Westfalia-Automotive completes sale to Horizon Global - Dr. Welzel to Transition Management Duties
Westfalia-Automotive announces today it completed the sale of Westfalia-Automotive and Terwa, collectively referred to as the Westfalia-Automotive-Group, to Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment. Effective immediately, Dr. Bernd Welzel will transition management duties to Paul Caruso, Horizon Global’s Regional Vice President and Managing Director – Europe, Africa and Latin America.
The transaction includes market-leading brands, Westfalia-Automotive, Terwa and Siarr. The newly combined company will be a nearly $850 million global designer, manufacturer and distributor of a wide variety of high quality, custom-engineered towing, trailering, cargo management and other related accessory products. The new Horizon Global will benefit from a larger global footprint and shared management expertise, product innovations and advanced technologies.
"We are thrilled to add Westfalia-Automotive’s iconic brands, design innovation and manufacturing capabilities to our proven global platform," said Paul Caruso, Regional Vice President and Managing Director – Europe, Africa and Latin America, Horizon Global. "Westfalia-Automotive greatly complements our business and helps to create a powerful portfolio of companies, allowing the new Horizon Global to accelerate the growth of our global OE footprint and to provide a broadened product offering to both new and current customer channels."
Caruso continued, "I would like to thank Dr. Welzel for his many years of dedication and hard work in building Westfalia-Automotive into an industry leader. Further, we look forward to our future shared success, as we welcome the Westfalia-Automotive-Team to Horizon Global."
About Horizon Global:
Headquartered in Troy, Michigan, Horizon Global Corporation (NYSE: HZN) is a leading designer, manufacturer and distributor of high-quality, custom-engineered 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.
Headquartered in Rheda-Wiedenbrück, Germany, Westfalia-Automotive is one of the worldwide leading manufacturers of towbars, wiring kits and carrier systems for cars and light utility vehicles with an international presence. In total, more than 1,700 different towbar types for almost all vehicle brands are developed and produced. The company has approximately 900 employees.