GOSHEN —
TriMas Corp., the parent company of Cequent that may close its Goshen plant and move its tow hitch manufacturing to Mexico, reported record third quarter profits Thursday.
TriMas reported third quarter sales of $336 million, up 21 percent from the same quarter in 2011. The company’s profit for the quarter was $36.6 million, up from $35.8 million in the third quarter of 2011.
Cequent is one of TriMas’ five segments. The others are packaging, energy, aerospace and defense and engineered components. The Cequent America segment had a 6.7 percent sales increase, from $96.5 million to $103 million. Profit for Cequent America was $9.9 million for the third quarter, up from $9.6 million in the third quarter of 2011.
In its quarterly report and conference call company officials repeatedly referred to a change of focus to reduce debt and increase efficiencies and better utilize manufacturing plants, including those in Mexico.
Chief Financial Officer Mark Zeffiro briefly referred to the notice to Goshen employees their jobs may move to Reynosa, Mexico.” This is a preliminary recommendation and we will provide additional updates as they become available.”
TriMas is based in Bloomfield Hills, Mich., and has a worldwide reach in its five segments.
In its outlook, the company stated it expects to finish the year with 15 to 17 percent sales growth and $1.75 to $1.85 earnings per share.
In regards to the Cequent segment the company stated, “Net sales for third quarter increased 6.7 percent compared to the year ago period, resulting primarily from increased sales within the original equipment and retail channels. Sales increases were the result of newer product launches and continued market share gains.
“Third quarter operating profit increased compared to the prior year period as a result of higher sales levels, excluding the costs incurred related to the relocation of certain production to a lower cost country. Third quarter operating profit margin declined slightly primarily due to an increase in selling, general and administrative expenses in support of an acquisition in Brazil and other growth initiatives, and a less favorable product sales mix.
“The company continues to reduce fixed costs and leverage Cequent’s strong brand positions and new products for increased market share in the United States and faster growing markets.”
Local News
Related Photos
-
TriMas, the parent company of Cequent, which operates Cequent Performance Products in Goshen, has reported its quarterly profit grew. Sam Householder
Parent of Cequent reports quarterly profit
- Local News
-
-
Treatment plant building, lift station fixes approved
GOSHEN — The Wastewater Treatment Plant’s Digester and Lab buildings have water leaking in and the plant’s Twelfth Street lift station has bricks falling off the building due to water damage.
-
Crashes rekindle seat belt debate
An Indiana lawmaker who sponsored a bill that would have required seat belts on school buses hopes two high-profile collisions in a span of a week that left more than 60 people injured will spur parents to urge the General Assembly to act.
-
SLIDESHOW: 2013 Westview Graduation
Photos from the 47th Commencement Ceremony at Westview High School. The class of 2013 had 87 students.
-
THE DIRT ON GARDENING: Choose your pool plants wisely
Do you have a pool or a pond or do you plan on having one in the near future? Then you’ll want to choose your plants wisely that you’ll expect to have near or around the perimeter.
-
Handle poison hemlock carefully
Poison hemlock is a weed that seemed to burst onto the scene last year during the drought.
In the past, it could be found in waste areas like along railroad tracks and ditches, but in 2012, poison hemlock seemed to be everywhere, including backyards, gardens, fields, even along the river at Bonneyville Mill Park. -
'Piazza' program starts Saturday at Ruthmere
The “Coffee on the Piazza” program will return to Ruthmere Museum this spring and summer.
-
Jefferson students spend the day at Camp Amigo
On Tuesday, 450 Jefferson Elementary School students experienced “outdoor” school.
-
Bus driver’s condition upgraded after Wednesday wreck
A school bus driver injured in a four-bus crash Wednesday north of North Webster was hospitalized in fair condition Thursday.
-
Goshen has growth spurt
Goshen Mayor Allan Kauffman doesn’t have the magic bullet as to why Goshen is over the 32,000 mark in population for the first time.
-
Sentence dealt for reckless homicide
GOSHEN — From the witness stand in Elkhart Circuit Court, Kristina Wolfinger could see the man who killed her brother. She described what she didn’t see.
- More Local News Headlines
-
Raw: Train Derails After Overpass Collapse
Raw: Rescues From San Antonio Flooding
Raw: French Soldier Stabbed in Throat Near Paris
Mayor: Person Killed in San Antonio Flooding
Raw: Apple 1 Computer Sells for More Than $650k
Hagel Urges Cadets to End Scourge of Sex Assault
Raw: Gay Rights Activists March in Ukraine
Bus Fire Kills 16 Children, Teacher in Pakistan
Raw: Pakistan Election Results Protested
Raw: Trucker Bumps I-5 Bridge Before Collapse
Raw: Texas Deputy Shot by Colo. Suspect Honored
Major Detours Following Wash. Bridge Collapse
American Held in Grisly Czech Murders
Raw: Jersey Shore Reopens for Summer
UK-bound Pakistan Plane Diverted, 2 Men Arrested
