June 11, 2010 (FinancialWire) — TriMas Corp. (NASDAQ: TRS) , a manufacturer of engineered and applied products, said that its Norris Cylinder subsidiary has acquired certain assets related to Taylor-Wharton International's high and low-pressure cylinder business for the purchase price of $11 million of cash.

The purchase price remains subject to a net working capital adjustment, if any, to be finalized within 90 days.

Norris Cylinder entered into a purchase agreement on April 30, 2010 to purchase these cylinder assets pending approval by the court overseeing TWI's bankruptcy filing, which was finalized June 9, 2010.

As part of the transaction, the company acquired a Huntsville, Alabama facility, which generated 2009 revenues of around $17 million. The Huntsville operation, formerly known as Coyne Cylinder, manufactures acetylene cylinders, small and intermediate high-pressure EN and ISO 200-bar cylinders, and specialty cylinders including gas sampling/lecture bottles, inflation and aviation cylinders and nickel cylinders.

David Wathen, CEO of TriMas, said, "This acquisition, which is consistent with our bolt-on strategy, affords us access to new and expanded  products to better service and meet our customers' needs.”

He said that incorporating this business into the TriMas operating model will allow the company to leverage the manufacturing capabilities of the Huntsville facility and realize other operating efficiencies.

Michigan-based TriMas provides engineered and applied products. Its business segments include Packaging, Energy, Aerospace & Defense, Engineered Components and Cequent.

TriMas has around 3,900 employees at more than 60 different facilities in 11 countries.

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