BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Horizon Global Corporation (NYSE: HZN) - announced today the successful completion of its spin-off from TriMas Corporation (NASDAQ: TRS) into a standalone, publicly traded company. Horizon Global common stock will begin “regular-way” trading under the symbol “HZN” on the New York Stock Exchange (NYSE), on July 1, 2015, when markets open.
Horizon Global is a designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products on a global basis, serving the automotive aftermarket, retail, and original equipment channels. Comprised of two reporting segments, Cequent Americas and Cequent Asia Pacific, Europe and Africa, Horizon’s products are distributed and sold under brand names such as Reese®, Draw-Tite®, Bulldog®, Fulton®, and Hayman Reese.
“Today is the culmination of a journey that began more than a century ago, when our first brand was created. So while we are a new public company, we have a long history of delivering innovative branded products to our global customers. We have decades of industry experience, leading positions in our markets, and a global footprint and portfolio of strong brands that drive solid cash flow,” said A. Mark Zeffiro, president and chief executive officer. “I am proud of the skilled and highly qualified executive leadership team we have assembled to lead Horizon Global to better serve and grow with our customers, engage with our employees, and realize value creation for our shareholders.”
The new company, headquartered in Bloomfield Hills, Mich., reported revenue of more than $600 million from its Cequent businesses in 2014, with a 10% compound annual growth rate from the end of 2010 through 2014. Horizon Global has approximately 2,800 employees located at 20 facilities throughout the world.
“We are excited to bring another Michigan-based company to the public markets,” said Zeffiro. “We are committed to delivering value to all of our stakeholders and supporting the local communities in which we live and work.”
On July 10, 2015, the board of directors and leadership team will mark the spin-off by ringing the opening bell at the New York Stock Exchange at 9:30 a.m. Eastern Time. Footage of the bell ringing will be available live on the NYSE website. Horizon Global will also be covering the event on its Twitter feed, @horizonglobalcom.
About Horizon Global
Headquartered in Bloomfield Hills, Michigan, Horizon Global Corporation (NYSE: HZN) is a leading designer, manufacturer and distributor of industry leading high-quality, custom-engineered towing, trailering, cargo management and related accessory products for original equipment, aftermarket and retail channel customers on a global basis. Our mission is to utilize forward-thinking technology to develop and deliver best-in-class products for our customers, engage with our employees and realize value creation for our shareholders. For more information, please visit www.horizonglobal.com.