TriMas Corporation (TRS) has named Bob Zalupski its new chief financial officer (CFO), effective immediately. Zalupski, who joined TriMas in 2002, will replace Mark Zeffiro.
Zalupski is currently serving as TriMas’ vice president of finance, corporate development and treasurer. With his more than 30 years of experience in business and financial management, Zalupski is expected to drive financial performance of the company going forward.
On the other hand, upon completion of the earlier announced Cequent spin-off, Zeffiro will serve as the president and chief executive officer (CEO) of the new spin-off entity. On an interim basis, Zeffiro has been named group president of Cequent, and will continue to report directly to Wathen, who will remain president and CEO of TriMas, with the Cequent leaders reporting to him.
On Dec 8, 2014, TriMas approved the decision to spin-off Cequent, its truck and trailer accessories unit, including Cequent APEA and Cequent Americas. Over the past several years, Cequent has expanded its global presence through both organic initiatives and bolt-on acquisitions, creating significant opportunities.
The transaction would be structured as a tax-free one and is expected to be complete by mid-2015. The spin-off, however, is subject to various conditions. Following the spin-off, both companies are expected to be well capitalized with sufficient liquidity and flexibility to pursue future growth opportunities.
The Cequent spin-off will assist TriMas to serve its global customers with quality, speed and agility to capture additional growth opportunities, while enhancing margins through continuous productivity and lean initiatives.
Headquartered in Bloomfield Hills, MI, TriMas Corporation provides engineered and applied products for growing markets worldwide.
TriMas currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Century Aluminum Co. (CENX), The Timken Company (TKR) and Adept Technology Inc. (ADEP). While Century Aluminum holds a Zacks Rank #1 (Strong Buy), Timken and Adept Technology carry a Zacks Rank #2 (Buy).
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