Engineered and applied products maker TriMas is planning to spin off its Cequent businesses into a separate, publicly traded company.
Cequent designs, makes and distributes towing, trailer and cargo management products and other accessories. The stand-alone company will include TriMas' current Cequent Americas and Cequent APEA segments. Customers for the segments include aftermarket, original equipment manufacturers and suppliers, and retail customers within the agricultural, automotive, construction, horse/livestock, industrial, marine, military, recreational, trailer and utility markets.
After the spinoff, TriMas will include the current packaging, aerospace, energy and engineered components segments.
TriMas Corp. Executive Vice President and Chief Financial Officer Mark Zeffiro will become president and CEO of the new stand-alone company once the transaction is complete.
Dave Wathen will continue to serve as president and CEO of TriMas. Samuel Valenti III, TriMas chairman, will serve as a director on the new company's board.
TriMas will keep its headquarters in Bloomfield Hills, Michigan and will continue to be listed on the Nasdaq under the "TRS" ticker symbol.
The spinoff, which still needs final approval from the TriMas board, is expected to be completed in mid-2015. Shareholder approval is not needed to complete the transaction.