Tower International, Inc. Business Report FY ended Dec. 2012
|(in million USD)|
|FY ended Dec. 31, 2012||FY ended Dec. 31, 2011||Rate of change (%)||Factors|
1) Net Sales
-Total revenues increased during the year ended December 31, 2012 by USD 31.2 million or 1.5% from the year ended December 31, 2011, reflecting primarily higher volume in both the Americas segment (USD 113.9 million) and the International segment (USD 33 million). Sales were positively impacted by the strengthening of the Chinese RMB against the US dollar (USD 4.4 million), but were negatively impacted by the strengthening of the US dollar against foreign currencies in the International segment, primarily the Euro (USD 62.2 million), and in the Americas segment, primarily the Brazilian Real (USD 36 million). Revenues were also negatively impacted by unfavorable pricing (USD 21.9 million).
Divestitures-In December 2012, the Company announced that it sold its Korean operations in order to strengthen its overall business and realize shareholder value. Under the agreement reached earlier, the Company sold 100% of the stock in its wholly-owned Korean subsidiary to SECO, a privately owned Korean auto parts supplier. The Company will receive an estimated USD 47 million in cash for the transaction. The sold operations include 5 manufacturing plants, a tooling plant, and a headquarters/technical center. Financial results for full year 2012 of the Korean operations were projected at revenue of USD 345 million, adjusted EBITDA of USD 25 million, and free cash flow of negative USD 5 million. (From a press release on December 28, 2012)
-The Company has a total of nine technical centers located in the following countries: United States, Brazil, Germany, Italy, China (3), India, and Japan.
|(in million USD)|
|FY ended Dec. 31, 2012||FY ended Dec. 31, 2011||FY ended Dec. 31, 2010|