TriMas Corp. announced that Horizon Global Corp., the newly created company to effect the spinoff of its Cequent businesses, has secured the ticker symbol “HZN” and plans to be listed on the New York Stock Exchange when it becomes a publicly-traded company. The spin-off, which was previously announced in December 2014, is targeted to be completed in mid-2015.
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. Horizon Global will be comprised of TriMas’ Cequent Americas and Cequent APEA segments.
These combined segments reported revenue of more than $600 million in 2014, with a 10% compound annual growth rate from the end of 2010 through 2014. Horizon Global will have approximately 2,800 employees located at 20 facilities throughout the world. Horizon Global’s management team, including A. Mark Zeffiro, president and chief executive officer, and David Rice, chief financial officer, will be located in the new company’s headquarters in Bloomfield Hills, Mich.
In addition, Horizon Global has launched a new website: www.horizonglobal.com.