Rieke has forged closer ties with Arminak following the acquisition of 70 percent of the company through its parent company, TriMas Corporation, enabling it to expand its offerings to the cosmetics and personal care category.
The agreement, which was confirmed last week, is reported to be for $64m, with $59m paid in cash at closing, provides TriMas an option to purchase, and Arminak an option to sell, Arminak's remaining 30 percent interest in the company.
Rieke expands portfolio diversity
Arminak, which is based in southern California, is a leading player in the design, manufacture and supply of foamers, lotion pumps, fine mist and trigger sprayers and other packaging solutions for the cosmetic, personal care and beauty aids categories.
According to company figures, it generated approximately $60m in revenue for the 12 months ended December 31, 2011.
Rieke is currently one of the world’s biggest manufacturers of foamers and airless dispensers focused on the cosmetics and personal care categories, so the extension to its product portfolio allows it better scope with respect to both geography and portfolio diversity.
The company says that the addition to its product portfolio now takes it a step closer towards its ambitions to provide a comprehensive single-source solution for the packaging requirements of cosmetic and personal care companies.
“Arminak is a natural fit with our organisation and will complement our highly-engineered product offering,” comments Lynn Brooks, president of Rieke.
“We will now be able to better serve the needs of both national and multi-national customers with the widest choice of standard and bespoke designs to meet their precise packaging needs.”