A plane flies in a red sky above London, Britain February 3, 2021. REUTERS/Kevin Coombs

(Reuters) -TriMas Corp 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 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 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 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.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sahal Muhammed)