Goshen News, Goshen, IN

Local News

October 26, 2012

Parent of Cequent reports quarterly profit

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.”

1
Text Only
Local News
  • South Ninth Street area under boil water order South Ninth Street, between East Jackson and Franklin streets in Goshen, is under a boil water order from noon until further notice.

    August 21, 2014

  • GN140821 Pike Street Project 2 INDOT meeting held to discuss Pike Street project GOSHEN — Major changes may be on the way for a small section of Pike Street in downtown Goshen.

    August 20, 2014 2 Photos

  • 0821 goshen college challenge Locals embrace ice bucket challenge It’s a challenge that has united participants with the shared sensation of an icy burst of water, sopping wet clothing and video evidence — all in the name of philanthropy.

    August 20, 2014 1 Photo

  • GN140821 nisly complaint Complaint filed against state rep candidate Accusations of wrongdoing, in the form of a complaint to the Indiana Election Commission, have been levied against District 22 representative Republican nominee Curt Nisly.

    August 20, 2014 1 Photo

  • GN140820 dometic groundbreaking Dometic breaks ground on significant expansion in Goshen GOSHEN — As Dometic officials gathered for a groundbreaking ceremony for the $7 million expansion of their Goshen distribution center Wednesday, the work was already underway in the background. “It’s happening right now,” said Dave Schutz, vice presi

    August 20, 2014 1 Photo

  • GN140821 Ignition art Plenty of good music on horizon at Ignition Several upcoming shows at Ignition Garage in Goshen were announced this week.

    August 20, 2014 1 Photo

  • City plan nearing a final draft GOSHEN — The city’s new comprehensive plan is nearing completion, and a near-final draft has now been released for public review. Goshen Plan Commission members released the draft of the city’s newly penned comprehensive plan, titled “Uncommonly Grea

    August 19, 2014

  • GN140820 Hakws building Hotel, brew pub plans progressing GOSHEN — Plans for a new boutique hotel and brew pub at the historic Hawks building in downtown Goshen continue to move ahead steadily.

    August 19, 2014 1 Photo

  • GN140820 nappanee awards 031.jpg Nappanee mayor honors 'Spirited' youth NAPPANEE — Two Elkhart County 4-H’ers were honored by their hometown mayor during Monday’s city council meeting. Receiving the Community Spirit Award and a key to the city were Lane Flowers and Sarah Stump. Mayor Larry Thompson recognized Flowers, a

    August 19, 2014 1 Photo

  • arlo.jpg SLIDESHOW: Pets of the Week Cats and dogs are looking for loving permanent homes at the Humane Society of Elkhart County.

    August 19, 2014 1 Photo

Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Poll

Three Goshen elementary schools — Chandler, Chamberlain and West Goshen — are providing free meals to all students during the school year as part of the U.S. Department of Agriculture’s Community Eligibility Provision of the Healthy Hunger-Free Kids Act of 2010. Nearly 80 percent of students at Chandler, 89 percent of students at Chamberlain and 78 percent of students at West Goshen already qualify for free or reduced-price lunches based on their family income. How do you feel about the new lunch program?

I think it’s a good idea to feed all the students free of charge
I think those who can afford it should pay for their school meals
I think all students should be required to pay for their school meals
     View Results
AP Video
Raw: Grief After Deadly Airstrikes in Gaza Officer Who Pointed Gun at Protesters Suspended Kathy Griffin Challenges Minaj to 'a Booty Off' Johnson: Six Arrests, No Tear Gas in Ferguson Raw: Rescue, Relief Efforts at Japan Landslide Cadavers, a Teen, and a Medical School Dream Raw: Woman Escorted From Ferguson Protests California Drought Stings Honeybees, Beekeepers Officer Who Pointed Gun at Protesters Suspended Holder Hopes to Bring Calm to Ferguson US Mission to Rescue Hostages in Syria Failed Manfred, Torre and MLB Take Ice Bucket Challenge Bank of America Reaches Record $17B Settlement Holder Reassures Ferguson Community With Visit GlobalPost CEO Remembers Foley As a Brave Man