Horizon Global Subsidiary to Receive Approximately $1 Million in Settlement of Patent Dispute
By Business Wire News
By Business Wire News
BLOOMFIELD HILLS, Mich.
Horizon Global Corporation (NYSE: HZN) today announced that its subsidiary Cequent Performance Products, Inc. reached a favorable settlement with Wyers Products Group, Inc., in a patent infringement lawsuit. 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.
Wyers Products, which operates under the Trimax brand name, agreed to pay Cequent guaranteed payments totaling approximately $1 million over the next several years to settle an ongoing patent dispute with Cequent, and that amount could go higher depending on how many UMAX50 and UMAX100 universal coupler locks Trimax sells over the next several years.
The settlement follows a significant ruling by the Federal Court in Colorado that Trimax’s UMAX locks infringed Cequent’s U.S. Patent No. 6,722,686 and that Cequent had not infringed the two patents that Trimax asserted in the case.
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. 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. 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.
Horizon Global Corporation
Maria C. Duey, (248) 593-8810
Vice President, Investor Relations & Communications