TROY, Mich.--(BUSINESS WIRE)--
Horizon Global Corporation (HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today announced that the New York Stock Exchange (NYSE) notified the Company that it has accepted Horizon’s business plan to regain compliance with the NYSE continued listing standards.
Horizon Global President and CEO Carl Bizon commented, “We are pleased that NYSE has accepted our plan to regain compliance with the NYSE’s continued listing standards. We believe this is a positive endorsement of the Company’s recently announced plans for 2019 that include business improvement in our Americas segment, turnaround efforts in Europe-Africa, and ongoing strong performance from Asia-Pacific. Our global team’s collective efforts remain focused on delivering improved profitability and operating performance to drive improved market valuation. We look forward to working proactively with the NYSE through a process of quarterly reviews to demonstrate achievement of the continued listing standards, as we also drive improved performance in our business and deliver value to our shareholders.”
On January 3, 2019, the Company received a letter from the NYSE informing the Company of its non-compliance with the NYSE continued listing standards because the Company’s average market capitalization over a recent consecutive 30-day-trading period had been less than $50,000,000, and at the same time, stockholders’ equity was less than $50,000,000. With the acceptance of the Company’s business plan, Horizon Global is now within the 18-month plan period to regain compliance, with the plan period expected to conclude on or before July 3, 2020.
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.
This release contains “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 ability to regain compliance with the NYSE’s continued listing standards and maintain such compliance; 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, including the impact of any tariffs, quotas or surcharges; 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; the success of our Action Plan, including the actual amount of savings and timing thereof; the success of our business improvement initiatives in Europe-Africa, including the amount of savings and timing thereof; the Company's exposure to product liability claims from customers and end users, and the costs associated therewith; the Company’s ability to meet its covenants in the agreements governing its debt, including the requirement to reduce its first lien term loan, or obtain any amendments or waivers thereto; 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.