PLYMOUTH–Officials of Rochester-based First Brands Group LLC and Plymouth-based Horizon Global Corp. announced that the two companies had completed their merger agreement dated Dec. 30, 2022.
The announcement followed the completion of First Brands’ offer to purchase common stock of Horizon Global (NYSE: HZN) at a price of $1.75 per share, as well as all shares of Horizon’s Series B preferred at a price equal to those shares’ redemption price. The transaction valued Horizon Global at $48.5 million.
Horizon Global is now a wholly owned subsidiary of First Brands and Horizon Global’s common stock will be delisted from the New York Stock Exchange.
Horizon Global manufactures a variety of towing and trailering products, while First Brands produces braking products, filters, wiper blades, gas springs, spark plugs, and fuel and water pumps.
Horizon Global’s brands include Draw-Tite, Reese, Westfalia, Bulldog, Fulton and Tekonsha. The company has approximately 3,500 employees. More at www.horizonglobal.com.
First Brands’ products include Centric, Raybestos, and StopTech brake products, Fram and Luber-finer filters, Trico and Anco wiper blades, Carter fuel and water pumps, Autolite spark plugs, and StrongArm lift supports. More at https://firstbrandsgroup.com/.