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TriMas Inks Deal With INEOS Hygienics to Boost Packaging Market

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TriMas Corporation’s (TRS - Free Report) Rieke business has joined forces with INEOS Hygienics to produce dispenser pumps for its new hand sanitizers. The INEOS business serves the global consumer health-care market and provides essential hygiene products in order to contain the spread of coronavirus.

INEOS is a global manufacturer of specialty chemicals, petrochemicals and oil products. INEOS Hygienics has built four new manufacturing facilities in response to the shortage of hand sanitizers in the U.K., France, Germany and the United States. INEOS Hygienics plans to produce one million bottles of hand sanitizers per month per plant.

This partnership supports TriMas’ focus on investment in growing its packaging business by expanding the innovative product portfolio and customer base through organic initiatives and M&A.

Rieke manufactures various specialty dispensing, closure and jar products for the beauty & personal care, pharmaceutical, food & beverage, industrial as well as home care applications. Rieke’s products include dispenser pumps, fine mist sprayers, foamers, trigger sprayers, flip-top caps, beverage dispensers as well as industrial closures and dispensers. Rieke will help INEOS Hygienics to fulfill its critical needs in order to improve personal hygiene.

TriMas’ Packaging segment has been witnessing solid demand for dispensers and closures applications amid the coronavirus crisis. Further, the Specialty Products group supplies steel cylinders, which are utilized for compressed gases in medical oxygen applications. These cylinders have been witnessing strong demand, of late.

The company is taking steps to lower costs in the wake of the uncertain market conditions amid the coronavirus pandemic. This includes managing capital expenditures, reducing third-party expenses and making temporary pay cuts. The weakness in end markets like commercial aerospace, oil & gas will likely hurt the company’s performance in the near term. Further, TriMas is managing its production capacity to align with the current demand scenario.

Price Performance

Shares of TriMas have gained 3.7% over the past three months, compared with the industry’s growth of 23%.



Zacks Rank & Other Stocks to Consider

TriMas currently sports a Zacks Rank #1 (Strong Buy).

A few other top-ranked stocks in the Industrial Products sector are Lakeland Industries, Inc. (LAKE - Free Report) , Energous Corporation (WATT - Free Report) and Chart Industries, Inc. (GTLS - Free Report) . While Lakeland Industries sports a Zacks Rank #1, Energous Corporation and Chart Industries carry a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Lakeland Industries has a projected earnings growth rate of 418% for fiscal 2020. The company’s shares have appreciated 50.9% in the past three months.

Energous has an expected earnings growth rate of 44% for 2020. The stock has surged 252.6% over the past three months.

Chart Industries has an estimated earnings growth rate of 2.4% for the ongoing year. The company’s shares have rallied 69.1% in the past three months.

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