Bloomfield Hills, Mich.-based TriMas Corp. has an agreement to buy Plastic srl, a Forli, Italy-based molder of plastic caps and closures.
The deal is scheduled to close in early 2019. Terms were not disclosed.
Located near Bologna, Italy, Plastic srl is owned by the Muccioli family. It generates about 10 million euros ($12 million) in annual sales, according to TriMas.
"Plastic srl broadens our geographic presence, adds adjacent products and designs to our current product offering, and increases production capability through innovative manufacturing know-how," TriMas President and CEO Thomas Amato said in a news release.
Plastic srl primarily makes single-bodied and assembled caps and closures, including child resistant closures, for home care product applications, such as detergent and household cleaning products. Upon closing, it will become a wholly owned division of TriMas' Rieke Packaging Systems business.
Rieke is based in Auburn, Ind., and makes specialty dispensing systems such as pumps, foamers and sprayers, plus plastic and steel closures, caps, drum and pail enclosures, rings and levers.
Rieke ranked No. 61 in Plastics News' most recent survey of injection molders, with estimated North American plastics sales of $160 million. Its North American molding plants are in Indiana, Arkansas, California and Mexico City.
TriMas is publicly traded on Nasdaq, and had sales of $817.7 million.
