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TriMas Corp., manufacturer of the Draw-Tite, Reese, Tekonsha and SurePull brands of towing equipment, reported its first-quarter net losses narrowed to $7.3 million, compared with $33.1 million a year earlier.
The company’s sales revenue increased 12% in the first three months of this year to $213.8 million partially due to acquisitions, including HammerBlow, parent of Tekonsha Towing Systems and SurePull Towing Systems.
The HammerBlow acquisition was completed in the first quarter.
Also in the first quarter, TriMas completed, the consolidation of its Draw-Tite and Reese Products manufacturing operations in Goshen, Ind. Previously, Draw-Tite and Reese products were assembled in Elkhart, Ind., and Canton, Mich.
Draw-Tite and Reese now are part of TriMas’ Cequent Transportation Accessories Group.
“Management is pleased with the first-quarter results,” said Grant Beard, president and CEO. “The company made significant progress integrating our strategic acquisitions and completing the consolidation of our transportation accessories assets into one best-in-class facility in Goshen.”
One-time-only expenses, including severance and relocation costs related to the transportation accessories consolidation in Goshen accounted for much of TriMas’ 33% decline in operating earnings during the first quarter to $16.3 million, compared with $24.3 million a year earlier.