TriMas Corp. announced that it has completed the tax-free spinoff 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 spinoff will offer exceptional opportunity to drive value for both TriMas and Horizon Global, their respective employees and shareholders,” said Dave Wathen, TriMas president and CEO. “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 (July 1), 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 spinoff, 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.”