TRIMAS CORPTRS
TRIMAS CORP Segments Disclosure
Segment Information
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The Company defines its segments consistent with how internally reported financial information is regularly reviewed by the chief operating decision maker to analyze financial performance, make decisions, and allocate resources. TriMas reports its operations in two segments: Packaging and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by . The chief operating decision maker uses segment operating profit when assessing segment performance, determining resource and capital allocation and developing the overall strategic direction of the Company. The chief operating decision maker analyzes segment operating profit on a monthly basis by comparing actual results to forecasted and budgeted expectations to assess performance. During the year ended December 31, 2025, the Company updated its key reports used by its chief operating decision maker to include segment operating profit.
See below for more information regarding the types of products and services provided within each reportable segment:
Packaging – TriMas' Packaging business develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion, hand soap and sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (such as food lids, flip-top closures, child resistant caps, beverage closures, fragrance and cosmetic caps, drum and pail closures, and flexible spouts), polymeric jar products, fully integrated dispensers for fill-ready bag-in-box applications, and consumable vascular delivery and diagnostic test components, all for a variety of consumer products submarkets including, but not limited to, beauty and personal care, food and beverage, home care, and life sciences, including, but not limited to, pharmaceutical, nutraceutical, and medical, as well as industrial markets (including agricultural).
Specialty Products – TriMas' Specialty Products segment, which includes the Norris Cylinder business, designs, manufactures and distributes highly-engineered steel cylinders for use within industrial and aerospace markets. On January 31, 2025, the Company completed the divestiture of its Arrow Engine business within its Specialty Products segment. The Arrow Engine business manufactured and distributed natural gas-fired engines for remote power generation applications and compression systems for use within the North American industrial oil and gas markets.
Corporate consists of the corporate office and related corporate activities. Corporate expenses primarily include compensation, benefits, professional services, information technology and other administrative costs. Corporate assets consist primarily of cash and cash equivalents, unallocated deferred tax assets and prepaid assets. Corporate expenses and assets reconcile reportable segment information to the consolidated totals.
Segment activity is as follows (dollars in thousands):
| Packaging | Specialty Products | Total | ||||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||
| Net sales | $ | 535,540 | $ | 110,180 | $ | 645,720 | ||||||||||||||
| Cost of sales | (408,110) | (99,450) | ||||||||||||||||||
| Selling, general and administrative expenses | (58,800) | (6,330) | ||||||||||||||||||
Other segment items (a) | (490) | (210) | ||||||||||||||||||
| Segment operating profit | $ | 68,140 | $ | 4,190 | $ | 72,330 | ||||||||||||||
Corporate (b) | (31,030) | |||||||||||||||||||
| Interest expense | (18,030) | |||||||||||||||||||
| Other income (expense), net | 990 | |||||||||||||||||||
| Income from continuing operations | $ | 24,260 | ||||||||||||||||||
| As of December 31, 2024 | ||||||||||||||||||||
| Net sales | $ | 512,320 | $ | 118,480 | $ | 630,800 | ||||||||||||||
| Cost of sales | (388,670) | (112,590) | ||||||||||||||||||
| Selling, general and administrative expenses | (56,410) | (7,790) | ||||||||||||||||||
Other segment items (c) | 880 | (90) | ||||||||||||||||||
| Segment operating profit | $ | 68,120 | $ | (1,990) | $ | 66,130 | ||||||||||||||
Corporate (d) | (50,960) | |||||||||||||||||||
| Interest expense | (19,560) | |||||||||||||||||||
| Other income (expense), net | 210 | |||||||||||||||||||
| Loss from continuing operations | $ | (4,180) | ||||||||||||||||||
| Packaging | Specialty Products | Total | ||||||||||||||||||
| As of December 31, 2023 | ||||||||||||||||||||
| Net sales | $ | 463,600 | $ | 188,550 | $ | 652,150 | ||||||||||||||
| Cost of sales | (354,560) | (144,290) | ||||||||||||||||||
| Selling, general and administrative expenses | (48,760) | (7,830) | ||||||||||||||||||
Other segment items (a) | (150) | (30) | ||||||||||||||||||
| Segment operating profit | $ | 60,130 | $ | 36,400 | $ | 96,530 | ||||||||||||||
Corporate (e) | (45,870) | |||||||||||||||||||
| Interest expense | (15,920) | |||||||||||||||||||
| Other income (expense), net | 1,110 | |||||||||||||||||||
| Income from continuing operations | $ | 35,850 | ||||||||||||||||||
(a) Other segment items for each reportable segment includes net gain (loss) on dispositions of assets.
(b) Includes $27.8 million of net asbestos-related benefit, $8.3 million of realignment, severance and consulting costs, $6.5 million of environmental remediation charges, $6.3 million of system implementation costs, $5.4 million gain of the sale of Arrow Engine, and $0.6 million of mergers, acquisition, diligence and transaction costs.
(c) Other segment items for each reportable segment includes net gain (loss) on dispositions of assets and impairment of indefinite-lived intangible assets for the Packaging segment.
(d) Includes $5.5 million of asbestos-related expense, $4.7 million of system implementation costs, $3.5 million of realignment, severance and consulting costs, $3.5 million of mergers, acquisition, diligence and transaction costs, and $3.2 million of environmental remediation charges.
(e) Includes $4.2 million of realignment, severance and consulting costs, $2.2 million of mergers, aquisition, diligence and transaction costs, and $0.7 million of system implementation costs.
| Packaging | Specialty Products | Corporate | Total | |||||||||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||||||||
| Capital expenditures | $ | 28,830 | $ | 5,950 | $ | 1,300 | $ | 36,080 | ||||||||||||||||||
| Depreciation and amortization | 34,770 | 3,010 | 430 | 38,210 | ||||||||||||||||||||||
Total assets (a) | 855,080 | 73,890 | 112,660 | 1,041,630 | ||||||||||||||||||||||
| As of December 31, 2024 | ||||||||||||||||||||||||||
| Capital expenditures | 30,860 | 7,100 | 3,040 | 41,000 | ||||||||||||||||||||||
Depreciation and amortization (b) | 34,250 | 12,270 | 220 | 46,740 | ||||||||||||||||||||||
| Total assets | 811,190 | 89,210 | 31,720 | 932,120 | ||||||||||||||||||||||
| As of December 31, 2023 | ||||||||||||||||||||||||||
| Capital expenditures | 29,060 | 10,410 | 100 | 39,570 | ||||||||||||||||||||||
| Depreciation and amortization | 34,170 | 4,130 | 130 | 38,430 | ||||||||||||||||||||||
| Total assets | 830,620 | 92,770 | 25,940 | 949,330 | ||||||||||||||||||||||
(a) Corporate total assets as of December, 31, 2025, includes a $53.9 million deferred tax asset as a result of the planned divestiture of Aerospace and a $34.7 million asbestos-related insurance recovery asset. See Note 22. "Income Taxes," and Note 16, "Commitment and Contingencies," for further details.
(b) Depreciation and amortization for the Specialty Products segment in 2024 includes $8.2 million of accelerated depreciation. See Note 10, "Property and Equipment, Net," for further details.
The following table presents the Company's net sales for each of the years ended December 31 and long-lived assets at each year ended December 31, by geographical area (dollars in thousands).
| As of December 31, | ||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||
| Net Sales | Long-lived Assets | Net Sales | Long-lived Assets | Net Sales | Long-lived Assets | |||||||||||||||||||||||||||||||||
| Non-U.S. | ||||||||||||||||||||||||||||||||||||||
| Europe | $ | 150,460 | $ | 237,020 | $ | 159,000 | $ | 217,110 | $ | 153,110 | $ | 238,640 | ||||||||||||||||||||||||||
| Asia Pacific | 34,760 | 33,460 | 33,770 | 29,550 | 34,240 | 27,000 | ||||||||||||||||||||||||||||||||
| Other Americas | 52,510 | 26,490 | 35,080 | 26,560 | 19,590 | 30,310 | ||||||||||||||||||||||||||||||||
| Total non-U.S. | 237,730 | 296,970 | 227,850 | 273,220 | 206,940 | 295,950 | ||||||||||||||||||||||||||||||||
| Total U.S. | 407,990 | 327,370 | 402,950 | 329,930 | 445,210 | 336,710 | ||||||||||||||||||||||||||||||||
| Total | $ | 645,720 | $ | 624,340 | $ | 630,800 | $ | 603,150 | $ | 652,150 | $ | 632,660 | ||||||||||||||||||||||||||
The Company's export sales from the U.S. approximated $12.9 million, $10.0 million and $27.9 million in 2025, 2024 and 2023, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.