TriMas Corporation's Cequent Group acquires Chem-Chrome, Inc.
12-Jun-2003
TriMas Corporation announced today that its Cequent transportation Accessories Group has acquired Chem-chrome, Inc., a provider of zinc plating services. Chem-Chrome is headquartered in Schofield, Wis. and has been a longtime processor for Cequent's Trailer Products division. Financial terms were not disclosed.
"This is a logical and immediately accretive acquisition for our Cequent operating group," said Grant Beard, TriMas president and CEO. "With our recent acquisition of HammerBlow Corporation, the purchase of Chem-Chrome became an easy decision. Cequent will be able to achieve significantly higher utilization and productivity rates at the Chem-Chrome plant as a result of moving substantially all of our zinc plating requirements to this now captive facility. This anticipated improvement in asset utilization and productivity makes the economics of this transaction particularly appealing."
The acquired Chem-Chrome assets will be integrated into Cequent's Trailer Products operations in central Wisconsin.
"Chem-Chrome's zinc plating operations have long been a critical part of the total manufacturing process for our Trailer Products division," said Scott Hazlett, Cequent president. "Having purchased HammerBlow Corporation earlier this year, the product mix and aggregate volumes made a compelling case to bring this process in-house. We are excited to now own and control this important piece of the manufacturing value chain and look forward to quickly integrating the Chem-Chrome plating assets into our Trailer Products business."
Plymouth, Mich.-based Cequent, a TriMas company, is an operating group that is a leading designer, manufacturer and marketer of a broad range of accessories for light trucks, sport utility vehicles, recreational vehicles, passenger cars and trailers of all types. Products include towing and hitch systems, trailer components and accessories, and electrical, brake, cargo- carrying and rack systems. The group consists of five operating units: Cequent Towing Products, Cequent Trailer Products, Cequent Consumer Products, Cequent Electrical Products and Cequent Australia.
Cequent draws upon a 75-year-old heritage of superior towing and trailer brands -- Draw-Tite(R), Reese(R), Fulton(R), Wesbar(R), Bull Dog(R), Crown(R), Eclipse(R), SnowCo(R), Hidden Hitch(R), SurePull(R) and Tekonsha(R). Cequent employs approximately 2,070 associates.
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