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News Breaks
January 28, 2014
10:01 EDTTRSannounces dismissal of patent infringement, trade secret misappropriation suit
TriMas announced that the Federal District Court for the Eastern District of Arkansas granted summary judgment for Cequent Performance Products in a patent infringement and trade secret misappropriation lawsuit filed by MCB Sales & Installation Services. The suit alleged that Cequent infringed a U.S. patent owned by MCB and trade secret misappropriation. At the pleading stage, the Court dismissed all of MCB’s claims except for the patent infringement and misappropriation of trade secret claims. After discovery, Cequent moved for summary judgement on those remaining claims. The Court granted summary judgment of no patent infringement and no trade secret misappropriation in favor of Cequent, ordered MCB to pay Cequent’s costs, and entered final judgment dismissing the case in its entirety.
News For TRS From The Last 14 Days
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October 28, 2014
08:13 EDTTRSTriMas says 'positioned' to drive shareholder value in FY15
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08:11 EDTTRSTriMas narrow FY14 EPS view to $1.90-$1.95 from $1.85-$1.95, consensus $1.86
Sees FY14 revenue to increase 6% to 7% as compared to 2013. FY14 revenue consensus $1.48B. Based on third quarter results and its current projections for the remainder of FY14, the company raised its 2014 Free Cash Flow guidance to be between $70M-$80M from $55M-$65M.
08:06 EDTTRSTriMas reports Q3 EPS from cont. ops. ex-items 47c, consensus 43c
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October 20, 2014
10:01 EDTTRSTriMas completes Allfast acquisition
TriMas announced that it has completed its acquisition of Allfast Fastening Systems for approximately $360M. The transaction closed on October 17, at which time Allfast became part of the company’s aerospace segment. The company previously announced the agreement to acquire Allfast on September 22. The acquisition was funded through an underwritten incremental $275M Senior Secured Term Loan A and additional borrowings under the company’s existing $575M Revolving Credit Facility. The incremental Term Loan A initially bears interest at LIBOR plus 1.875%, and may vary, consistent with the remainder of the Credit Facility, based on the company’s leverage ratio. The Term Loan A amortizes quarterly and matures on October 16, 2018.

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