Press release content from Business Wire. The AP news staff was not involved in its creation. Horizon Global Reports Financial Results for the Fourth Quarter and Full Year 2020 March 11, 2021 GMT PLYMOUTH, Mich.--(BUSINESS WIRE)--Mar 11, 2021-- Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today reported fourth quarter and full year financial results for 2020. “2020 was a transformational year for Horizon Global as reflected by significant year-over-year improvements in profitability and cash flow generation,” stated Terry Gohl, Horizon Global’s President and Chief Executive Officer. “We entered 2020 with great momentum and high expectations for the turnaround of the Company. While we immediately faced unprecedented macro-economic challenges due to the global pandemic, the team maintained its focus and ultimately delivered significant value to our shareholders as well as all of our key stakeholders. To offset commercial headwinds in early 2020, we accelerated the execution of our operational improvement initiatives, including the operational transformation of Mexico manufacturing and Americas distribution, streamlining our Americas product portfolio and rationalizing our Europe-Africa distribution footprint. This resulted in improved productivity and throughput, which enabled us to deliver on customer commitments and further solidified Horizon Global as the supplier of choice during the second half of the year. Our strong financial performance allowed us to opportunistically address our full capital structure in early 2021, resulting in a new term loan with a lower interest rate, flexible covenants and other favorable terms that enable us to pursue our long-term strategic plan.”