Horizon Global Announces Termination of Brink Acquisition Agreement
June 15 2018 - 6:50AM
Business Wire
Horizon Global Corporation (NYSE: HZN), one of the world’s
leading manufacturers of branded towing and trailering equipment,
today announced that the Company and H2 Equity Partners have
mutually agreed to terminate the Brink Group acquisition agreement,
effective June 14, 2018. As part of the termination agreement,
Horizon Global agreed to pay a break fee to the Brink Group in the
amount of €4.75 million.
The acquisition will be withdrawn from regulatory review in
Germany and the U.K.
“Both Horizon Global and the Brink Group are two strong
organizations that are leaders in the towing and trailering
industry in Europe,” commented Carl Bizon, Horizon Global Interim
President and Chief Executive Officer. “While the decision to
acquire Brink was based on a compelling opportunity for our
Company, ultimately, we have mutually agreed that our best path
forward is to remain independent. We have nothing but respect for
the Brink Group team and H2 Partners as part of this process. In
the near and medium term, my focus, and that of the entire Horizon
Global team, is centered on evolving business conditions and
executing the Company’s Action Plan, which we believe will improve
performance in our existing Horizon Americas and Europe-Africa
operations.”
The Company will host a conference call on Wednesday, June 20,
2018 at 8:30 a.m. Eastern Time to discuss the termination of the
Brink Group acquisition agreement and update investors on current
business conditions and outlook for its global operations.
Participants in the call are asked to register five to 10 minutes
prior to the scheduled start time by dialing (844) 711-8052 and
from outside the U.S. at (832) 900-4641. Please use the conference
identification number 9257629.
The conference call will be webcast simultaneously and in its
entirety through the Horizon Global website. Shareholders, media
representatives and others may participate in the webcast by
registering through the investor relations section on the Company’s
website.
A replay of the call will be available on Horizon Global’s
website or by phone by dialing (800) 585-8367 and from outside the
U.S. at (404) 537-3406. Please use the conference identification
number 9257629. The telephone replay will be available
approximately two hours after the end of the call and continue
through July 3, 2018.
About Horizon Global
Horizon Global is the #1 designer, manufacturer and distributor
of a wide variety of high-quality, custom-engineered towing,
trailering, cargo management and other related accessory products
in North America, Australia and Europe. The Company serves OEMs,
retailers, dealer networks and the end consumer as the category
leader in the automotive, leisure and agricultural market segments.
Horizon provides its customers with outstanding products and
services that reflect the Company's commitment to market
leadership, innovation and operational excellence. The Company’s
mission is to utilize forward-thinking technology to develop and
deliver best-in-class products for our customers, engage with our
employees and realize value creation for our shareholders.
Horizon Global is home to some of the world’s most recognized
brands in the towing and trailering industry, including: BULLDOG,
Draw-Tite, Fulton, Hayman Reese, Reese, ROLA, Tekonsha, and
Westfalia. Horizon Global has approximately 4,300 employees in 58
facilities across 21 countries.
For more information, please visit www.horizonglobal.com.
Safe Harbor Statement
This release may contain "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained herein speak only as of the
date they are made and give our current expectations or forecasts
of future events. These forward-looking statements can be
identified by the use of forward-looking words, such as "may,"
"could," "should," "estimate," "project," "forecast," "intend,"
"expect," "anticipate," "believe," "target," "plan" or other
comparable words, or by discussions of strategy that may involve
risks and uncertainties. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties which
could materially affect our business, financial condition or future
results including, but not limited to, risks and uncertainties with
respect to: 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; general economic and currency
conditions; various conditions specific to the Company's business
and industry; the spin-off from TriMas Corporation; risks inherent
in the achievement of cost synergies and the timing thereof in
connection with the Westfalia acquisition, including whether the
acquisition will be accretive; the Company's ability to promptly
and effectively integrate Westfalia; the performance and costs of
integration of Westfalia; the Company's ability to successfully
implement the Company's Action Plan, including realizing the
expected cost savings within the anticipated time frame or at all;
the timing and amount of repurchases of the Company’s common stock,
if any; and other risks that are discussed in the Company's most
recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
or Current Reports on Form 8-K. The risks described herein are not
the only risks facing our Company. Additional risks and
uncertainties not currently known to us or that we currently deemed
to be immaterial also may materially adversely affect our business,
financial position and results of operations or cash flows. We
caution readers not to place undue reliance on such statements,
which speak only as of the date hereof. We do not undertake any
obligation to review or confirm analysts' expectations or estimates
or to release publicly any revisions to any forward-looking
statement to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events.
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Horizon Global CorporationChristi Cowdin, 248-593-8810Director,
Corporate Communications & Investor
Relationsccowdin@horizonglobal.com
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