BLOOMFIELD HILLS — TriMas Corp. (NASDAQ: TRS) has announced a June 30 target date for the spinoff of its Cequent towing parts businesses to a new corporation, Horizon Global Corp.
Like TriMas, Horizon Global will be a company whose stock is publicly traded, so the spinoff is subject to approval by the federal Securities and Exchange Commission of the new company’s stock registration statement. That Form S-1 is available for public viewing at www.sec.gov.
Following the distribution, Horizon Global will be an independent company. It expects to receive approval to list its common shares on the New York Stock Exchange under the symbol “HZN.”
TriMas’ shareholders will receive two Horizon Global common shares for every five common shares of TriMas that they own as of the close of business on June 25.
TriMas it expects an opinion from tax advisors PricewaterhouseCoopers LLP that the spinoff will be free of income tax.
Horizon Global will own TriMas’ Cequent businesses in the U.S. and overseas. Cequent makes towing, trailering, cargo management and related accessory products for both auto and truck makers and retail customers. Markets served include agricultural, automotive, construction, livestock, industrial, marine, military, recreational vehicle, trailer and utilities. More at www.horizonglobal.com.
TriMas has businesses in packaging, aerospace, energy and engineered components. More at www.trimascorp.com.
TriMas executive vice president and CFO Mark Zeffiro will become president and CEO of the new alone company once the transaction is complete.
Dave Wathen will continue to serve as president and CEO of TriMas. Samuel Valenti III, TriMas chairman, will serve as a director on the new company’s board.