Global manufacturer TriMas has agreed to purchase Affaba & Ferrari, an Italian designer and manufacturer of precisions caps and closures for the food and beverage industry.
The deal – which was made for an undisclosed sum –marks TriMas’ fourth acquisition in the packaging sector since 2019, as it aims to grow the platform.
Founded in 1949, Affaba & Ferrari designs, develops and manufactures proprietary, precision caps and closures with intellectual property protection for customers throughout Europe.
Its product offering includes aseptic caps for juices, dairy products and sport energy drinks, as well as tamper evident, child-proof, induction, flex spout and other caps and closures used in food and beverage, agrochemical and other industrial applications.
The Italian company is expected to generate approximately €32 million in revenue in fiscal year 2020.
“The acquisition of Affaba & Ferrari will supplement our existing food and beverage and industrial product offerings, adding new blue-chip customers and a state-of-the-art manufacturing operation to our European base,” said Thomas Amato, president and CEO of TriMas.
Following the transaction, Affaba & Ferrari will become part of TriMas’ packaging segment reporting into its Rieke division.
Amato added: “We are pleased to add the Affaba & Ferrari brand and business to TriMas’ Packaging group, as we believe the combination will unlock additional growth and expansion opportunities globally.”
The deal is expected to close before the end of the year.
© FoodBev Media Ltd 2020