NEW YORK (Reuters) - Activist investor Barington Capital Group wants TriMas ( TRS ) to launch a strategic review of options, including the possible sale of the entire company, arguing in a letter that hiring a financial adviser is a higher priority than finding a new CEO.

The New York-based hedge fund, which owns roughly 1.5% of the Bloomfield Hills, Michigan-headquartered manufacturer of industrial, aerospace, and consumer products, is dialing up the pressure days after TriMas ( TRS ) said CEO Thomas Amato will step down.

"Now is the optimal time for the Board to explore strategic alternatives for the Company and (we) do not believe that hiring a new CEO, who will embark on another 5 to 10 year strategic plan, is in the best interests of shareholders," Barington founder James Mitarotonda told TriMas ( TRS ) Chairman Herbert Parker in a letter seen by Reuters.

A TriMas ( TRS ) representative did not respond immediately to a request for comment.

Barington, a long-time TriMas ( TRS ) investor, has argued for years that the packaging, aerospace and specialty products segments do not fit together and that its mini-conglomerate structure has contributed to a lagging stock price. The hedge fund has been urging TriMas ( TRS ) to divest its aerospace and Arrow Engine units.

TriMas ( TRS ), which has a market value of just under $1 billion, saw its stock price sink 25.5% over the last five years and closed trading at $23.12 on Wednesday.

Barington said during Amato's eight years as CEO, the company made missteps and failed to clean up its portfolio.

Barington said it wants the board to think more boldly and to consider the sale of each business separately as well as thinking about selling the company as a whole.

Amato plans to leave at the end of June or earlier once a replacement is found, but Barington said hiring a new CEO now would delay the review and sales process.

Activist investors like Barington are expected to step up demands for target companies to make deals this year as a new president moves into the White House and after mergers and acquisitions already picked up pace last year.

Last year, for example, aerospace parts maker Barnes Group was taken private by Apollo Funds.

Barington made headlines in the last weeks for pushing retailer Macy's to make changes to boost its share price and by running a board challenge at casket-maker Matthews International.

Barington plans to press on with its proxy fight at Matthews even after the company this week announced plans to sell one of its units that the hedge fund had pushed for.