TriMas Corporation’s Norris Cylinder Company Receives Favorable Antidumping Decision
BLOOMFIELD HILLS, Mich., May 30, 2012 /PRNewswire/ — TriMas Corporation (NASDAQ: TRS) – a diversified manufacturer of engineered and applied products – announced today that the U.S. International Trade Commission has made a unanimous final determination that TriMas’ Norris Cylinder business has been materially injured by imports of high pressure steel cylinders that are being subsidized by the Government of China as well as being dumped into the U.S. market by producers in China.
The result of this decision is an imposition of antidumping and countervailing duties on the subject imports. These duties are expected to create a fairer competitive environment in the U.S. and enable Norris Cylinder to continue to provide its customers with high quality, high pressure steel cylinders, as well as support investment in the production of high pressure steel cylinders in the United States and the U.S. jobs created by that production. Norris Cylinder is the last remaining producer of high pressure steel cylinders in the United States.
Norris Cylinder is one of the world’s leading suppliers of high-pressure and low-pressure gas cylinders for storage, transportation and dispensing of compressed industrial gases. Norris Cylinder supplies its products to major industrial gas producers, welding equipment distributors and equipment manufacturers.
About Norris Cylinder Company
Headquartered in Longview, Texas, Norris Cylinder is one of the world’s leading suppliers of high-pressure and low-pressure gas cylinders for storage, transportation and dispensing of compressed industrial gases. Norris Cylinder supplies its products to major industrial gas producers, welding equipment distributors and equipment manufacturers. For additional information, visit www.norriscylinder.com or call (903) 757-7633.
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ: TRS) provides engineered and applied products for growing markets worldwide. TriMas is organized into six reportable segments: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent Asia Pacific and Cequent North America. TriMas has approximately 4,100 employees at more than 60 different facilities in 15 countries. For more information, visit www.trimascorp.com.
Cautionary Notice Regarding Forward-looking Statements
Any “forward-looking” statements contained herein, including those relating to market conditions or the Company’s financial condition and results, expense reductions, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, the Company’s substantial leverage, liabilities imposed by the Company’s debt instruments, market demand, competitive factors, supply constraints, material and energy costs, technology factors, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, and in the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.
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SOURCE TriMas Corporation