts, rivets, ducting and connectors for air management systems, and other highly-engineered machined parts and components, for use in focused markets within the aerospace industry.

1 unchanged sentence

The products also satisfy rigorous customer approvals or meet unique aerospace industry standards, and as such, we believe there are a limited set of competitors.

We provide products to commercial, maintenance, repair and operations ("MRO"), and military and defense aerospace applications and platforms with sales to original equipment manufacturers ("OEMs"), supply chain distributors, MRO/aftermarket providers and tier one suppliers.

We provide products for commercial, business jet, and military and defense aerospace applications and platforms with sales to original equipment manufacturers ("OEMs"), supply chain distributors, MRO/aftermarket providers and tier one suppliers.

Our customer-specified and/or qualified products are used in production of significant long-term aircraft programs, including several Boeing and Airbus commercial jetliner programs.

Based on Boeing and Airbus' future aircraft delivery projections, we believe that commercial production will remain at stable levels through the next several years.

We believe our brands are well established and recognized in their markets.

The TriMas Aerospace product offering is as follows:

• Monogram Aerospace Fasteners (“Monogram”).

The product offering includes permanent threaded blind bolts, including high-strength, rotary-actuated blind bolts that allow sections of aircraft to be joined together when access is limited to only one side of the airframe, providing cost efficiencies over conventional two piece fastening devices.

Monogram also provides collars and temporary fasteners used in aircraft construction and assembly.

• Allfast Fastening Systems (“Allfast”).

The product offering includes solid and blind rivets, blind bolts, temporary fasteners and installation tools for the aerospace industry.

• Mac Fasteners.

The product offering consists of high-volume, standard aerospace screws and bolts, manufactured to meet NAS, MS, AN and AS standards.

• RSA Engineered Products (“RSA”).

In February of 2020, we acquired RSA, a manufacturer of complex, highly-engineered and proprietary ducting, connectors and related products for air management systems used in aerospace and defense applications.

• Martinic Engineering (“Martinic”).

The product offering includes highly-engineered, precision machined, complex machine-to-print parts for aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems.

Each of our brands are long-term, certified suppliers of aerospace OEMs or Tier 1 suppliers, and have been serving the aerospace industry for decades.

Our TriMas Aerospace go-to-market fastener brands include Monogram Aerospace Fasteners (“Monogram”), Allfast Fastening Systems (“Allfast”), Mac Fasteners and TFI Aerospace (“TFI”), and our engineered product brands include RSA Engineered Products ("RSA") and Martinic Engineering ("Martinic").

TriMas Aerospace's product offering includes a broad line of fastener products, including permanent threaded blind bolts, solid and blind rivets, standard screws and bolts manufactured to meet NAS, MS, AN and AS standards, collars, temporary fasteners and other specialty fasteners.

TriMas Aerospace also manufactures and assembles complex, highly-engineered and proprietary ducting, connectors and related products for air management systems, and other complex machine-to-print parts for aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems.

In December 2021, we acquired TFI, a manufacturer and supplier of specialty fasteners used in a variety of applications, predominantly for the aerospace end market.

Competitive Strengths

1 unchanged sentence

• Broad Product Portfolio of Established Brands .

We believe that TriMas Aerospace is a leading designer and manufacturer of engineered fasteners for the aerospace industry.

The combination of the Monogram, Allfast and Mac Fasteners brands enables TriMas Aerospace to offer a wide range of fastener products which address a broad scope of customer requirements, providing scale to customers who continue to rationalize their supply base.

We believe that TriMas Aerospace is a leading designer, developer and manufacturer of broad range of engineered fasteners for the aerospace industry, as well as other complex machined components such as those used in air ducting systems.

The combination of the Monogram, Allfast, Mac Fasteners and TFI brands enables TriMas Aerospace to offer a wide range of fastener products which address a broad scope of customer requirements, providing scale to customers who continue to rationalize their supply base.

In several of the product categories, including rotary-actuated blind bolts and blind and solid rivets, TriMas Aerospace has a meaningful market share with well-known and established brands.

The combined product sets of the Monogram, Allfast and Mac Fasteners brands uniquely position us to benefit from platform-wide supply opportunities.

The combined product sets of the Monogram, Allfast, Mac Fasteners and TFI brands uniquely position us to benefit from platform-wide supply opportunities.

In addition, RSA has extensive experience in providing air ducting, connectors and flexible joints used in hot engine bleed air, anti-icing and environmental control system applications.

Martinic has a reputation, with more than 40 years of experience, of specializing in the high complexity machining of castings, forgings and bar stock for leading tier-one commercial and defense aerospace original equipment manufacturers.

• Product Innovation.

2 unchanged sentences

The close working relationship between our sales and engineering teams and our customers’ engineering teams is key to developing future products desired and required by our customers.

Our innovation team adds value by working directly with our customers to address assembly and manufacturing process challenges to increase productivity, quality, speed and efficiency, while reducing overall installed cost.

Our innovation teams add value by working directly with our customers to address assembly and manufacturing process challenges to increase productivity, quality, speed and efficiency, while reducing overall installed cost.

TriMas Aerospace has developed new fastener products that offer a flush break upon installation and is developing and testing other fastener designs which offer improved clamping characteristics on composite structures, improved aerodynamics and enhanced installed aesthetics.

An example of such would include the newer Composi-Lok4 ® fastener evolution, affording installed weight savings in concert with fuel efficient aircraft designs.

TriMas Aerospace has also designed the next generation temporary fastener with an 800% increase in clamping force called Fastack® SC (Super Clamp).

One of our recent product innovations is the Composi-Lok4 ® fastener evolution, providing significant installed weight savings, helping to improve fuel efficiency.

TriMas Aerospace has also designed the next generation temporary fastener with a significant increase in clamping force called Fastack® SC (Super Clamp).

TriMas Aerospace has also expanded its fastener offerings to include other fastening product applications on current aircraft, including the expansion of its suite of collar families used in traditional two-sided assembly.

3 unchanged sentences

Given industry regulatory requirements, as well as customer requirements, these products are required to be manufactured within tight tolerances and specifications, often out of hard-to-work-with and exotic materials including titanium, Inconel and specialty steels.

TriMas Aerospace is also capable of advanced precision CNC milling, high performance CNC turning and assembly, working in a variety of metals including super alloys, stainless steel, aircraft steel alloys, carbon steel alloys and aluminum alloys.

TriMas Aerospace is also capable of advanced precision computer numerical controlled ("CNC") milling, high performance CNC turning and assembly, working in a variety of metals including super alloys, stainless steel, aircraft steel alloys, carbon steel alloys and aluminum alloys.

Many of TriMas Aerospace’s products, facilities and manufacturing processes are required to be qualified and/or certified.

4 unchanged sentences

While proprietary products and patents are important, having proprietary manufacturing processes and capabilities makes TriMas Aerospace’s products difficult to replicate.

In addition, TriMas Aerospace is focused on continuously improving its processes and manufacturing operations by using the tools of Kaizen and automation, as applicable.

The aerospace industry has strict requirements for quality and delivery, making process innovation and continuous improvement vital to TriMas Aerospace's success.

6 unchanged sentences

TriMas Aerospace’s primary customers include OEMs, supply chain distributors, tier one suppliers and the United States government.

TriMas Aerospace's manufacturing facilities are located in the United States, and it exports products to Europe, South America and Asia.

Depending on the product and customers served, our primary competitors include Ateliers de la Haute Garonne, Cherry Aerospace - Precision Castparts Corp., Howmet Aerospace and LISI Aerospace, as well as a variety of aerospace and general industrial machined component manufacturers.

TriMas Aerospace's manufacturing facilities are located in the United States and Canada.

In addition to TriMas Aerospace's facilities in California, we are also ramping up a new facility in Mesa, Arizona.

Given the nature of the components TriMas Aerospace manufactures, it can ship products efficiently to Europe, South America and Asia.

Depending on the product and customers served, our primary competitors include Ateliers de la Haute Garonne, Cherry Aerospace - Precision Castparts Corp., Howmet Aerospace, LISI Aerospace and Senior Aerospace, as well as a variety of aerospace and general industrial machined component manufacturers.

We believe that we are a leader in the blind bolt market with significant market share in all blind fastener product categories in which we compete.

Specialty Products (16% of 2021 net sales)

Our Specialty Products segment is comprised of Norris Cylinder and Arrow Engine Company.

We believe these businesses are well established and recognized in their respective markets.

• Norris Cylinder .

We believe Norris Cylinder is a leading designer, manufacturer and distributor of highly-engineered steel cylinders for use in industrial, heating, ventilation and air conditioning ("HVAC"), construction, health care and defense end markets.

Our Specialty Products segment is comprised of our Norris Cylinder and Arrow Engine Company businesses.

We believe these businesses are well established and recognized in the end markets they serve.

TriMas' Norris Cylinder business is a leading designer, manufacturer and distributor of highly-engineered steel cylinders for use in industrial, heating, ventilation and air conditioning ("HVAC"), construction, health care and defense end markets.

We believe that Norris Cylinder is a leading provider of a complete line of large, intermediate and small size, high and low-pressure steel cylinders for the transportation, storage and dispensing of compressed gases.

2 unchanged sentences

Norris Cylinder's products meet the rigorous standards required by the Department of Transportation ("DOT") or International Standards Organization ("ISO"), which certifies a cylinder's adequacy to perform in specific applications.

Norris Cylinder markets cylinders primarily to domestic and international industrial gas producers and distributors, welding equipment distributors and equipment manufacturers.

Given this customer base, Norris Cylinder tends to grow in times of increased industrial and infrastructure investment.

• Arrow Engine .

Arrow Engine is a provider of natural gas powered wellhead engines, compressors and replacement parts, all engineered for use in oil and natural gas production and other industrial and commercial markets.

5 unchanged sentences

• Leading Market Positions and Strong Brand Names .

Norris Cylinder, with more than 70 years of experience, is one of the worlds' largest manufacturers of high- and low-pressure steel cylinders, and the only manufacturer in the United States.

With more than 70 years of experience, Norris Cylinder is one of the worlds' largest manufacturers of high- and low-pressure steel cylinders, and the only manufacturer in the United States.

In 2021, Norris Cylinder became an official “Made in the USA” designated manufacturer, which we believe allows Norris to locally address customers' needs, while maintaining more control over lead times and quality.

We believe that Norris has a reputation for high-quality cylinders used in a variety of applications, including industrial gas, welding and cutting, government, medical, laboratories, food and beverage technology, breathing air, fire protection and aviation.

We believe that Arrow Engine has also built a reputation for quality equipment, parts and accessories used in oil and natural gas production, and has a leading market position in the niche it serves.

We believe that Arrow Engine also has also a leading market position in the niche it serves.

• Comprehensive Product Offering .

We believe that both Norris Cylinder and Arrow Engine offer a comprehensive product offering that meets its customers' needs.

We believe that both Norris Cylinder and Arrow Engine offer a comprehensive product offering that meets their customers' needs.

Norris Cylinder offers a complete line of large, intermediate and small size, high and low-pressure steel cylinders to its customers across a variety of end markets.

Arrow Engine also provides a comprehensive product offering, including engines, compressors, chemical pumps, generator sets, electronics and replacement parts to a variety of oilfield and industrial markets.

During 2021, utilizing the tools of Kaizen, Arrow Engine developed and launched a new reduced emission EPA-certified A54-E engine platform for stationary and off-road mobile applications.

• Established and Extensive Distribution Channels .

Norris Cylinder has long-standing customer relationships and distributes directly to major gas companies, as well as distributing to domestic buying groups, OEMs, medium and small independent gas companies, and independent gas and welding distributors.

Arrow Engine sells through a combination of a direct sales team and an established network of independent distributors.

Over the past several years, we realigned the cost structures of these businesses to better match recent demand levels.

We are now focused on continuous improvement opportunities that will positively impact these businesses.

We believe we are positioned well to leverage additional volume related to improvements in end market demand.

Our Specialty Products businesses have long-standing customer relationships and distributes directly to major companies, as well as distributing to domestic buying groups, OEMs, medium and small independent companies, and independent distributors.

Our long-standing supply positions in this well-established network has allowed our Specialty Products businesses to successfully navigate some of the most robust, as well as harshest, economic cycles.

• Difficult and Costly to Replicate Manufacturing Base.

Our Norris Cylinder business has locations in Longview, Texas, and Huntsville, Alabama, which have numerous forging and metalworking pieces of equipment and processes.

While there are other manufacturers of steel cylinders globally, the installation of manufacturing processes and adding new capacity tends to be a lengthy process and a costly investment to implement.

As such, in periods of rising demand, as we have experienced in 2021, Norris Cylinder's installed capacity and manufacturing presence in the United States provides an advantage when compared to non-U.S.

suppliers dealing with logistic constraints.

Marketing, Customers and Distribution

The primary customers of our Specialty Products segment operate in the industrial and upstream oil and gas end markets.

The customers of our Specialty Products segment predominantly operate in the industrial end markets, and to a lesser extent, the upstream oil and gas end markets.

Given the focused nature of many of our products, we rely upon a combination of a direct sales force and an established network of distributors with familiarity of the end-users.

1 unchanged sentence

Our primary customers include industrial gas producers and distributors, welding equipment distributors, and equipment manufacturers.

The Norris Cylinder and Arrow Engine manufacturing facilities are located are in the United States.

Norris Cylinder competes against Worthington, Beijing Tianhai Industry Co., Faber and Vitkovice Cylinders, but is the only remaining steel cylinder manufacturer in the United States.

The Norris Cylinder and Arrow Engine manufacturing facilities are located in the United States.

Norris Cylinder competes against Worthington, Beijing Tianhai Industry Co., Faber and Vitkovice Cylinders, but is the only steel cylinder manufacturer in the United States.

In May 2012, the U.S.

2 unchanged sentences

As a result, trade duties were imposed on the subject imports for a five-year period to create a fairer competitive environment in the United States.

The duty was extended and increased for an additional five-year period in 2017, and will be subject to renewal in 2022.

The duty was extended and increased for an additional five-year period in 2017.

Arrow Engine tends to compete against natural gas powered, lower horsepower, multi-cylinder engines from manufacturers such as Caterpillar, Chevy, Cummins and Ford industrial engines and electric motors.

TriMas' Acquisition Strategy

TriMas views accelerating its growth through acquisitions as core to achieving its overarching corporate growth strategy.

Maintaining a relentless commitment to generating exceptional cash flow, along with a strong balance sheet, allows TriMas to execute against its acquisition strategy.

Our primary focus is on acquisition candidates to build out our Packaging and Aerospace platforms, as we believe the markets they serve offer the highest long-term growth and performance profiles.

While we would also consider opportunistic product line or bolt-on acquisitions in our Specialty Products segment, such transactions are of secondary focus.

TriMas views the pursuit of strategic acquisitions as core to augmenting its growth and achieving its overarching corporate strategy.

We believe TriMas is uniquely positioned to leverage its relatively low debt profile and its strong free cash flow profile to identify and complete bolt-on acquisitions annually as part of its capital allocation philosophy.

TriMas’ acquisition priority is to build out our Packaging platform, continuing our initiative to increase TriMas’ weight in packaging-related end markets, which currently comprises nearly 65% of consolidated net sales, as well as explore unique opportunities to build out our Aerospace platform.

Since the beginning of 2019, TriMas has completed seven acquisitions and one divestiture.

Materials and Supply Arrangements

1 unchanged sentence

Raw materials and other supplies used in our operations are normally available from a variety of competing suppliers.

In addition to raw materials, we purchase a variety of components and finished products from low-cost sources in China, India, Mexico, South Korea and Vietnam.

In addition to raw materials, we purchase a variety of components and finished products from sources in lower-cost countries.

Polypropylene and polyethylene are generally commodity resins with multiple suppliers capable of providing product globally.

1 unchanged sentence

Changing global dynamics for steel production and supply will continue to present a challenge to our business.

Historically, we have experienced volatility in costs of our raw material purchases and have worked with our suppliers to manage costs and disruptions in supply.

Historically, we have experienced volatility in costs and availability of our raw material purchases and have worked with our suppliers to manage costs and disruptions in supply.

We also utilize pricing programs to pass increased steel, resin and other raw material costs to customers.

2 unchanged sentences

As of December 31, 2021, we employed approximately 3,500 people, of which approximately 52% were located outside the United States.

We have one facility, located in Commerce, California (USA) where our hourly employees operate under a collective bargaining agreement, and which represents approximately 14% of our U.S.

We have one facility, located in Commerce, California where our hourly employees operate under a collective bargaining agreement, and which represents approximately 14% of our U.S.

We have four facilities outside of the United States where our employees are affiliated with state-controlled or trade unions, which covers approximately 47% of our non-U.S.

We believe employee relations are good and are not aware of any present active union organizing activities at any of our facilities.

We believe employee relations throughout our organization are good and we are not aware of any present active union organizing activities at any of our facilities.

We cannot predict the impact of any further unionization of our workplace.

Our labor agreement with the United Automobile, Aerospace and Agricultural Implement Workers of America at our TriMas Aerospace facility in Commerce, California expires in August 2021 and we expect to enter into timely negotiations regarding the extension of our agreement.

TriMas focuses on a number of human capital resources objectives in managing its business, including our commitment to safety, employee engagement, diversity and inclusion, and talent development.

Our labor agreement with the United Automobile, Aerospace and Agricultural Implement Workers of America at our TriMas Aerospace facility in Commerce, California expired in August 2021, at which time we entered into a new three-year collective bargaining agreement.

TriMas focuses on a number of human capital resources objectives in managing its business, including our commitment to health and safety, employee engagement, diversity, equity & inclusion, and talent development.

These human capital resources objectives, taken together, may be material to understanding our business under certain circumstances.

These objectives are reinforced by our Code of Conduct, our global policies, including our Global Human Rights Policy, and our commitment to sustainability as evidenced in our inaugural 2020 Sustainability Report.These objectives are reinforced by our Code of Conduct, our global policies, including our Global Human Rights Policy, and our commitment to sustainability as evidenced in our inaugural 2020 Sustainability Report .

These objectives are reinforced by our Code of Conduct, our global policies, including our Global Human Rights Policy and our Diversity, Equity & Inclusion Statement, and our commitment to sustainability as evidenced by our Sustainability Reports.

Commitment to Safety

One of our primary objectives is the health and safety of our employees and anyone who conducts business on our behalf.

One of our primary objectives under the TBM is the health and safety of our employees and anyone who conducts business on our behalf.

The commitment to safety starts at the top levels of our organization.

We believe a safe and secure workplace is fundamental and important to our success.

We believe a safe and secure workplace is fundamental to our success.

TriMas is committed to providing a safe and healthy workplace, and complying with applicable safety and health laws, regulations and internal requirements.

We are also committed to engaging our employees to continually improve health and safety by acting upon opportunities to reduce risk and improve our safety and health performance.

TriMas maintains comprehensive safety programs focused on identifying hazards and eliminating risks that can lead to severe injuries.

We are also committed to engaging our employees to continually improve health and safety by acting upon opportunities to reduce risk and improve our safety and health performance, and offer training programs on a regular basis.

TriMas maintains comprehensive safety programs focused on identifying hazards and eliminating risks that can lead to work-place injuries.

Employee Engagement

1 unchanged sentence

We embrace the tools of Kaizen and work to foster a culture of employee engagement to drive performance improvements and operational excellence.

Diversity and Inclusion

We believe that employee feedback is important which is why, in 2021, we administered an employee engagement survey globally.

We will continue to work on our engagement as a company, with managers actively facilitating engagement discussions with their teams and developing action plans to ensure progress and continuous improvement.

Diversity, Equity and Inclusion

We believe we are at our best when we bring together unique perspectives, experiences and ideas, and actively build diverse teams and inclusive work environments across our global locations.

We believe that tapping into our employees’ diverse backgrounds and experiences ensures we make better decisions and supports stronger operating performance.

Our goal is to foster working environments that are fair and safe, where rights are respected and everyone can achieve their full potential.

Our goal is to foster working environments that are fair, equitable and safe, where rights are respected and everyone can achieve their full potential.

Our policies and practices strive to assure equal employment and advancement opportunities for all qualified people.

We also work to maintain appropriate standards of conduct in the workplace and to be sensitive to the concerns of our diverse group of employees.

We strive to maintain workplaces that are free from discrimination or harassment on the basis of race, religion, color, national origin, sex, age, genetic information, sexual orientation, gender identity, protected veteran status, disability or any other characteristic protected by applicable law.

We strive to maintain workplaces that are free from discrimination or harassment on the basis of race, ethnicity, color, national origin, religion, age, gender, gender identity and expression, genetic information, sexual orientation, protected veteran status, disability or any other characteristic protected by applicable laws.

Talent Development

12 unchanged sentences

TriMas does not experience significant seasonal fluctuation, other than our fourth quarter, which has tended to be the lowest net sales quarter of the year given holiday shutdowns by certain of our customers and other customers deferring capital spending to the following year.

Government Regulations

Environmental Matters

9 unchanged sentences

We believe that we are in material compliance with these laws and regulations and do not believe that future compliance with such laws and regulations will have a material adverse effect on our business, financial condition, results of operations and cash flows.

Trade Policies and Regulations

Free trade laws and regulations provide certain duties and tariffs on qualifying imports and exports, subject to compliance with the applicable classification and other requirements.

In the past few years, we have experienced higher input costs as a direct result of tariffs imposed on certain raw materials and components imported from China.

In certain cases, we have passed-through these incremental costs to the customer, while in some cases we have not changed pricing to retain or expand volume, and in other cases we continue to work to install capacity in facilities where there currently is no tariff.

In addition, certain of our U.S.

suppliers raised prices for components in response to an overall increase in demand for domestic sources.

We believe that we are in material compliance with free trade laws and regulations.

While there may be an impact to our financial condition as a result of changes in the amount of duties or tariffs levied on products we sell, we do not believe that costs to remain in compliance with such laws and regulations will have a material adverse effect on our business, financial condition, results of operations and cash flows.

Intangible Assets

7 unchanged sentences

Trademarks and Trade Names.

Each of our businesses designs and manufactures products for focused markets under various trade names and trademarks (see discussion above by reportable segment).

Each of our businesses designs and manufactures products for focused markets under various trade names and trademarks (see prior discussion by reportable segment).

Our trademark/trade name intangibles are well-established and considered long-lived assets that require maintenance through advertising and promotion expenditures.

7 unchanged sentences

Approximately 25.3% of our net sales for the year ended December 31, 2021 were derived from sales by our businesses located outside of the United States, and approximately 37.1% of our long-lived assets as of December 31, 2021 were located outside of the United States.

We operate manufacturing facilities in China, Germany, India, Italy, Mexico, Slovakia, the United Kingdom and Vietnam, in addition to our U.S.

We operate manufacturing facilities in Canada, China, Germany, India, Italy, Mexico, Slovakia, the United Kingdom and Vietnam, in addition to our U.S.

In addition to the net sales derived from sales by our businesses located outside of the United States, we also generated approximately $80.6 million of export sales from the United States.

Website Access to Company Reports

We use our corporate website, www.trimascorp.com, as a channel for routine distribution of important information, including news releases, company presentations and links to our businesses' websites, as well as our inaugural Sustainability Report, which we launched in December 2020.

We use our corporate website, www.trimascorp.com, as a channel for routine distribution of important information, including news releases, company presentations and links to our businesses' websites, as well as reinforcing our commitment to sustainability as evidenced by our Sustainability Reports.

We also provide financial information on our website and post filings as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission ("SEC"), including our annual, quarterly, and current reports on Forms 10-K, 10-Q and 8-K, our proxy statements and any amendments to those reports or statements.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business