Horizon Global to explore sale of Asia-Pacific business

By Caroline Salls

Pittsburgh, June 7 – Horizon Global Corp. has initiated a formal process to explore the sale of its Asia-Pacific (APAC) business segment, with the expected proceeds from the sale to be used to significantly reduce the company’s debt while allowing the management team to focus on the core Americas segment and business improvement initiatives underway in the Europe-Africa segment, according to a news release.

Jefferies has been hired to run the sale process.

“Our APAC segment is an exceptional business with a great team of employees that operates as a nearly stand-alone business,” Horizon Global president and chief executive officer Carl Bizon said in the release.

“While we think the business has attractive growth prospects, we are laser-focused on reducing our current debt burden, and a potential sale of APAC is one of a variety of initiatives we are considering to achieve this objective.

“With a stronger balance sheet and a deep focus on our remaining segments, we expect to restore the profitability of Horizon Global to historical levels and maximize value for our shareholders.”

Horizon is a Troy, Mich.-based manufacturer of branded towing and trailering equipment.

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