By: Dustin Walsh
CRAIN'S DETROIT BUSINESS
March 17, 2014
Bloomfield Hills, Mich.-based manufacturer TriMas Corp. acquired the remaining interest in Arminak & Associates LLC, a manufacturer of cosmetic and household product sprayers and pumps.
TriMas acquired the remaining 30 percent stake for cash and an earn-out clause on March 11. Financial terms of the deal were not disclosed.
The deal completes ownership for TriMas, which acquired the initial 70 percent stake in the Azusa, Calif.-based company for $64 million with an option to buy the remaining stake in February 2012.
Arminak, which supplies foamers, lotion pumps, mist sprayers and other packaging solutions to cosmetic, personal care and household product industries, generated approximately $60 million in revenue in 2011.
Founder and Lebanese civil war refugee Helga Arminak will remain as president of the company.
Arminak is now part of TriMas’ Reike packaging systems business unit based in Auburn, Ind.
TriMas’ packaging unit is its second largest, in revenue, generating $313.2 million of its $1.4 billion total revenue in 2013.