Westfalia-Automotive annouces agreement to be acquired by Horizon Global
Westfalia-Automotive Holding GmbH (Westfalia) announced today that the company has entered into a definitive agreement to be acquired by Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment.
The transaction will create a combined company that will be well-positioned to accelerate the growth of ist global footprint by utilizing its powerful portfolio of global towing and Trailer brands to access to new markets and customers.
“This deal will combine two well-respected, global market leaders and innovators in the designing and manufacturing of towing systems for automotive equipment manufacturers, dealers and aftermarket customers,” said Bernd Welzel, Chief Executive Officer, Westfalia-Automotive. “We thank DPE Deutsche Private Equity for their patronage and are grateful for their valuable contributions and support during the last years. The sale of Westfalia to Horizon is a great outcome for our company, employees, customers and shareholders. Now, we are very excited to become a member of the Horizon Global family. Our brands will gain an expanded global reach and our products will become available to a significantly larger customer base, enabling the continued innovation of new technologies and products based on a global production footprint.”
“Further, the transaction positively reflects the strength of our company and our talented and dedicated employees that Horizon will continue to build upon,” continued Welzel. “We have a world class team of associates and are confident about the future success of our brands and products as part of a larger, global presence. We expect the acquisition to be completed during the fourth quarter of 2016, subject to the satisfaction of customary closing conditions.”
A. Mark Zeffiro, President and Chief Executive Officer of Horizon Global, said, “We are pleased to welcome the entire Westfalia team to the Horizon Global family. This significant acquisition is a very positive statement regarding our confidence in the future of the new, combined company and its expanded portfolio of well-respected brands and products.”
About Horizon Global:
Headquartered in Troy, Michigan, Horizon Global Corporation (NYSE: HZN) is a leading designer, manufacturer and distributor of high-quality, customengineered towing, trailering, cargo management and related accessory products for original equipment, aftermarket and retail channel customers on a global basis. Our 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. For more information, please visit www.horizonglobal.com.