TriMas Corp. (NASDAQ: TRS), Bloomfield Hills, MI, a diversified global manufacturer of engineered and applied products, has agreed to acquire Allfast Fastening Systems Inc., City of Industry, CA, for $360 million. Upon closure of the transaction, Allfast will become part of TriMas' aerospace segment.

Allfast is a global manufacturer of solid and blind rivets, blind bolts, temporary fasteners and installation tools for the aerospace industry. Allfast had sales of $55 million for the 12 months ended August 2014. The acquisition further strengthens TriMas’ growing aerospace business, is strategically aligned with the company’s objective to grow its higher margin business platforms, and will enable the company to better leverage expected strong growth rates in the aerospace sector. “This acquisition significantly accelerates our portfolio transformation focused on our strategic growth platforms,” said Dave Wathen, TriMas president and CEO.