TriMas Corp.’s board announced record and distribution dates for the spin-off of its Cequent businesses, which will be effected through the distribution of 100% of the common shares of Horizon Global Corporation to holders of TriMas common shares.
Pending SEC approval, Horizon Global’s common shares will be distributed near day’s end on June 30, the company reported in a news release. Following the distribution, Horizon Global will be an independent, publicly traded company. It expects to receive approval to list its common shares on the New York Stock Exchange (NYSE) under the symbol “HZN.”
TriMas’ shareholders will receive two Horizon Global common shares for every five common shares of TriMas held at the close of business on the record date of June 25. TriMas’ shareholders entitled to receive the June 30 distribution will receive a book-entry account statement or a credit to their brokerage accounts reflecting their new ownership of Horizon Global common shares.
“Today’s announcement demonstrates continued progress in the spin-off of the Cequent businesses for TriMas,” said Samuel Valenti III, chairman of TriMas and expected co-chairman of Horizon Global’s board. “With experienced executive teams in place, we remain confident that both companies will be successful in maintaining their leadership positions in the marketplace, able to pursue their independent strategies and create value for both companies’ shareholders. It is an exciting time for both companies.”
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