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Investment firm Tinicum to buy TriMas Aerospace

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Activist Barington Capital had sought segment sale

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Aerospace segment contributed 38% of net sales

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Blackstone funds to be minority investor after all-cash

deal

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Nov 4 (Reuters) - TriMas Corp ( TRS ) is selling its

aerospace segment to an affiliate of investment firm Tinicum for

$1.45 billion, it said on Tuesday, in a bid to focus on its core

packaging business amid a push from activist investor Barington

Capital.

In February, the company had said it would consider

further streamlining its portfolio, a month after completing the

sale of its Arrow Engine unit that makes jacks and compressors

for oil fields, under pressure from the hedge fund.

Barington and TriMas ( TRS ) did not immediately respond to

Reuters requests for comment.

The all-cash deal, expected to close by the end of the first

quarter next year, will also see funds managed by Blackstone

become a minority investor.

The company's aerospace segment - the second-largest,

contributing about 38% to net sales so far this year - makes

fasteners, and counts European planemaker Airbus as a

customer.

Barington, a long-time TriMas ( TRS ) investor, owns 1.53% of the

company, according to data compiled by LSEG. The hedge fund has

argued for years that the packaging, aerospace and specialty

products segments do not fit together and that the company's

mini-conglomerate structure has contributed to a lagging stock

price.

PJT Partners and BofA Securities served as the financial

advisers for the aerospace unit sale, TriMas ( TRS ) said.

Tinicum manages a portfolio of companies that have a

combined enterprise value of $8.9 billion, including a handful

of aerospace firms, according to its website.