US-based engineered and applied products manufacturer TriMas has acquired India-based Lion Holdings for $27m in cash, expanding its packaging footprint.
TriMas will include the newly acquired business in its packaging segment.
TriMas president and CEO Dave Wathen said the company is pleased to add Lion to firm's portfolio of packaging companies.
"This acquisition complements our growth strategies to follow our packaging customers into high growth regions of the world," Wathen added.
TriMas packaging segment president Lynn Brooks said the acquisition broadens firm's Asian market coverage and extends geographic reach, along with providing significant customer and product synergies.
"Lion Holdings will also provide us additional capacity to support our ongoing growth initiatives in Asia, while continuing to create a responsive, global supply chain," Brooks added.
Based in Greater Noida, India, Lion specialises in the manufacturing of engineered dispensing solutions.
The company has generated around $10m revenue through its facilities in India and Vietnam, for the 12 months ending 30 June 2014.
TriMas, which has 60 facilities in 17 countries, includes six business segments such as packaging, energy, aerospace and defense, engineered components, Cequent APEA and Cequent Americas.
