Tower International, Inc.
Company Profile
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■Address
Business Overview
-The Company is a manufacturer of engineered structural metal components and assemblies that mainly serves automotive OEMs. The Company supplies body-structure stampings, frames and structural designs, and complex welded assemblies for small cars, large cars, crossovers, pickups, and SUVs.
-The Company was acquired by Autokiniton Global Group (AGG) on September 30, 2019. With this transaction, Tower International, traded on the NYSE, was taken private and merged with L&W Group, another AGG company.
Shareholders
-In 2019, the Company was acquired by Autokiniton Global Group (AGG). It became a subsidiary of AGG and was delisted from the NYSE stock market.
Products
Body structures and assemblies
-Stampings
- Body pillars
- Roof rails
- Side members
- Crossmembers
- Floor panels
- Intrusion beams
-Class A surfaces
- Body sides
- Hoods
- Doors
- Roofs
- Fenders
- Pickup truck boxes
- Tailgate frames and panels
-Crash management systems
- Side rails
- Front and rear crash beams
Complex body-in-white assembly
-Front and rear floor pan assemblies
-Door assemblies
-Pillar assemblies
Chassis and lower vehicle structures
-Stampings
- Exterior structures
- Structural components
- Chassis assemblies
- Engine cradles
- Suspension cradles
- Floor pan components
- Cross members
-Full frames
- Pickup truck frames
- Truck frames
- SUV frames
-Sub-frames and structural crossmembers
- Steel sub-frames and assemblies
- Aluminum sub-frames and assemblies
Suspension components
-Control arms
-Suspension links
-Track bars
-Spring and shock towers
-Shackles
-Twist axles
-Radius arms
-Stabilizer bars
-Trailing axles
-Brackets
-Suspension cradles
History
| Apr. 1993 | R.J. Tower Corporation in Greenville, Michigan and Auburn, Indiana, U.S. were acquired by Tower Holding Corp. |
| Mar. 1994 | R.J. Tower Corporation was renamed Tower Automotive. |
| Feb. 2005 | Filed for Chapter 11 bankruptcy. |
| 2007 | Filed a restructuring term sheet with the U.S. Bankruptcy Court for the Southern District of New York to sell substantially all of its assets through a Chapter 11 Plan. |
| U.S. Bankruptcy Court for the Southern District of New York has confirmed its Chapter 11 Reorganization Plan (the "Plan") and approved the sale of substantially all of the company's assets to an affiliate of Cerberus Capital Management. | |
| 2010 | The Company has priced its initial public offering of common stock. The stock is expected to begin trading on October 15, 2010, on the New York Stock Exchange. |
| Nov. 2018 | Signed Memorandum of Understanding for the sale of all of the Company’s European operations to Financiere SNOP Dunois S.A. (FSD) for EUR 255 million. |
| Sep. 2019 | Acquired by Autokiniton Global Group (AGG). |
Supplemental Information 1
Joint Ventures
| Mar. 2000 | The Company invested USD 2.1 million in the formation of a product technology and development joint venture with Defiance Testing & Engineering Services, Inc., a subsidiary of GenTek Inc. The Joint venture, DTA Development, located in Westland, Michigan, will provide the Company with product-testing services. |
| Jan. 2001 | 20% partnership formed with Carron Industries, thereby expanding prototyping capabilities in the U.S.A. |
M&A
| Apr. 1993 | Acquired its predecessor, R.J. Tower Corp. |
| May 1994 | Acquired Edgewood Tool and Manufacturing Company and its affiliate Ann Arbor Assembly Corp. |
| Jun. 1994 | Acquired Kalamazoo Stamping and Die Company for approx. USD 12.3 million in cash. |
| Jan. 1996 | Acquired the Trylon Corporation, a wholly owned subsidiary of MascoTech, Inc. |
| Apr. 1997 | Acquired and assumed substantially all of the assets and liabilities of Automotive Products Company, a division of A.O. Smith Corporation. The aggregate purchase price consisted of approximately USD 625 million in cash. |
| May 1997 | Acquired Societa Industria Meccanica e Stampaggio S.p.A. ("Simes") for approximately USD 50 million in cash. |
| Mar. 1998 | Acquired 40% equity interest in Metalurgica Caterina S. A., Brazil. In addition, the Company also will have the right to acquire the remaining 60% of the equity in the Company in the future. |
| Jul. 1998 | Acquired IMAR s.r.l. and Oslamt S.p.A. adding to the Company's European presence. |
| Aug. 1998 | Sold its hinge business to Dura Automotive Systems, Inc. for net proceeds of approximately USD 36.9 million. |
| Jul. 1999 | Acquired Active Tool Corporation and Active Products Corporation for total approximate consideration of USD 315 million. |
| Nov. 1999 | Acquired a 49% equity interest in Seojin Industrial Company Ltd. for USD 21 million. |
| Jan. 2000 | Acquired all of the outstanding shares of Dr. Meleghy GmbH & Co. KG Werkzeugbau und Presswerk, Bergisch Gladbach for approximately USD 86.4 million. |
| May 2000 | Acquired Algoods Inc. for a total consideration of approximately USD 33 million. |
| Jul. 2000 | Acquired the remaining 60% equity interest in Metalurgica Caterina S.A. for approximately USD 42 million. |
| Sep. 2000 | Acquired a 17% equity interest in Yorozu Corporation, a supplier of suspension modules and structural parts to the Asian and North American automotive markets, from Nissan Motor Co. Ltd. |
| Nov. 2000 | Acquired Strojarne Malacky, for a total consideration of approximately USD 10 million. |
| Dec. 2000 | Sold its Roanoke, Va., heavy truck rail manufacturing business to its joint venture partner, Metalsa S. de R.L., for USD 55 million. |
| Feb. 2001 | Exercised the right to purchase the additional equity interest in Yorozu Corporation and will pay Nissan approximately USD 30 million over two and a half years for the additional 13.8 percent interest. |
| Mar. 2004 | Sold its 30.76% interest in Yorozu Corporation (Japan) to Yorozu, through a share buy-back transaction on the Tokyo Stock Exchange and received USD 57 million from the transaction. |
| Acquired the remaining shares of Seojin Industrial Company Ltd. of South Korea, and now owns 100% of the company. Previously, it held a 66% equity interest in Seojin. | |
| Dec. 2012 | Sold Korean subsidiary Seojin Industrial Company Ltd. to SJ holdings, Inc., a subsidiary of SECO and received USD 47 million for the transaction. |
>>>Business Report up until FY ended Dec. 31, 2011
>>>Business Report FY ended Dec. 31, 2012
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>>>Business Report FY ended Dec. 31, 2016
>>>Business Report FY ended Dec. 31, 2017
>>>Business Report FY ended Dec. 31, 2018
Note: A figure in brackets ( ) indicates a loss
