BLOOMFIELD HILLS — The diversified manufacturer TriMas Corp. (Nasdaq: TRS) said it had completed the spinoff of its Cequent truck parts businesses to TriMas shareholders as a new company called Horizon Global Corp.
Horizon is now trading as an independent, publicly traded company on the New York Stock Exchange under the ticker symbol HZN.
TriMas announced in December 2014 that it planned to spin-off its Cequent businesses in a tax-free spin-off to TriMas shareholders. At the close of business Tuesday, TriMas shareholders received two common shares of Horizon Global for every five common shares of TriMas held at the close of business on the record date of June 25.
Horizon Global owns 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 http://www.horizonglobal.com.
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.
The new company, headquartered in Bloomfield Hills, reported revenue of more than $600 million from its Cequent businesses in 2014, with a 10 percent compound annual growth rate from the end of 2010 through 2014. Horizon Global has approximately 2,800 employees at 20 locations around the world.
TriMas has businesses in packaging, aerospace, energy and engineered components, employing about 4,000 people at 50 plants in 16 countries. More at http://www.trimascorp.com.
TriMas executive vice president and CFO Mark Zeffiro became president and CEO of the new company, while Dave Wathen is continuing as president and CEO of TriMas. Samuel Valenti III, TriMas chairman, will serve as a director on the new company’s board.