TRIMAS CORP (TRS) Business

Item 1.    Business

Overview

TriMas designs, develops and manufactures a diverse portfolio of products primarily for the consumer products, aerospace and defense, and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. We believe our businesses share important attributes, including: innovative product technologies and features; customer-approved processes and qualified products; demonstrated operating discipline; strong cash generation; long-term growth opportunities; and a commitment to sustainability. Headquartered in Bloomfield Hills, Michigan, TriMas, including our Aerospace operations, has approximately 3,700 employees who serve our customers from 37 manufacturing and support locations in 13 countries.

On November 4, 2025, we entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Takeoff Buyer, Inc. (the “Purchaser”), an affiliate of Tinicum L.P. and funds managed by Blackstone, Inc., to sell TriMas Aerospace. The purchase price for the sale of TriMas Aerospace consists of approximately $1.45 billion in cash, subject to customary adjustments. The sale of TriMas Aerospace is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary and other closing conditions. As a result, the financial results of our Aerospace segment are presented as a discontinued operation and the assets and liabilities have been retrospectively reclassified to assets and liabilities held for sale for all periods presented in the financial statements included in this Annual Report of Form 10-K

During 2025, our net sales from continuing operations were $645.7 million, operating profit from continuing operations was $41.3 million, and net cash provided by operating activities was $117.5 million. Approximately 66% of our 2025 net sales from continuing operations were generated from sales in North America.

Our Competitive Strengths

Our management team believes TriMas benefits from a number of competitive strengths, including:

•Innovative Manufacturing and Product Technologies. We believe our businesses are well-positioned through years of refined manufacturing know-how, innovative product development, application engineering and solutions design. We continue to prioritize investments that enhance and protect our product designs and manufacturing competencies. Our proprietary manufacturing processes, advanced automation and specialized technical capabilities are often difficult and costly to replicate, providing a competitive advantage. TriMas Packaging delivers a consistent pipeline of new and enhanced solutions that improve functionality, aesthetics and sustainability. Our recent product innovations include fully recyclable Singolo™ polymeric pumps made from a single material; an expanded line of all‑plastic foamers and small‑dosage treatment pumps; and tethered caps designed to improve recyclability. Additional offerings include certified flame‑mitigation closures and patent‑pending child‑resistant closures engineered with less plastic to reduce environmental impact without compromising performance. We also continue to support customers in medical and wellness markets with high‑precision, technically advanced components used in testing, diagnostics and treatment applications. TriMas Packaging’s emphasis on engineering excellence and intellectual property protection has resulted in a growing global patent portfolio, with 27 patents filed and 18 issued in 2025.

•Long-Term Customer Relationships and Customer-Focused Solutions. We believe that TriMas has long‑standing relationships with many of the world’s leading consumer, industrial and life sciences companies, supported by product lines and businesses that customers have relied on for decades. Rieke®, part of our Packaging group, for example, has operated for more than a century, while Norris Cylinder™, with over 70 years of experience, is a large manufacturer of high‑ and low‑pressure cylinders. Across key product categories, we serve as an integral supplier, providing the technical expertise, reliability and innovation our customers depend on for product launches and ongoing programs. We collaborate closely with customers throughout the design, development and production life cycle to deliver solutions that meet evolving technical, marketing and sustainability requirements. A significant portion of our offerings are customized, including specialty caps, closures and dispensing solutions featuring tailored colors, collar sizes, venting, lining and precision‑metering options. Investments in high‑quality multi‑color printing, advanced application engineering and flexible manufacturing cells further enable us to support short lead times for high‑volume products as well as customized solutions for moderate‑volume orders.

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•Global Manufacturing Footprint. TriMas operates a global network of sales, manufacturing and distribution sites that enables us to efficiently serve our worldwide customer base. Our Packaging facilities feature advanced injection molding and high‑speed automated assembly environments that support the production of precision‑engineered dispensing and closure products, and can include certified clean‑rooms for product applications requiring controlled manufacturing conditions. Our broad footprint allows us to manufacture closer to key customers, supporting more efficient supply chains, faster lead times and reduced transportation‑related emissions. We believe this network also provides flexibility to shift production as needed, helping us respond to changing market conditions, optimize capacity and mitigate potential supply chain disruptions. In addition to our Packaging operations, our Specialty Products business maintains important manufacturing capabilities through its strategically located U.S. facilities. Across the organization, we continue to optimize and realign portions of our footprint to improve efficiency, expand capabilities in key regions and position the business for long‑term growth. We believe our flexible global network, supported by technical, commercial and supply chain resources, enables us to reliably meet customer requirements and support sustainable growth across our markets.

•Experienced Management Team. TriMas is led by an experienced management team with deep industry, product and process expertise across our businesses. Our leaders bring decades of relevant experience and are focused on driving continuous improvement, operational excellence and long‑term shareholder value. Management incentives are aligned with Company performance through short‑ and long‑term compensation programs and stock ownership requirements. In 2025, we added to our leadership team by bringing on a President and Chief Executive Officer with extensive packaging industry experience, and the return of a Chief Financial Officer with two decades of finance and accounting experience at TriMas.

Our Strategy

Guided by our experienced management team, we are focused on the following components that comprise our overall strategy:

•Invest in Organic Growth and Innovation. We invest in organic growth in our most attractive end markets, focusing on opportunities with strong long‑term return potential. Our strategy includes expanding our product portfolio for existing and new customers, entering additional geographic regions and introducing innovative solutions that address customer needs and challenges. Beyond product innovation, we emphasize process innovation and manufacturing know‑how to enhance quality, accelerate development and commercialization, improve sustainability and strengthen our overall competitiveness. These efforts support deeper customer relationships, higher satisfaction and sustained business growth.

•Enhance Growth with Strategic Acquisitions. We intend to complement our organic growth with disciplined, strategic acquisitions. With our strong balance sheet, modest leverage and solid cash generation, TriMas is well‑positioned to pursue acquisitions that strengthen and expand our Packaging platform, which represented 83% of net sales from continuing operations in 2025. Our acquisition approach focuses on adjacent product lines that broaden and elevate our portfolio, provide access to new customers and end markets, expand our geographic reach, and create scale or cost efficiencies. If the planned sale of TriMas Aerospace is consummated, we expect to receive net cash proceeds of approximately $1.2 billion. We plan to use a portion of the anticipated proceeds from the sale for acquisitions, with a focus on expanding further into attractive packaging and life sciences opportunities. We have established the Strategic Investment Committee (the “Committee”) to evaluate potential opportunities and other strategic uses of the funds.

•Advance a One‑Company Operating Model. Following the planned sale of TriMas Aerospace and our increased focus on our Packaging group, we are advancing a unified operating model across the enterprise. As we integrate our previously acquired businesses, we are leveraging the best capabilities and practices from each to operate as one coordinated organization. We are standardizing processes, implementing common operating and performance management practices and centralizing key functions where appropriate to improve alignment, consistency and scalability. Integrated systems and a single source of data will further enhance transparency, decision‑making and operational discipline. In addition, by aligning our people, tools and processes, we can better anticipate customer needs, accelerate innovation and deliver an improved customer experience.

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•Foster a Culture of Operational Excellence and Continuous Improvement. We believe operational excellence is fundamental to delivering consistent performance and long‑term value. Our global workforce plays a central role in this effort, and we are committed to maintaining a safe, inclusive and high‑performance environment that supports continuous learning and accountability. We drive continuous improvement by empowering employees to identify opportunities to enhance efficiency, quality, cost and reliability. We are enhancing our operational excellence program to provide processes and performance management practices that help ensure consistency, scalability and transparency across our operations. Through strong employee engagement, disciplined execution and a focus on operational rigor, we aim to strengthen our competitive position and support a sustainable future for our business.

•Focus on Sustainability. Sustainability and ESG principles are embedded in our culture and core values. We drive continuous improvement across the four pillars of our sustainability strategy: Governance & Ethics, People, Environment and Products. Our approach extends beyond environmental stewardship to include supporting our employees and the communities in which we operate. We continually enhance our products and processes to create positive impact, and we work to integrate sustainability into our decision‑making and all aspects of our operations.

Our Businesses

We report the results of our continuing operations in two segments, which had net sales and operating profit for the year ended December 31, 2025 as follows: Packaging (net sales: $535.5 million; operating profit: $68.1 million) and Specialty Products (net sales: $110.2 million; operating profit: $4.2 million). For additional information pertaining to our segments, refer to Note 21, "Segment Information," included in Item 8, "Financial Statements and Supplementary Data," within this Form 10-K.

Each of our segments is described in more detail on the following pages.

Packaging (83% of 2025 net sales)

We believe TriMas Packaging is a leading designer, developer and manufacturer of specialty, highly engineered polymeric and steel closure and dispensing systems serving a broad range of end markets, including consumer packaging (beauty and personal care, food and beverage, and home care), as well as life sciences and industrial applications. We produce high‑performance, value‑added products designed to enhance our customers’ ability to store, transport, process and dispense their products.

Our Packaging group has been built through the acquisitions of several businesses offering dispensing, closure and flexible packaging solutions, including Rieke®, Affaba & Ferrari™, Taplast™, Rapak® and Aarts Packaging™, along with Intertech™ and Omega Plastics™, which provide life sciences–focused products. These operations are now aligned under the TriMas Packaging and TriMas Life Sciences brands within our Packaging segment.

Our product offerings include dispensing systems, such as foaming pumps, lotion, hand soap and sanitizer pumps, beverage dispensers, perfume sprayers and trigger sprayers, along with polymeric and steel caps and closures, including food lids, flip‑top closures, child‑resistant caps, drum and pail closures, and flexible spouts. We also manufacture polymeric jar products and fully integrated dispensers for fill‑ready, flexible bag‑in‑box applications. In addition, we produce airless dispensers for pharmaceutical applications, polymerase chain reaction (PCR) test kits for blood‑testing uses, components for vascular delivery and blood testing, and child‑resistant closures and containers as part of our expanding presence in the life sciences end markets.

We support our global customer base through a worldwide network of sales, manufacturing and distribution sites. With the capability to manufacture most products in North America, Europe and Asia, we align production locations with customer needs, timing, cost and available capacity. Most of our facilities operate advanced injection‑molding and automated, high‑speed assembly equipment for precision‑engineered dispensing and closure components. Our customers, including large consumer products companies, often prefer supply and manufacturing within their primary geographic markets to support more efficient supply chains, reduce carbon footprint and enhance sustainability. We believe TriMas Packaging’s flexible, global footprint allows us to meet these requirements effectively while providing alternatives that help mitigate potential trade disruptions.

TriMas Packaging drives innovation through a focused approach to developing highly engineered, customer‑specific solutions across dispensing, closure and life sciences applications. We maintain a steady pipeline of new products and design enhancements aimed at improving performance, aesthetics and manufacturability, while advancing more sustainable alternatives that reduce material usage and support recyclability. A significant portion of our products are custom‑designed and engineered to meet customer‑specific technical, branding and sustainability requirements, helping distinguish their products in the marketplace. Customization of specialty caps, closures and dispensers, including unique colors, sizes, branding elements and performance features, can help drive customer loyalty. Our innovation efforts include proprietary technologies and processes across a range of dispensing systems, closures and medical components. TriMas Packaging also continues to build a strong intellectual property portfolio, with numerous issued patents each year and additional patent applications pending.

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Marketing, Customers and Distribution

TriMas Packaging accesses its markets through direct sales to customers, as well as through leading distributors, where it has enjoyed favorable, long-standing relationships. We employ commercial teams in North America, South America, Europe and Asia. At times, we also use third-party agents and distributors in our key geographic markets, as well as agents and distributors primarily to sell to container manufacturers and to users or fillers of containers.

TriMas Packaging’s end customers span a broad range of markets, including consumer packaged goods, personal care, beauty and cosmetic, medical, pharmaceutical, nutraceutical, food and beverage, industrial, agricultural, chemical, and cleaning and sanitary supply companies. We also supply products for applications used by warehouse clubs, e‑retailers and quick‑service restaurants. Our products may be sold directly to end customers or provided through filling and packaging intermediaries when specified by the end customer.

TriMas Packaging has manufacturing and support facilities in the United States, Mexico, Brazil, the United Kingdom, the Netherlands, Germany, Italy, Slovakia, China, India, Vietnam and Australia.

Competition

TriMas Packaging has a broad range of products in closure, dispensing and flexible packaging systems, and therefore has various competitors in each of our product offerings. We do not believe that there is a single competitor that matches our entire product offering. Depending on the product and customers served, our competitors include Amcor, Aptar, Bericap, Greif, Mold-Rite, Phoenix Closures, Silgan, Technocraft and other smaller private companies located in Asia.

Specialty Products (17% of 2025 net sales)

At the start of 2025, our Specialty Products segment included the Norris Cylinder and Arrow Engine businesses. On January 31, 2025, we closed the previously announced divestiture of the Arrow Engine business, marking our exit from direct participation in the oil and gas end market.

TriMas' Norris Cylinder business is a leading designer, manufacturer and distributor of highly-engineered, large, intermediate and small-sized, high and low-pressure Type 1 steel cylinders used in the transportation, storage and dispensing of packaged and compressed gases. Norris Cylinder's large, high-pressure seamless cylinders are used primarily for shipping, storing and dispensing oxygen, nitrogen, argon, helium and other compressed gases serving industrial, health care and defense end markets. In addition, Norris Cylinder offers a complete line of steel cylinders for containing and dispensing acetylene gas used in the heating, ventilation and air conditioning (HVAC) and construction end markets. Norris Cylinder's products meet the rigorous standards required by the U.S. Department of Transportation (DOT) or International Standards Organization (ISO), which certifies a cylinder's adequacy to perform in specific applications.

With more than 70 years of experience, Norris Cylinder is one of the world's largest manufacturers of high- and low-pressure forged steel cylinders, and the only manufacturer of forged Type 1 steel cylinders that remains in the United States. In 2021, Norris Cylinder became an official "Made in the USA" designated manufacturer, which we believe allows Norris to locally address customers' needs, while maintaining more control over lead times and quality. We believe that Norris has a reputation for high-quality cylinders used in a variety of applications, including industrial gas, welding and cutting, government, medical, laboratories, food and beverage technology, breathing air, fire protection and aviation.

Our Norris Cylinder business has locations in Longview, Texas, and Huntsville, Alabama, which have numerous hot and cold forging and metalworking pieces of equipment and processes. While there are other manufacturers of steel cylinders globally, the installation of Type 1 steel cylinder manufacturing processes and adding new capacity is a lengthy and costly investment.

Marketing, Customers and Distribution

The customers of our Specialty Products segment operate in the broader industrial end markets, including manufacturing, construction and welding, fire suppression and oxygen applications. Given the wide range of applications for many of our products, we rely upon a combination of a direct sales force and an established network of distributors familiar with the end-users. Our primary customers include industrial gas producers and distributors, welding equipment distributors, equipment manufacturers and the Department of Defense.

Our Specialty Products manufacturing facilities are in the United States.

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Competition

Norris Cylinder's competitors include Beijing Tianhai Industry Co., ENK Co., Everest Kanto Cylinder, Faber, MAT S/A Gas Cylinders and Zhejiang Jindun Pressure Vessel Co., which are all non-U.S. companies, among others. Norris Cylinder is the only remaining high-pressure, Type 1 forged steel cylinder manufacturer in the United States.

Aerospace

We believe the TriMas Aerospace group is a leading designer and manufacturer of a diverse range of products, including, but not limited to, highly-engineered fasteners, collars, blind bolts, rivets, ducting and connectors for air management systems, formed metal components and assemblies, and other highly-engineered machined parts and components, for use in focused markets within the aerospace and defense industry. Many of these products are customer-specific and are manufactured utilizing customer-qualified and proprietary processes. The products also satisfy rigorous customer requirements or meet unique aerospace industry standards, and as such, we believe there are a limited set of competitors.

We provide products for commercial and regional jets, business jets, helicopters, and general aviation, as well as military, defense and space applications and platforms with sales to OEMs, supply chain distributors, maintenance, repair and overhaul (MRO) and aftermarket providers, and Tier One suppliers. Our customer-specified and/or qualified products are used in the production of significant long-term aircraft programs, including most Boeing and Airbus commercial jetliner programs.

We believe our brands are well established and recognized in their markets. Our brands are long-term, certified suppliers of aerospace original equipment manufacturers ("OEMs") or Tier One suppliers, and have been serving the aerospace industry for decades. Our Aerospace brands include Monogram Aerospace Fasteners®, Allfast® Fastening Systems, Mac Fasteners™, RSA Engineered Products™, Weldmac Manufacturing Company™, Martinic Engineering™ and TFI Aerospace™, all of which make up the TriMas Aerospace™ group. In February 2025, we announced the completion of the acquisition of the aerospace business of GMT Gummi-Metall-Technik GmbH (which is now known as "TriMas Aerospace Germany"), a leading developer and manufacturer of tie-rods and rubber-metal anti-vibration products for both commercial and military aerospace applications.

On November 4, 2025, we entered into the Purchase Agreement with the Purchaser to sell TriMas Aerospace. The purchase price for the sale of TriMas Aerospace consists of approximately $1.45 billion in cash, subject to customary adjustments. The sale is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary and other closing conditions. As a result, the financial results of our Aerospace segment are presented as assets held for sale for all periods presented in the financial statements included in this Annual Report on Form 10-K.

Marketing, Customers and Distribution

TriMas Aerospace serves OEM, distribution and aftermarket customers on a wide variety of platforms. Given the focused nature of many of our products, TriMas Aerospace relies upon a global sales and technical team that is knowledgeable of both OEM customers and the established network of independent distributors. Although the markets for fasteners are highly competitive, we provide products and services primarily for specialized applications, and compete principally on technology, quality and service. TriMas Aerospace works directly with aircraft manufacturers to develop and test new products and improve existing products. TriMas Aerospace’s primary customers include OEMs, supply chain distributors, Tier One suppliers and the United States government.

TriMas Aerospace's manufacturing facilities are located in the United States, Canada and Germany. Given the nature of the components TriMas Aerospace manufactures, it can ship products efficiently to Europe, South America and Asia.

Competition

Depending on the product and customers served, our primary competitors include Ateliers de la Haute Garonne, Cherry Aerospace - Precision Castparts Corp., Howmet Aerospace, LISI Aerospace and Senior Aerospace, as well as a variety of aerospace and general industrial machined component manufacturers. We believe that we are a leader in one-sided installation (OSI), or blind bolt, applications with significant market share in all blind fastener product categories in which we compete.

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TriMas' Acquisition Strategy

Strategic acquisitions are a core component of TriMas’ long-term growth strategy and a key lever to complement our organic growth initiatives. With a strong free cash flow profile and a relatively low level of debt, we believe TriMas is well-positioned to consistently pursue acquisitions as part of our disciplined capital allocation approach. If the planned sale of TriMas Aerospace is consummated, we expect to receive approximately $1.2 billion in net after-tax cash proceeds. A portion of these proceeds is expected to be deployed toward strategic acquisitions, and we have established a Strategic Investment Committee to rigorously evaluate potential acquisition opportunities, along with other uses of capital, to ensure alignment with our long-term objectives. We expect TriMas' acquisition priorities to be centered on further expanding our presence in attractive, higher-growth, higher-margin end markets within our Packaging platform, including life sciences. We typically target businesses and product lines that enhance and elevate our existing offerings, broaden our customer base, strengthen our geographic footprint and unlock scale and cost efficiencies. We believe a disciplined approach to portfolio management will continue to strengthen our competitive position and support sustainable, long-term value creation as we deploy capital thoughtfully and strategically.

Materials and Supply Arrangements

Our largest raw material purchases are for resins (such as polypropylene and polyethylene), steel, aluminum and other metal and non-metal-based purchased components. Raw materials and other supplies used in our operations are normally available from a variety of competing suppliers. In addition to raw materials, we purchase a variety of components and finished products from sources in lower-cost countries.

Polypropylene and polyethylene are generally commodity resins with multiple suppliers capable of providing product globally. Steel is purchased primarily from steel mills and service centers, and on a more localized basis. Changing global dynamics for steel may continue to present challenges in supply or pricing for our business.

Historically, we have experienced volatility in costs and availability of our raw material purchases and have worked with our suppliers to manage costs and disruptions in supply. We also utilize pricing programs to pass increased steel, resin and other raw material costs on to customers. Although we may experience delays in our ability to implement price increases related to material costs, we have been generally able to recover such increased costs.

Human Capital Resources

As of December 31, 2025, including our Aerospace business, we employed approximately 3,700 people, of which 41% were located outside the United States. We have one facility, located in Commerce, California, where our hourly employees operate under a collective bargaining agreement, and which represents 13% of our U.S. employees. We have six facilities outside of the United States where our employees are affiliated with work councils, which covers 13% of our non-U.S. employees.

We believe employee relations throughout our organization are positive and we are not aware of any present active union organizing activities at any of our facilities. We cannot predict the impact of any further unionization of our workplace. Our labor agreement with the United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) at our TriMas Aerospace facility in Commerce, California, expired in August 2024, at which time the UAW initiated a strike, which lasted approximately ten weeks. Subsequent to the initiation of the strike by the UAW, we entered into a new three-year collective bargaining agreement which expires in October 2027.

TriMas focuses on several human capital resources objectives in managing its business, including our commitment to health and safety, employee engagement, workplace belonging, and talent development. These human capital resources objectives, taken together, may be material to understanding our business under certain circumstances. These objectives are reinforced by our Code of Conduct, our global policies, including our Global Human Rights Policy, Supplier Code of Conduct, and Environment, Health & Safety Policy, as well as our commitment to sustainability as evidenced by our annual Sustainability Reports.

Commitment to Safety

The health and safety of our employees, contractors and others who conduct business on our behalf is a fundamental priority for TriMas and integral to the way we operate. Our commitment to safety is driven by leadership and reinforced throughout the organization, and it is formally articulated in our Environmental, Health & Safety (EHS) Policy, which establishes clear standards and expectations across our operations. We believe that maintaining a safe and secure workplace is essential to operational excellence and long-term success. TriMas is committed to providing a safe and healthy workplace and to complying with all applicable safety and health laws, regulations and internal requirements. We actively engage employees in our health and safety efforts by identifying opportunities to reduce risk, improve safety performance, and strengthen our safety culture. This includes providing regular training and maintaining comprehensive safety programs focused on hazard identification, risk mitigation, and the prevention of workplace injuries.

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Employee Engagement

At TriMas, a commitment to continuous improvement is a core value and a critical driver of our long-term success. We promote a culture of employee engagement and operational excellence by leveraging continuous improvement principles, including Kaizen, to drive performance and accountability across the organization. We value employee feedback as an essential input to improving our workplace and business results. For the past five years, we have conducted global employee engagement surveys to better understand employee perspectives and identify opportunities for improvement. Building on this feedback, leaders and managers actively engage with their teams to discuss results, develop action plans and track progress. Through these ongoing efforts, we continue to strengthen engagement, enhance performance and foster a culture of continuous improvement across TriMas.

Workplace Belonging

We believe we are at our best when we bring together unique perspectives, experiences and ideas, and actively build inclusive work environments across our global locations. We believe that tapping into our employees' backgrounds and experiences ensures we make better decisions and supports stronger operating performance. Our goal is to foster working environments that are fair and safe, where rights are respected and everyone can achieve their full potential. Our policies and practices strive to assure equal employment and advancement opportunities for all qualified people. We also work to maintain appropriate standards of conduct in the workplace and to be sensitive to the concerns of all of our employees. We strive to maintain workplaces that are free from discrimination or harassment on the basis of race, ethnicity, color, national origin, religion, age, gender, gender identity and expression, genetic information, sexual orientation, protected veteran status, disability or any other characteristic protected by applicable laws.

Talent Development

We believe that a talented, engaged and dynamic workforce is essential to TriMas' long-term success. We seek to attract, develop and retain individuals who thrive in our culture and are aligned with our values: Safety First, Integrity, Accountability, Customer-focused, Teamwork, Results-driven and Continuous Improvement. Across our global footprint, our businesses strive to build robust talent pipelines through targeted recruitment efforts and structured onboarding programs designed to support new employees as they join the organization. We are committed to developing talent through a culture that enables employees to perform, grow and progress into leadership roles. We believe the organizational structure provides employees with a wide range of opportunities to build skills, pursue different career paths and advance their professional development.

We also maintain a strong focus on continuous improvement and operational excellence by fostering regular performance feedback and development discussions. Throughout the year, employees participate in goal alignment, performance, and career development conversations with their managers, including annual goal setting as well as mid‑year and year‑end performance and talent reviews. These discussions provide candid feedback on performance against objectives, identify strengths and development opportunities, and support ongoing growth and progression within the organization.

Seasonality

TriMas does not typically experience significant seasonal fluctuation, other than our fourth quarter, which in past years has tended to be the lowest net sales quarter of the year given holiday shutdowns by certain of our customers and other customers deferring capital spending to the following year.

Government Regulations

Environmental Matters

We are subject to increasingly stringent environmental laws and regulations, including those relating to air emissions, wastewater discharges, and chemical and hazardous waste management and disposal. Some of these environmental laws hold owners or operators of land or businesses liable for their own and for previous owners' or operators' releases of hazardous or toxic substances or wastes. Other environmental laws and regulations require obtaining and complying with environmental permits. The nature of our operations and our long history of industrial activities at certain of our current or former facilities, as well as those acquired, could potentially result in material environmental liabilities. For further information on our environmental liabilities, see Note 16, "Commitments and Contingencies," to our consolidated financial statements in "Item 8. Financial Statements and Supplementary Data" within this Annual Report on Form 10-K.

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Current environmental laws and regulations have not had a material impact on our business, capital expenditures or financial position. However, we must comply with existing and pending climate change legislation, regulation and international treaties or accords. Future events, including those relating to climate change or greenhouse gas regulation could require us to incur expenses related to the modification or curtailment of operations, installation of pollution control equipment or investigation and cleanup of contaminated sites. In addition to environmental laws and regulations, our operations are governed by a variety of laws and regulations, including those relating to workplace safety and worker health, principally the Occupational Safety and Health Act and regulations thereunder. We believe that we are in material compliance with these laws and regulations and do not believe that future compliance with such laws and regulations will have a material adverse effect on our business, financial condition, results of operations and cash flows.

Trade Policies and Regulations

Free trade laws and regulations provide certain duties and tariffs on qualifying imports and exports, subject to compliance with the applicable classification and other requirements. In the past, we have experienced higher input costs as a direct result of tariffs imposed on certain raw materials and components imported from China. In certain cases, we have passed-through these incremental costs to the customer, while in some cases we have not changed pricing in order to retain or expand volumes. In other cases, we continued to install incremental capacity in facilities which were not subject to duties or tariffs. In addition, certain of our U.S. suppliers raised prices for components in response to an overall increase in demand for domestic sources.

We believe that we are in material compliance with free trade laws and regulations. While there may be an impact to our financial condition as a result of changes in the amount of duties or tariffs levied on products we import from China, and potentially other countries including Mexico and Canada, we do not believe that costs to remain in compliance with such laws and regulations will have a material adverse effect on our business, financial condition, results of operations and cash flows. However, there continues to exist significant uncertainty about the future of U.S. trade policy and potential new tariffs, including but not limited to, potential new tariffs on Canada, China and Mexico. For additional information, refer to "Regulatory, Legal and Environmental Risks -Significant developments in U.S. trade policies could have a material adverse effect on us and our financial condition and results of operations." in "Item 1A. Risk Factors" within this Annual Report on Form 10-K.

Intangible Assets

Our identified intangible assets, consisting of customer relationships, trademarks and trade names, and technology, are recorded at $76.6 million at December 31, 2025, net of accumulated amortization. The valuation of each of the identified intangibles was performed using broadly accepted valuation methodologies and techniques.

Customer Relationships. We have developed and maintained stable, long-term selling relationships with customer groups for specific branded products and/or focused market product offerings within each of our businesses. Useful lives assigned to customer relationship intangibles range from five to 25 years and have been estimated using historic customer retention and turnover data. Other factors considered in evaluating estimated useful lives include the diverse nature of focused markets and products of which we have significant share, how customers in these markets make purchases and these customers' position in the supply chain. We also monitor and evaluate the impact of other evolving risks, including the threat of lower cost competitors and evolving technology.

Trademarks and Trade Names.  Each of our businesses designs and manufactures products for focused markets under various trade names and trademarks (see prior discussion by reportable segment). Our trademark/trade name intangibles are well-established and considered long-lived assets that require maintenance through advertising and promotion expenditures. Because it is our practice and intent to maintain and to continue to support, develop and market these trademarks/trade names for the foreseeable future, we consider our rights in these trademarks/trade names to have an indefinite life, except as otherwise dictated by applicable law.

Technology. We hold a number of United States and foreign patents, patent applications, and proprietary product and process-oriented technologies within all three of our reportable segments. We have, and will continue to dedicate technical resources toward the further development of our products and processes in order to maintain our competitive position in the industrial, commercial and consumer end markets that we serve. Estimated useful lives for our technology intangibles range from one to 30 years and are determined in part by any legal, regulatory or contractual provisions that limit useful life. For example, patent rights have a maximum limit of 20 years in the United States. Other factors considered include the expected use of the technology by the operating groups, the expected useful life of the product and/or product programs to which the technology relates, and the rate of technology adoption by the industry.

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International Operations

On a continuing operations basis, of our net sales for the year ended December 31, 2025, 36.8% were derived from sales by our businesses located outside of the United States, and 47.6% of our long-lived assets as of December 31, 2025 were located outside of the United States. We operate manufacturing facilities in China, Germany, India, Italy, Mexico, the Netherlands, Slovakia, the United Kingdom and Vietnam, in addition to our U.S. operations. In addition to the net sales derived from sales by our businesses located outside of the United States, we also generated $12.9 million of export sales from the United States.

Available Information

We routinely use our corporate website, www.trimas.com, as a channel for the public dissemination of important company information, including press releases, investor presentations, links to our businesses’ websites and information related to our commitment to sustainability, as reflected in our Sustainability Reports. Our website also provides access to financial and investor‑related information. We make available, free of charge, copies of our annual, quarterly and current reports on Forms 10‑K, 10‑Q and 8‑K, along with proxy statements and any amendments to such reports, as soon as reasonably practicable after these materials are electronically filed with, or furnished to, the SEC. These materials are accessible through the Investors section of our website. The SEC also maintains a website at www.sec.gov, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The content of any website referenced in this Annual Report on Form 10‑K is not incorporated by reference into this Annual Report on Form 10‑K unless expressly noted.