Proposed TriMas Corp. spinoff Horizon Global Corp., which comprises the Cequent Group, will be a Delaware company headquartered in Bloomfield Hills. According to Crain’s Detroit Business, the move will carve away 2,700 of its parent’s 7,000 employees, and cut aggressively into production costs.
And these moves will help keep a lid on debt, according to its leadership.
A. Mark Zeffiro, group president of the Cequent companies at TriMas and president/CEO of Horizon Global — pending approval from the U.S. Securities and Exchange Commission — told listeners on an investor conference call last week the $612 million segment is still on course to separate from parent company Bloomfield Hills-based TriMas by midyear.
The company also expects to improve its 2014 operating profit of about $38 million for the Cequent operations by 1% this year, and shave $4 million to $5 million between executive costs and some early retirements after consolidating Plymouth-based Cequent Performance Products Inc. with Cequent Consumer Products Inc.
The Cequent Group, which would separate into Horizon, makes towbar and trailer accessories, wiring harnesses and related products and would have operations in 10 countries. Horizon would be headquartered in another suite of the same Bloomfield Hills building as TriMas for an “indeterminate” time.
The non-Cequent business segments of packaging, aerospace, energy and engineered components will remain with TriMas after separation.
Cequent Performance has about 250 employees in Plymouth. Zeffiro also plans to focus on developing Draw-Tite, Reese and Hayman Reese as key brands among the more than 20 product names in Horizon’s portfolio.
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