What changed in this filing

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Item 1. Business

2023-02-23 compared with 2022-03-01 · 65 added, 72 removed, 264 unchanged (34% of the section changed)

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customer approved processes and qualified products;

strong cash flow conversion and long-term growth opportunities.

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

strong c ash flow generation and long-term growth opportunities.

Headquartered in Bloomfield Hills, Michigan, TriMas has approximately 3,500 e mployees who serve our customers from 42 manufacturing and support locations in 13 c ountries.

During 2022, our net sales were $883.8 million, operating profit was $99.1 million, and net ca sh provided by operating activities was $72.6 million.

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

Approximately 74% of our 2022 net sales were generated from sales in North America.

Our Competitive Strengths

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• Well-Recognized and Established Brands.

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

Our main brands include Rieke ® , Affaba & Ferrari™, Taplast™, Rapak ® , Intertech 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);

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

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.

• Invest in Innovation.

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

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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.

• Accelerate 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.

Our acquisition priority is to build out the Packaging platform, continuing our initiative to increase TriMas’ weight in packaging-related end markets, which comprise nearl y 60% o f consolidated net sales in 2022, 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.

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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.

• Foster a Culture of Kaizen and Engagement.

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

• Focus on Sustainability.

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.

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Packaging (59% of 2022 net sales)

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.

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

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 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, the beauty and personal care, home care, food and beverage, medical, pharmaceutical and nutraceutical, as well as industrial end markets.

In addition, TriMas Packaging, through its December 2021 acquisition of Omega Plastics and February 2022 acquisition of Intertech, designs and manufactures complex, precision injection molded components and assemblies for applications in the life sciences end market.

Our capabilities and products include prototype production molds and custom, medical-related components such as patient diagnostic test components, consumable vascular delivery, surgical devices and pharmaceutical closures.

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.

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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.

Our New Product Development teams are also supported by our TriMas Center of Excellence, formerly called the Engineering Resource Center, 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.

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

In addition, TriMas Packaging recently launched tethered caps, which are caps that remain attached to a bottle or container after opening and during use to increase ease of recycling, and 53 mm and 63 mm diameter child-resistant closures ("CRC") for nutraceutical and agricultural products, which include innovative patent-pending interlocking inner/outer caps designed with less plastic, reducing our carbon footprint without compromising quality, durability or functional performance.

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

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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.

TriMas Packaging has also invested in high-quality, high-performance printing capabilities for multi-color printed logos and customized designs on flat top caps and closures.

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 containers.

In addition, we provide customized dispensing solutions including unique pump designs, precision metering, unique colors and special collar sizes to fit our customers’ 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.

Based on our breadth of products, and engineering and production capabilities, we have achieved preferred supplier status with several customers.

• Global Manufacturing Footprint.

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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.

In light of recent market forces that have impacted the global supply chain, we are expanding our North American manufacturing presence by launching a new, highly automated 230,000 square foot facility in New Albany, Ohio, which began ramping up in 2022.

This new facility enables 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.

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

We have also increased our sales coverage in Europe.

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

In addition, we are starting to expand our supply capabilities into South America, opening our first warehouse in Brazil 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.

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Marketing, Customers and Distribution

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.

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

We employ commercial teams in North America, South America, Europe and Asia.

At times, we also use third-party agents and distributors in our key geographic markets, 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, personal care, beauty and cosmetic, 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 may provide products directly to the end customer, but the end customers may also specify that our products be provided to filling or packaging intermediary customers.

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 manufacturing and support facilities in the United States, Mexico, Brazil, the United Kingdom, Germany, Italy, Slovakia, China, India, Vietnam and Australia.

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.

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Aerospace (21% of 2022 net sales)

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.

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

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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 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.

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

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").

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

We provide products for commercial, business jet, and military and defense aerospace applications and platforms with sales to OEMs, supply chain distributors, maintenance, repair and overhaul ("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.

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.

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

Competitive Strengths

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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 OEMs.

We believe that we supply products for the majority of the new airplanes manufactured by the two largest global airplane OEMs.

• Product Innovation.

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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.

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In addition, Norris Cylinder offers a complete line of steel cylinders used to contain and dispense acetylene gas for the welding and cutting industries.

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's products meet the rigorous standards required by the U.S.

Department of Transportation ("DOT") or International Standards Organization ("ISO"), which certifies a cylinder's adequacy to perform in specific applications.

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.

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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.

In addition, 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 .

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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.

As such, in periods of rising demand, as we have experienced in 2021 and 2022, 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.

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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.

International Trade Commission made a unanimous final determination that Norris Cylinder had been materially injured by imports of DOT high-pressure steel cylinders that were being subsidized by the Government of China, as well as being dumped in the U.S.

market by producers in China.

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.

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 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.

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

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

TriMas’ acquisition priority is to build out our Packaging platform, continuing our initiative to increase TriMas’ position in packaging-related end markets, which currently comprises nearly 60% 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.

From 2019 through 2022, TriMas has completed eight acquisitions and one divestiture.

Materials and Supply Arrangements

Our largest raw material purchases are for resins (such as polypropylene and polyethylene), steel, aluminum and other oil and metal-based purchased components.

Our largest raw material purchases are for resins (such as polypropylene and polyethylene), steel, aluminum and other metal and non-metal-based purchased components.

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

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

Steel is purchased primarily from steel mills and service centers.

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

Steel is purchased primarily from steel mills and service centers, and on a more localized basis.

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

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.

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

Although we may experience delays in our ability to implement price increases, we have been generally able to recover such increased costs.

Human Capital Resources

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 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.

As of December 31, 2022, we employed approximately 3,500 people, of which 44% were located outside the United States.

We have one facility, located in Commerce, California where our hourly employees operate under a collective bargaining agreement, and which represents 12% of our U.S.

We have five facilities outside of the United States where our employees are affiliated with work councils, which covers 48% of our non-U.S.

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 expired in August 2021, at which time we entered into a new three-year collective bargaining agreement.

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 2024.

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 Diversity, Equity & Inclusion Statement, and our commitment to sustainability as evidenced by our Sustainability Reports.

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

Commitment to Safety

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.

Our first objective under the TBM is the health and safety of our employees, including anyone who conducts business on our behalf.

The commitment to safety starts at the top levels of our organization, and as a result of our commitment, we updated and enhanced our Environment, Health & Safety Policy in 2022.

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

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

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.

We believe that employee feedback is important which is why, in 2021 and 2022, we administered employee engagement surveys globally.

We 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

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We believe that our diverse businesses and structure provide many opportunities for employees to follow their own path and advance their careers.

We support a culture of continuous development, and we provide employees with the opportunity to receive frequent performance feedback.

We are committed to a culture of Kaizen and operational excellence, and we provide employees with the opportunity to receive frequent performance feedback.

On a regular basis throughout the year, employees have goal alignment, performance and career development discussions with their managers (via annual goal setting, mid-year and year-end performance and talent reviews).

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These reviews evaluate each employee’s strengths, skills and areas for opportunity, which are important for career development.

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.

TriMas does not typically experience significant seasonal fluctuation, other than our fourth quarter, which in past years 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

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Intangible Assets

Our identified intangible assets, consisting of customer relationships, trademarks and trade names, and technology, are recorded at approximately $196.7 million at December 31, 2021, net of accumulated amortization.

Our identified intangible assets, consisting of customer relationships, trademarks and trade names, and technology, are recorded at $188.1 million at December 31, 2022, net of accumulated amortization.

The valuation of each of the identified intangibles was performed using broadly accepted valuation methodologies and techniques.

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International Operations

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.

Of our net sales for the year ended December 31, 2022, 21.8% were derived from sales by our businesses located outside of the United States, and 32.8% of our long-lived assets as of December 31, 2022 were located outside of the United States.

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.

In addition to the net sales derived from sales by our businesses located outside of the United States, we also generated $74.5 million of export sales from the United States.

Website Access to Company Reports

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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