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Item 1. Business

2026-03-02 compared with 2025-02-27 · 170 added, 235 removed, 112 unchanged (78% of the section changed)

TriMas designs, develops and manufactures a diverse set of products primarily for the consumer products, aerospace & defense, 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 brand names in the markets we serve;

TriMas designs, develops and manufactures a diverse portfolio of products primarily for the consumer products, aerospace and defense, and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups.

We believe our businesses share important attributes, including:

innovative produc t technologies and features;

customer-approved processes and qualified products;

strong cash flow generation;

demonstrated operating discipline;

strong cash generation;

long-term growth opportunities;

and a commitment to sustainability.

Headquartered in Bloomfield Hills, Michigan, TriMas has approximately 3,900 employees who serve our customers from 37 manufacturing and support locations in 13 countries.

During 2024, our net sales were $925.0 million, operating profit was $47.2 million, and net ca sh provided by operating activities was $63.8 million.

Approximately 77% of our 2024 net sales were generated from sales in North America.

Headquartered in Bloomfield Hills, Michigan, TriMas, including our Aerospace operations, has approximately 3,700 employees who serve our customers from 37 manufacturing and support locations in 13 countries.

On November 4, 2025, we entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Takeoff Buyer, Inc.

(the “Purchaser”), an affiliate of Tinicum L.P.

and funds managed by Blackstone, Inc., to sell TriMas Aerospace.

The purchase price for the sale of TriMas Aerospace consists of approximately $1.45 billion in cash, subject to customary adjustments.

The sale of TriMas Aerospace is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary and other closing conditions.

As a result, the financial results of our Aerospace segment are presented as a discontinued operation and the assets and liabilities have been retrospectively reclassified to assets and liabilities held for sale for all periods presented in the financial statements included in this Annual Report of Form 10-K

During 2025, our net sales from continuing operations were $645.7 million, operating profit from continuing operations was $41.3 million, and net cash provided by operating activities was $117.5 million.

Approximately 66% of our 2025 net sales from continuing operations were generated from sales in North America.

Our Competitive Strengths

TriMas reports its operating activities in three segments:

Packaging, Aerospace and Specialty Products.

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

• Well-Recognized and Established Brands.

Our main Packaging brands include Rieke ® , Affaba & Ferrari™, Taplast™, Rapak ® and Aarts Packaging™, which are also marketed under the TriMas Packaging brand, and Intertech™ and Omega Plastics™, which are also marketed under the TriMas Life Sciences brand (all of which make up the TriMas Packaging group and are collectively reported in the Packaging segment).

Our Aerospace brands include Monogram Aerospace Fasteners ® , Allfast ® Fastening Systems, Mac Fasteners™, RSA Engineered Products™, Weldmac Manufacturing Company™, Martinic Engineering™ and TFI Aerospace™, which are also marketed under the TriMas Aerospace brand (all of which make up the TriMas Aerospace™ group and are collectively reported in the Aerospace segment).

Norris Cylinder™ is the main brand reported within the Specialty Products segment.

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

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 making 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 footprint and operational competencies would be difficult and costly to replicate, and provide us a competitive advantage to serve our customers.

We continue to place a priority on investing in innovation to enhance and protect 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 marketplace.

As a recognized leader in many of our end 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.

Our management team believes TriMas benefits from a number of competitive strengths, including:

• Innovative Manufacturing and Product Technologies.

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

We continue to prioritize investments that enhance and protect our product designs and manufacturing competencies.

Our proprietary manufacturing processes, advanced automation and specialized technical capabilities are often difficult and costly to replicate, providing a competitive advantage.

TriMas Packaging delivers a consistent pipeline of new and enhanced solutions that improve functionality, aesthetics and sustainability.

Our recent product innovations include fully recyclable Singolo™ polymeric pumps made from a single material;

an expanded line of all‑plastic foamers and small‑dosage treatment pumps;

and tethered caps designed to improve recyclability.

Additional offerings include certified flame‑mitigation closures and patent‑pending child‑resistant closures engineered with less plastic to reduce environmental impact without compromising performance.

We also continue to support customers in medical and wellness markets with high‑precision, technically advanced components used in testing, diagnostics and treatment applications.

TriMas Packaging’s emphasis on engineering excellence and intellectual property protection has resulted in a growing global patent portfolio, with 27 patents filed and 18 issued in 2025.

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

We believe that TriMas has long‑standing relationships with many of the world’s leading consumer, industrial and life sciences companies, supported by product lines and businesses that customers have relied on for decades.

Rieke ® , part of our Packaging group, for example, has operated for more than a century, while Norris Cylinder™, with over 70 years of experience, is a large manufacturer of high‑ and low‑pressure cylinders.

Across key product categories, we serve as an integral supplier, providing the technical expertise, reliability and innovation our customers depend on for product launches and ongoing programs.

We collaborate closely with customers throughout the design, development and production life cycle to deliver solutions that meet evolving technical, marketing and sustainability requirements.

A significant portion of our offerings are customized, including specialty caps, closures and dispensing solutions featuring tailored colors, collar sizes, venting, lining and precision‑metering options.

Investments in high‑quality multi‑color printing, advanced application engineering and flexible manufacturing cells further enable us to support short lead times for high‑volume products as well as customized solutions for moderate‑volume orders.

• Global Manufacturing Footprint.

TriMas operates a global network of sales, manufacturing and distribution sites that enables us to efficiently serve our worldwide customer base.

Our Packaging facilities feature advanced injection molding and high‑speed automated assembly environments that support the production of precision‑engineered dispensing and closure products, and can include certified clean‑rooms for product applications requiring controlled manufacturing conditions.

Our broad footprint allows us to manufacture closer to key customers, supporting more efficient supply chains, faster lead times and reduced transportation‑related emissions.

We believe this network also provides flexibility to shift production as needed, helping us respond to changing market conditions, optimize capacity and mitigate potential supply chain disruptions.

In addition to our Packaging operations, our Specialty Products business maintains important manufacturing capabilities through its strategically located U.S.

Across the organization, we continue to optimize and realign portions of our footprint to improve efficiency, expand capabilities in key regions and position the business for long‑term growth.

We believe our flexible global network, supported by technical, commercial and supply chain resources, enables us to reliably meet customer requirements and support sustainable growth across our markets.

• 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 enterprise-wide strategy:

• Leverage our 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 continuous improvement and achieving operational excellence.

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

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.

• Invest in Innovation.

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

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

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.

TriMas is led by an experienced management team with deep industry, product and process expertise across our businesses.

Our leaders bring decades of relevant experience and are focused on driving continuous improvement, operational excellence and long‑term shareholder value.

Management incentives are aligned with Company performance through short‑ and long‑term compensation programs and stock ownership requirements.

In 2025, we added to our leadership team by bringing on a President and Chief Executive Officer with extensive packaging industry experience, and the return of a Chief Financial Officer with two decades of finance and accounting experience at TriMas.

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

• Invest in Organic Growth and Innovation.

We invest in organic growth in our most attractive end markets, focusing on opportunities with strong long‑term return potential.

Our strategy includes expanding our product portfolio for existing and new customers, entering additional geographic regions and introducing innovative solutions that address customer needs and challenges.

Beyond product innovation, we emphasize process innovation and manufacturing know‑how to enhance quality, accelerate development and commercialization, improve sustainability and strengthen our overall competitiveness.

These efforts support deeper customer relationships, higher satisfaction and sustained business growth.

• Enhance Growth with Strategic Acquisitions.

We believe TriMas, through its relatively low debt leverage, manageable interest expense and resulting cash generation profile, is uniquely positioned to enhance organic growth with strategic bolt-on acquisitions.

Our acquisition priority is to build out the Packaging platform, with a focus on beauty, food & beverage and life sciences applications, and increase TriMas’ weight in packaging-related end markets, which comprised 55% of consolidated net sales in 2024.

We will also explore opportunities to further strategically expand our Aerospace platform with a focus in the areas of fasteners, fittings, and latches, as well as other complementary-to-existing products for commercial and defense applications.

Overall, 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 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.

• 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, workplace belonging, talent development and workplace culture.

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.

We intend to complement our organic growth with disciplined, strategic acquisitions.

With our strong balance sheet, modest leverage and solid cash generation, TriMas is well‑positioned to pursue acquisitions that strengthen and expand our Packaging platform, which represented 83% of net sales from continuing operations in 2025.

Our acquisition approach focuses on adjacent product lines that broaden and elevate our portfolio, provide access to new customers and end markets, expand our geographic reach, and create scale or cost efficiencies.

If the planned sale of TriMas Aerospace is consummated, we expect to receive net cash proceeds of approximately $1.2 billion.

We plan to use a portion of the anticipated proceeds from the sale for acquisitions, with a focus on expanding further into attractive packaging and life sciences opportunities.

We have established the Strategic Investment Committee (the “Committee”) to evaluate potential opportunities and other strategic uses of the funds.

• Advance a One‑Company Operating Model.

Following the planned sale of TriMas Aerospace and our increased focus on our Packaging group, we are advancing a unified operating model across the enterprise.

As we integrate our previously acquired businesses, we are leveraging the best capabilities and practices from each to operate as one coordinated organization.

We are standardizing processes, implementing common operating and performance management practices and centralizing key functions where appropriate to improve alignment, consistency and scalability.

Integrated systems and a single source of data will further enhance transparency, decision‑making and operational discipline.

In addition, by aligning our people, tools and processes, we can better anticipate customer needs, accelerate innovation and deliver an improved customer experience.

• Foster a Culture of Operational Excellence and Continuous Improvement.

We believe operational excellence is fundamental to delivering consistent performance and long‑term value.

Our global workforce plays a central role in this effort, and we are committed to maintaining a safe, inclusive and high‑performance environment that supports continuous learning and accountability.

We drive continuous improvement by empowering employees to identify opportunities to enhance efficiency, quality, cost and reliability.

We are enhancing our operational excellence program to provide processes and performance management practices that help ensure consistency, scalability and transparency across our operations.

Through strong employee engagement, disciplined execution and a focus on operational rigor, we aim to strengthen our competitive position and support a sustainable future for our business.

• Focus on Sustainability.

We view sustainability and 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:

Sustainability and ESG principles are embedded in our culture and core values.

We drive continuous improvement across the four pillars 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 approach extends beyond environmental stewardship to include supporting our employees and the communities in which we operate.

We continually enhance our products and processes to create positive impact, and we work to integrate sustainability into our decision‑making and all aspects of our operations.

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, 2024 as follows:

We report the results of our continuing operations in two segments, which had net sales and operating profit for the year ended December 31, 2025 as follows:

Packaging (net sales:

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operating profit:

$68.1 million), Aerospace (net sales:

$294.2 million;

operating profit:

$68.1 million) and Specialty Products (net sales:

$110.2 million;

operating loss:

operating profit:

$4.2 million).

For information pertaining to the net sales and operating profit attributed to our segments, refer to Note 20, " Segment Information ," included in Item 8, " Financial Statements and Supplementary Data ," within this Form 10-K.

For additional information pertaining to our segments, refer to Note 21, " Segment Information ," included in Item 8, " Financial Statements and Supplementary Data ," within this Form 10-K.

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

Packaging (83% of 2025 net sales)

We believe the TriMas Packaging group 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 (beauty & personal care, food & beverage, and home care), life science 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, hand soap and sanitizer pumps, beverage dispensers, perfume sprayers and trigger sprayers), polymeric and steel caps and closures (including food lids, flip-top closures, child resistant 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 & personal care, home care, food & beverage and industrial end markets.

TriMas Packaging also manufactures airless dispensers for pharmaceutical applications, polymerase chain reaction (PCR) test kits for blood testing applications, components for vascular delivery and blood testing, and child resistant closures and containers, as part of its growing presence serving the life sciences end markets.

In February 2023, we acquired Aarts Packaging B.V.

("Aarts"), a well-established, innovative luxury packaging solutions provider for prestigious beauty and lifestyle brands, located in the Netherlands.

This acquisition expanded TriMas Packaging's presence in beauty applications, a desirable end market, adding a variety of cosmetic dispenser closures, beauty packaging design solutions and highly-automated injection molding machines with robotic production and finishing capabilities including decorative metallization.

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

• Strong Product Innovation .

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 TriMas Center of Excellence, located near New Delhi, India, to enhance our technical innovation and development.

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

For example, TriMas Packaging's product development programs have provided innovative and proprietary product solutions, such as a range of fully-recyclable, polymeric Singolo TM pumps, made from a single material making it fully recyclable without compromising quality, aesthetics, performance or formula compatibility, and comes in a variety of dosing options.

We have also expanded the offering to include a full-plastic foamer, as well as a recyclable small dosage pump for treatment and liquid foundation applications.

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.

Other innovative offerings include a line of certified flame mitigation closures, as well as our 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 also continues to service a variety of clients delivering high precision, innovative medical and wellness offerings;

these products enable care to a scope of individuals within a range of medical testing and diagnostics.

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, 42 patents were filed and 81 patents were issued in 2024, 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.

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 our customers' containers.

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

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

• Global Manufacturing Footprint.

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

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.

Our customers, including larger consumer products customers, often desire supply and manufacturing capabilities within their primary geographical end markets which results in more efficient supply chains, reduced carbon footprint and enhanced sustainability.

To support these initiatives, we operate a newer, highly-automated facility in New Albany, Ohio, which began production in 2022.

This facility enables TriMas Packaging to shift production of a variety of products currently manufactured outside of the United States closer to our customers, and supports new business growth closer to our customers in North America, as needed.

During 2023, as a result of temporal, but significant industry-wide destocking and resulting demand softness, TriMas Packaging took proactive actions to optimize its manufacturing footprint and better position its business to capture future operating leverage gains.

As a result of its flexible manufacturing footprint, TriMas Packaging was able to close a leased manufacturing facility in Rohnert Park, California, and reposition all of the production assets to other U.S.

production facilities, announce the exit of a leased warehouse in Irwindale, California, and consolidate two manufacturing facilities located in China into one new facility which has provided improved efficiencies and positioned the business better for growth in the region.

In addition to our locations in China, we also have design and manufacturing capacity and offer highly-engineered dispensing solutions through locations in India and Vietnam, and have increased our Asian market sales coverage.

Our acquisitions of Affaba & Ferrari, Taplast, Aarts Packaging and Plastic Srl have provided us with additional sales, design and manufacturing capacity in Europe, with additional manufacturing facilities in the Netherlands, Italy and Slovakia.

In addition, we have expanded our capabilities into South America, opening our first warehouse in Brazil in 2022, with local sales, marketing, technical, laboratory and supply chain teams supporting our customers in the region.

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.

We believe TriMas Packaging is a leading designer, developer and manufacturer of specialty, highly engineered polymeric and steel closure and dispensing systems serving a broad range of end markets, including consumer packaging (beauty and personal care, food and beverage, and home care), as well as life sciences and industrial applications.

We produce high‑performance, value‑added products designed to enhance our customers’ ability to store, transport, process and dispense their products.

Our Packaging group has been built through the acquisitions of several businesses offering dispensing, closure and flexible packaging solutions, including Rieke®, Affaba & Ferrari™, Taplast™, Rapak® and Aarts Packaging™, along with Intertech™ and Omega Plastics™, which provide life sciences–focused products.

These operations are now aligned under the TriMas Packaging and TriMas Life Sciences brands within our Packaging segment.

Our product offerings include dispensing systems, such as foaming pumps, lotion, hand soap and sanitizer pumps, beverage dispensers, perfume sprayers and trigger sprayers, along with polymeric and steel caps and closures, including food lids, flip‑top closures, child‑resistant caps, drum and pail closures, and flexible spouts.

We also manufacture polymeric jar products and fully integrated dispensers for fill‑ready, flexible bag‑in‑box applications.

In addition, we produce airless dispensers for pharmaceutical applications, polymerase chain reaction (PCR) test kits for blood‑testing uses, components for vascular delivery and blood testing, and child‑resistant closures and containers as part of our expanding presence in the life sciences end markets.

We support our global customer base through a worldwide network of sales, manufacturing and distribution sites.

With the capability to manufacture most products in North America, Europe and Asia, we align production locations with customer needs, timing, cost and available capacity.

Most of our facilities operate advanced injection‑molding and automated, high‑speed assembly equipment for precision‑engineered dispensing and closure components.

Our customers, including large consumer products companies, often prefer supply and manufacturing within their primary geographic markets to support more efficient supply chains, reduce carbon footprint and enhance sustainability.

We believe TriMas Packaging’s flexible, global footprint allows us to meet these requirements effectively while providing alternatives that help mitigate potential trade disruptions.

TriMas Packaging drives innovation through a focused approach to developing highly engineered, customer‑specific solutions across dispensing, closure and life sciences applications.

We maintain a steady pipeline of new products and design enhancements aimed at improving performance, aesthetics and manufacturability, while advancing more sustainable alternatives that reduce material usage and support recyclability.

A significant portion of our products are custom‑designed and engineered to meet customer‑specific technical, branding and sustainability requirements, helping distinguish their products in the marketplace.

Customization of specialty caps, closures and dispensers, including unique colors, sizes, branding elements and performance features, can help drive customer loyalty.

Our innovation efforts include proprietary technologies and processes across a range of dispensing systems, closures and medical components.

TriMas Packaging also continues to build a strong intellectual property portfolio, with numerous issued patents each year and additional patent applications pending.

Marketing, Customers and Distribution

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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 quick-service restaurants.

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’s end customers span a broad range of markets, including 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 supply products for applications used by warehouse clubs, e‑retailers and quick‑service restaurants.

Our products may be sold directly to end customers or provided through filling and packaging intermediaries when specified by the end customer.

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

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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 (soon to be part of Amcor), Comar, Greif, Mold-Rite, Phoenix Closures, Silgan, Technocraft and other smaller private companies located in Asia.

Aerospace (32% of 2024 net sales)

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

Specialty Products (17% of 2025 net sales)

At the start of 2025, our Specialty Products segment included the Norris Cylinder and Arrow Engine businesses.

On January 31, 2025, we closed the previously announced divestiture of the Arrow Engine business, marking our exit from direct participation in the oil and gas end market.

TriMas' Norris Cylinder business is a leading designer, manufacturer and distributor of highly-engineered, large, intermediate and small-sized, high and low-pressure Type 1 steel cylinders used in the transportation, storage and dispensing of packaged and compressed gases.

Norris Cylinder's large, high-pressure seamless cylinders are used primarily for shipping, storing and dispensing oxygen, nitrogen, argon, helium and other compressed gases serving industrial, health care and defense end markets.

In addition, Norris Cylinder offers a complete line of steel cylinders for containing and dispensing acetylene gas used in the heating, ventilation and air conditioning (HVAC) and construction end markets.

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.

With more than 70 years of experience, Norris Cylinder is one of the world's largest manufacturers of high- and low-pressure forged steel cylinders, and the only manufacturer of forged Type 1 steel cylinders that remains 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.

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

While there are other manufacturers of steel cylinders globally, the installation of Type 1 steel cylinder manufacturing processes and adding new capacity is a lengthy and costly investment.

Marketing, Customers and Distribution

The customers of our Specialty Products segment operate in the broader industrial end markets, including manufacturing, construction and welding, fire suppression and oxygen applications.

Given the wide range of applications for many of our products, we rely upon a combination of a direct sales force and an established network of distributors familiar with the end-users.

Our primary customers include industrial gas producers and distributors, welding equipment distributors, equipment manufacturers and the Department of Defense.

Our Specialty Products manufacturing facilities are in the United States.

Norris Cylinder's competitors include Beijing Tianhai Industry Co., ENK Co., Everest Kanto Cylinder, Faber, MAT S/A Gas Cylinders and Zhejiang Jindun Pressure Vessel Co., which are all non-U.S.

companies, among others.

Norris Cylinder is the only remaining high-pressure, Type 1 forged steel cylinder manufacturer in the United States.

We believe the TriMas Aerospace group 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, formed metal components and assemblies, and other highly-engineered machined parts and components, for use in focused markets within the aerospace and defense industry.

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

We provide products for commercial and regional jets, business jets, helicopters, and general aviation, as well as military, defense and space applications and platforms with sales to OEMs, supply chain distributors, maintenance, repair and overhaul (MRO) and aftermarket providers, and Tier One suppliers.

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

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

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

We provide products for commercial and regional jets, business jet, helicopters, and general aviation, as well as military, defense and space applications and platforms with sales to OEMs, supply chain distributors, maintenance, repair and overhaul (MRO) and aftermarket providers, and Tier One suppliers.

Our customer-specified and/or qualified products are used in production of significant long-term aircraft programs, including most 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, formed and welded metal, and other complex machine-to-print parts for aerospace applications, including auxiliary power units and electrical, hydraulic and pneumatic systems.

In February 2025, we announced the completion of the acquisition of the aerospace business of GMT Gummi-Metall-Technik GmbH (“GMT Aerospace”), a Germany-based leading developer and manufacturer of tie-rods and rubber-metal anti-vibration products for both commercial and military aerospace applications.

In April 2023, we acquired the operating assets of Weldmac Manufacturing Company ("Weldmac"), a leading designer and manufacturer of high-performance, complex metal fabricated components and assemblies for the aerospace, defense and space launch end markets.

Offering numerous AS9100D and National Aerospace and Defense Contractors Accreditation Program (NADCAP) certified manufacturing services, Weldmac's comprehensive processes include welding, stamping, punching, hydroforming, forging, laser cutting, custom tooling and machining, as well as advanced quality control inspections and complex assembly utilizing a variety of metals.

Competitive Strengths

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

• Broad Product Portfolio of Established Brands .

We believe that TriMas Aerospace is a leading designer, developer and manufacturer of a broad range of engineered fasteners for the aerospace industry, as well as other complex formed metal, ducting and machined components.

The combination of the Monogram Aerospace Fasteners ("Monogram"), Allfast Fastening Systems ("Allfast"), Mac Fasteners and TFI Aerospace ("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, Mac Fasteners and TFI brands uniquely position us to benefit from platform-wide supply opportunities.

In addition, RSA Engineered Products ("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.

Weldmac manufactures formed and welded complex metal components for various high and low temperature applications on aircraft.

Martinic Engineering ("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 many of the largest global airplane OEMs, either directly or through a critical distribution network.

• Product Innovation.

We believe that TriMas Aerospace's engineering, research and development capability and new product focus are competitive advantages.

For many years, TriMas Aerospace's product development programs have provided innovative and proprietary product solutions.

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

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

As an example, TriMas Aerospace has developed new fastener products that offer a flush break upon installation, streamlining the installation process, and continues to develop other fastener designs offering improved installation and use on composite structure applications.

One of our more recent product innovations, the Composi-Lok4 ® fastener, provides installed weight savings helping to improve fuel efficiency, and further contributing to our sustainability objectives for TriMas and our customers.

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

In addition to the new product introductions, TriMas Aerospace continues to focus on expanding its fastener offerings for the product applications on current aircraft, with expansion of collar product families used in traditional two-sided assembly.

We believe our customer-focused approach to provide cost-effective technical solutions will drive the development of new products and create new growth opportunities.

• Leading Manufacturing Capabilities and Processes.

We believe that TriMas Aerospace is a leading manufacturer of precision-engineered components for the aerospace industry.

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 computer numerical controlled ("CNC") milling, high performance CNC turning and assembly, metal forming and welding, 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.

Key certifications in TriMas Aerospace include:

AS9100:2009 Revision D;

ISO9001:2008;

and NADCAP for non-destructive testing, heat treatment, wet processes and materials testing.

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

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

We believe TriMas Aerospace's manufacturing processes, capabilities and quality focus create a competitive strength for the business.

Our Aerospace brands include Monogram Aerospace Fasteners ® , Allfast ® Fastening Systems, Mac Fasteners™, RSA Engineered Products™, Weldmac Manufacturing Company™, Martinic Engineering™ and TFI Aerospace™, all of which make up the TriMas Aerospace™ group.

In February 2025, we announced the completion of the acquisition of the aerospace business of GMT Gummi-Metall-Technik GmbH (which is now known as "TriMas Aerospace Germany"), a leading developer and manufacturer of tie-rods and rubber-metal anti-vibration products for both commercial and military aerospace applications.

On November 4, 2025, we entered into the Purchase Agreement with the Purchaser to sell TriMas Aerospace.

The purchase price for the sale of TriMas Aerospace consists of approximately $1.45 billion in cash, subject to customary adjustments.

The sale is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary and other closing conditions.

As a result, the financial results of our Aerospace segment are presented as assets held for sale for all periods presented in the financial statements included in this Annual Report on Form 10-K.

Marketing, Customers and Distribution

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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 Canada.

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

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

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We believe that we are a leader in one-sided installation (OSI), or blind bolt, applications with significant market share in all blind fastener product categories in which we compete.

Specialty Products (13% of 2024 net sales)

During 2024, our Specialty Products segment was 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, large, intermediate and small size, high and low-pressure Type 1 steel cylinders for the transportation, storage and dispensing of packaged and compressed gases.

Norris Cylinder's large high-pressure seamless gas cylinders are used principally for shipping, storing and dispensing oxygen, nitrogen, argon, helium and other compressed gases for use in industrial, heath care and defense end markets.

In addition, Norris Cylinder offers a complete line of steel cylinders used to contain and dispense acetylene gas for the heating, ventilation and air conditioning (HVAC) and construction end markets.

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 engines, typically used in remote applications such as for oil field pump jacks, compressors and replacement parts, which are engineered for use in oil and natural gas production and other industrial markets.

Arrow Engine distributes its products through a worldwide distribution network, primarily focused in the United States and Canada.

Arrow Engine manufactures its own engine line and also offers a wide variety of spare parts for various industrial engines not manufactured by Arrow Engine.

On January 31, 2025, we announced the successful completion of the previously announced sale of the Arrow Engine business, facilitating an exit of our direct presence in the oil and gas end market.

Competitive Strengths

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

• Leading Market Position and Strong Brand Name .

With more than 70 years of experience, Norris Cylinder is one of the worlds' largest manufacturers of high- and low-pressure forged steel cylinders, and the only manufacturer of forged Type 1 steel cylinders that remains in the United States.

• Comprehensive Product Offering .

We believe our businesses within Specialty Products, particularly Norris Cylinder, offer comprehensive product offerings 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.

Additionally, Norris Cylinder offers a wide range of coating options for its customers, which are often used as bespoke branding indicators for each of Norris Cylinder's larger customers.

• Established and Extensive Distribution Channels .

Our Specialty Products businesses, particularly our Norris Cylinder business, have long-standing customer relationships, including important qualifications, and distributes directly to major companies, as well as distributing to domestic buying groups, OEMs, medium and small independent companies, the Department of Defense, and independent distributors.

Our long-standing supply position in these well-established networks 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 hot and cold forging and metalworking pieces of equipment and processes.

While there are other manufacturers of steel cylinders globally, the installation of Type 1 steel cylinder manufacturing processes and adding new capacity tends to be a lengthy process and a very costly investment to implement.

We believe that in periods of high demand, such as what was experienced in 2021 through the majority of 2023, Norris Cylinder's installed and fixed capacity and manufacturing presence in the United States provides an advantage when compared to non-U.S.

suppliers that from time to time deal with logistic constraints.

In periods of unusually low demand, such as what was experienced in 2024, the fixed investment capacity can face cost-flexing challenges.

Marketing, Customers and Distribution

The customers of our Specialty Products segment, predominantly our Norris Cylinder business, operate in the broader industrial end markets, including manufacturing, construction and welding, fire suppression and oxygen applications.

Given the wide range of applications for many of our products, we rely upon a combination of a direct sales force and an established network of distributors familiar with the end-users.

Our primary customers include industrial gas producers and distributors, welding equipment distributors, equipment manufacturers and the Department of Defense.

Our Specialty Products manufacturing facilities are located in the United States.

Norris Cylinder's competitors include Beijing Tianhai Industry Co., ENK Co., Everest Kanto Cylinder, Faber, MAT S/A Gas Cylinders and Zhejiang Jindun Pressure Vessel Co., which are all non-U.S.

companies, among others.

Norris Cylinder is the only remaining high pressure, Type 1 forged steel cylinder manufacturer in the United States.

TriMas' Acquisition Strategy

TriMas views the pursuit of strategic bolt-on 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 acquisitions annually as part of our capital allocation strategy.

TriMas' acquisition priorities are to build out our Packaging platform, which comprised 55% o f our consolidated net sales in 2024, with a focus on expanding in the beauty, food & beverage, and life sciences end markets, as well as to explore unique, strategic opportunities to build out our Aerospace platform, with a priority on expanding in fastener, fitting and latch applications.

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.

Between 2019 and 2024, TriMas completed ten acquisitions and one divestiture.

We believe these moves will better shape our presence in higher growth end markets, improve our overall portfolio by building out our two highest growth platforms and augment long-term core growth.

Strategic acquisitions are a core component of TriMas’ long-term growth strategy and a key lever to complement our organic growth initiatives.

With a strong free cash flow profile and a relatively low level of debt, we believe TriMas is well-positioned to consistently pursue acquisitions as part of our disciplined capital allocation approach.

If the planned sale of TriMas Aerospace is consummated, we expect to receive approximately $1.2 billion in net after-tax cash proceeds.

A portion of these proceeds is expected to be deployed toward strategic acquisitions, and we have established a Strategic Investment Committee to rigorously evaluate potential acquisition opportunities, along with other uses of capital, to ensure alignment with our long-term objectives.

We expect TriMas' acquisition priorities to be centered on further expanding our presence in attractive, higher-growth, higher-margin end markets within our Packaging platform, including life sciences.

We typically target businesses and product lines that enhance and elevate our existing offerings, broaden our customer base, strengthen our geographic footprint and unlock scale and cost efficiencies.

We believe a disciplined approach to portfolio management will continue to strengthen our competitive position and support sustainable, long-term value creation as we deploy capital thoughtfully and strategically.

Materials and Supply Arrangements

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

Changing global dynamics for steel may continue to present challenges in supply or pricing for 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.

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Human Capital Resources

As of December 31, 2024, we employed approximately 3,900 people, of which 44% were located outside the United States.

As of December 31, 2025, including our Aerospace business, we employed approximately 3,700 people, of which 41% 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 13% of our U.S.

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Commitment to Safety

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.

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, 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.

The health and safety of our employees, contractors and others who conduct business on our behalf is a fundamental priority for TriMas and integral to the way we operate.

Our commitment to safety is driven by leadership and reinforced throughout the organization, and it is formally articulated in our Environmental, Health & Safety (EHS) Policy, which establishes clear standards and expectations across our operations.

We believe that maintaining a safe and secure workplace is essential to operational excellence and long-term success.

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

We actively engage employees in our health and safety efforts by identifying opportunities to reduce risk, improve safety performance, and strengthen our safety culture.

This includes providing regular training and maintaining comprehensive safety programs focused on hazard identification, risk mitigation, and the prevention of workplace injuries.

Employee Engagement

At TriMas, a commitment to continuous improvement is one of our core values and imperative to our long-term success.

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, for the past four years, 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.

At TriMas, a commitment to continuous improvement is a core value and a critical driver of our long-term success.

We promote a culture of employee engagement and operational excellence by leveraging continuous improvement principles, including Kaizen, to drive performance and accountability across the organization.

We value employee feedback as an essential input to improving our workplace and business results.

For the past five years, we have conducted global employee engagement surveys to better understand employee perspectives and identify opportunities for improvement.

Building on this feedback, leaders and managers actively engage with their teams to discuss results, develop action plans and track progress.

Through these ongoing efforts, we continue to strengthen engagement, enhance performance and foster a culture of continuous improvement across TriMas.

Workplace Belonging

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Talent Development

We believe that a talented, engaged and dynamic workforce is vital to our success.

We seek to hire, develop and retain individuals who embrace and thrive in our culture.

Our culture is grounded in our values:

Integrity, Customer-focused, Teamwork, Results-driven and Continuous Improvement.

Our businesses strive to build robust talent pipelines through targeted recruitment initiatives across our global footprint.

Our programs are intended to ensure seamless onboarding for our new employees.

We identify and nurture talent through a culture that is designed to enable employees to succeed and grow into leadership positions.

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

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).

At these times, employees receive candid feedback on their performance against set objectives.

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

We believe that a talented, engaged and dynamic workforce is essential to TriMas' long-term success.

We seek to attract, develop and retain individuals who thrive in our culture and are aligned with our values:

Safety First, Integrity, Accountability, Customer-focused, Teamwork, Results-driven and Continuous Improvement.

Across our global footprint, our businesses strive to build robust talent pipelines through targeted recruitment efforts and structured onboarding programs designed to support new employees as they join the organization.

We are committed to developing talent through a culture that enables employees to perform, grow and progress into leadership roles.

We believe the organizational structure provides employees with a wide range of opportunities to build skills, pursue different career paths and advance their professional development.

We also maintain a strong focus on continuous improvement and operational excellence by fostering regular performance feedback and development discussions.

Throughout the year, employees participate in goal alignment, performance, and career development conversations with their managers, including annual goal setting as well as mid‑year and year‑end performance and talent reviews.

These discussions provide candid feedback on performance against objectives, identify strengths and development opportunities, and support ongoing growth and progression within the organization.

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.

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Other environmental laws and regulations require obtaining and complying with environmental permits.

To date, costs of complying with environmental, health and safety requirements have not been material.

However, the nature of our operations and our long history of industrial activities at certain of our current or former facilities, as well as those acquired, could potentially result in material environmental liabilities.

The nature of our operations and our long history of industrial activities at certain of our current or former facilities, as well as those acquired, could potentially result in material environmental liabilities.

For further information on our environmental liabilities, see Note 16, " Commitments and Contingencies ," to our consolidated financial statements in "Item 8.

Financial Statements and Supplementary Data" within this Annual Report on Form 10-K.

Current environmental laws and regulations have not had a material impact on our business, capital expenditures or financial position.

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International Operations

Of our net sales for the year ended December 31, 2024, 25.1% were derived from sales by our businesses located outside of the United States, and 34.2% of our long-lived assets as of December 31, 2024 were located outside of the United States.

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

On a continuing operations basis, of our net sales for the year ended December 31, 2025, 36.8% were derived from sales by our businesses located outside of the United States, and 47.6% of our long-lived assets as of December 31, 2025 were located outside of the United States.

We operate manufacturing facilities in China, Germany, India, Italy, Mexico, the Netherlands, 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 $12.9 million of export sales from the United States.

Website Access to Company Reports

We use our corporate website, www.trimas.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 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.

All such postings and filings are available under our Investors section of the website free of charge.

The SEC also maintains a website, www.sec.gov, that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

The content on any website referred to in this Annual Report on Form 10-K is not incorporated by reference into this Annual Report on Form 10-K unless expressly noted.

Available Information

We routinely use our corporate website, www.trimas.com, as a channel for the public dissemination of important company information, including press releases, investor presentations, links to our businesses’ websites and information related to our commitment to sustainability, as reflected in our Sustainability Reports.

Our website also provides access to financial and investor‑related information.

We make available, free of charge, copies of our annual, quarterly and current reports on Forms 10‑K, 10‑Q and 8‑K, along with proxy statements and any amendments to such reports, as soon as reasonably practicable after these materials are electronically filed with, or furnished to, the SEC.

These materials are accessible through the Investors section of our website.

The SEC also maintains a website at www.sec.gov, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

The content of any website referenced in this Annual Report on Form 10‑K is not incorporated by reference into this Annual Report on Form 10‑K unless expressly noted.

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