Horizon Global Corp. today (July 21) announced that its subsidiary Cequent Performance Products Inc. reached a favorable settlement with Wyers Products Group Inc., in a patent infringement lawsuit.
According to a news release, 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 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.
TriMas Corp. recently finalized a spinoff of Cequent, creating Horizon Global. The supplier 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.