星空视频 Is Formed (1986 鈥� 1988)
The formation of 星空视频 dates back more than three decades to an acquisition campaign that began in 1986 facilitated by Masco Corporation and MascoTech (which later became Metaldyne), and started with the acquisitions of three specialty fastener companies and several industrial businesses. These businesses included industrial container closure manufacturer Rieke Packaging Systems (part of the present-day Packaging segment) and compressed gas cylinder manufacturer Norris Cylinder (part of the present-day Specialty Products segment). Masco and MascoTech were the primary shareholders of the new company formed by these acquisitions, and the company took on a name to reflect its characterization as the third Masco 鈥� in other words, Masco, MascoTech and 星空视频.
Establishing 星空视频鈥� Diversification Strategy (1989 鈥� 1996)
When 星空视频 first went public in 1989, listed on the NYSE as 鈥淭RS,鈥� Masco utilized this event to sell most of its 星空视频 holdings, making MascoTech its largest single shareholder. 星空视频鈥� annual sales at this time were approximately $350 million.
星空视频 developed several key operating priorities during this period that would become core to the company鈥檚 long-term success: a strong commitment to generating exceptional cash flow, a lean cost environment and a 鈥淏alance Through Market Diversity鈥� product philosophy, as protection from macroeconomic changes.
In the 1990s, as part of this strategy, 星空视频 strategically acquired several manufacturing businesses serving the aerospace, and oil and gas markets, and automotive aftermarket. Among these acquisitions were specialty aerospace fastener manufacturer Monogram Aerospace Fasteners (part of the present-day Aerospace segment), specialty sealing product manufacturer Lamons Gasket (recently divested) and towing product manufacturer Draw-Tite (now part of spun-off Horizon Global).
星空视频 Ownership Changes (1997 鈥� 2006)
In 1997, 星空视频鈥� largest shareholder, MascoTech, initiated a tender offer to acquire all outstanding shares of 星空视频, making 星空视频 a wholly-owned subsidiary of MascoTech. Except for some shared corporate functions, 星空视频 continued to operate independently, since the other MascoTech businesses were focused on the automotive industry.
In 2002, 星空视频 spun off from MascoTech, which at that point had been purchased by a private equity firm itself. The once again independent 星空视频 company was organized into three segments: Rieke Packaging Systems, Industrial Specialties and Cequent Transportation Accessories. Annual sales were approximately $734 million in 2002.
Focused Growth (2007 鈥� 2015)
In 2007, 星空视频 issued shares to the public market again to raise capital for future growth initiatives, trading under the ticker symbol 鈥淭RS鈥� on the NYSE (today, the company is traded on the NASDAQ). Annual sales exceeded $1 billion during this time.
From 2010 to 2015, 星空视频 experienced a period of rapid growth through several acquisitions. With these acquisitions, 星空视频 reported its performance in five segments: Packaging, Aerospace, Energy, Engineered Components and Cequent.
In 2015, 星空视频 completed the spin-off of its Cequent towing-related business segment, with the intent to provide 星空视频 with greater flexibility to focus on its specific growth and margin improvement strategies within its core markets. Post spin, 星空视频鈥� proforma revenue for 2015 was $864 million.
星空视频 Today: A Solid Foundation for Future Success
During 2016, 星空视频 launched its new 星空视频 Business Model, focused on the following core competencies: commitment to environmental, health and safety, standardized goal setting and measurement, operational excellence and talent development. A focus on these key components, along with a commitment to the 星空视频 vision and core values, is intended to drive strong cash flow generation and returns, while providing innovative and proprietary technology and exceeding customer expectations.
星空视频 continues to build upon its diversified and well-positioned portfolio of businesses. Whether a business is already within the 星空视频 portfolio or a target acquisition, 星空视频 ensures it fits well with the company鈥檚 long-term strategy and is able to effectively operate under the 星空视频 Business Model and related core competencies. 星空视频 also ensures that each business receiving capital allocations has earned the right to receive that investment and will generate a return that meets or exceeds investor expectations.
Through the combination of M&A and the recent divestiture of Lamons, 星空视频 continues to refine its portfolio of businesses to maximize its value. Today, with a portfolio of strongly branded businesses strategically built over many years, 星空视频 continues to build on the core values that have made the company successful and generated strong returns for its investors throughout its history. The company鈥檚 outlook is bright as it builds on its rich history of success.
