BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
TriMas Corporation (NASDAQ: TRS) - a diversified global manufacturer of
engineered and applied products - today announced that it has completed
the tax-free spin-off 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 spin-off will offer exceptional opportunity to drive
value for both TriMas and Horizon Global, their respective employees and
shareholders," said Dave Wathen, TriMas' president and chief executive
officer. "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, 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 spin-off, 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."
About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ:
TRS) provides engineered and applied products for growing markets
worldwide. TriMas is organized into four reportable segments: Packaging,
Aerospace, Energy and Engineered Components. TriMas has approximately
4,000 employees at more than 50 facilities in 16 countries. For more
information, visit www.trimascorp.com.
About Horizon Global
Headquartered in Bloomfield Hills, Michigan, Horizon Global
Corporation (NYSE: HZN) is a leading designer, manufacturer and
distributor of industry leading high-quality, custom-engineered towing,
trailering, cargo management and related accessory products for original
equipment, aftermarket and retail channel customers on a global basis.
Horizon Global's mission is to utilize forward-thinking technology to
develop and deliver best-in-class products for their customers, engage
with their employees and realize value creation for their shareholders.
For more information, please visit www.horizonglobal.com.
Notice Regarding Forward-Looking Statements
Any "forward-looking" statements contained herein, including those
relating to market conditions or the Company's financial condition and
results, expense reductions, liquidity expectations, business goals and
sales growth, involve risks and uncertainties, including, but not
limited to, risks and uncertainties with respect to the future prospects
of the Company and the spin-off of Horizon Global Corporation as
independent companies, general economic and currency conditions, various
conditions specific to the Company's business and industry, the
Company's leverage, liabilities imposed by the Company's debt
instruments, market demand, competitive factors, supply constraints,
material and energy costs, technology factors, litigation, government
and regulatory actions, the Company's accounting policies, future
trends, and other risks that are detailed in the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2014. These risks
and uncertainties may cause actual results to differ materially from
those indicated by the forward-looking statements. All forward-looking
statements made herein are based on information currently available, and
the Company assumes no obligation to update any forward-looking
statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150630006503/en/
TriMas Corporation
Christine Parker
Manager, Investor
Relations & Communications
(248) 631-5438
christineparker@trimascorp.com
Source: TriMas Corporation
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