TriMas Completes Tax-Free Spin-off of Its Cequent Businesses as Horizon Global
By Business Wire News
By Business Wire News
BLOOMFIELD HILLS, Mich.
TriMas Corporation (NASDAQ: TRS) – a diversified global manufacturer of engineered and applied products – today announced that it has completed the tax-free spin-off of its Cequent businesses to TriMas shareholders as a newly formed company named Horizon Global Corporation. Horizon Global begins trading as an independent public company tomorrow on the New York Stock Exchange under the symbol “HZN.”
“We believe the spin-off will offer exceptional opportunity to drive value for both TriMas and Horizon Global, their respective employees and shareholders,” said Dave Wathen, TriMas’ president and chief executive officer. “We offer congratulations to the Horizon Global team on their launch as an independent company, and we extend a special thanks to TriMas employees for their dedication in successfully facilitating the transaction.”
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 today, 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, 2015.
After the spin-off, TriMas will consist of the Packaging, Aerospace, Energy and Engineered Components reporting segments. Wathen continued, “We have created a solid foundation for the future as we focus on our strategic priorities of driving profitable growth, enhancing profit margins, optimizing capital and resource allocations, and being a workplace of choice for great people – all of which contribute to long-term shareholder value.”
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ: TRS) provides engineered and applied products for growing markets worldwide. TriMas is organized into four reportable segments: Packaging, Aerospace, Energy and Engineered Components. TriMas has approximately 4,000 employees at more than 50 facilities in 16 countries. For more information, visit www.trimascorp.com.
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. Horizon Global’s mission is to utilize forward-thinking technology to develop and deliver best-in-class products for their customers, engage with their employees and realize value creation for their shareholders. For more information, please visit www.horizonglobal.com.
Notice Regarding Forward-Looking Statements
Any “forward-looking” statements contained herein, including those relating to market conditions or the Company’s financial condition and results, expense reductions, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to the future prospects of the Company and the spin-off of Horizon Global Corporation as independent companies, general economic and currency conditions, various conditions specific to the Company’s business and industry, the Company’s leverage, liabilities imposed by the Company’s debt instruments, market demand, competitive factors, supply constraints, material and energy costs, technology factors, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks that are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.
Manager, Investor Relations & Communications