Tower International
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| Type | Public company |
|---|---|
| Traded as | NYSE: TOWR |
| Industry | Automotive industry |
| Headquarters | Livonia, Michigan, USA |
| Number of locations | 43 facilities in 11 countries in North and South America, Europe and Asia |
| Area served | Worldwide |
| Key people | Mark Malcolm President, Chief Executive Officer |
| Products |
•Body structural stampings and assemblies •Chassis structural stampings and assemblies, including full frames and cradles •Suspension components, modules and systems •Exposed sheet metal ("Class A") surfaces |
| Net income | $1.6 billion (year ended December 31, 2009) |
| Website | www.towerinternational.com |
Tower International LLC is a global designer and producer of structural components and assemblies used by virtually every major automotive vehicle manufacturer. The company's main products include body structural stampings and assemblies, chassis structural stampings and assemblies, including full frames and cradles, suspension components, modules and systems and exposed sheet metal ("Class A") surfaces.
In 2007 the company generated revenues of $2.2 billion. The company currently has 39 facilities in 13 countries in North and South America, Europe and Asia. Tower Automotive is headquartered in Livonia, Michigan, United States.[1] In the Automotive News global supplier ranking for 2006 the company ranked on the 55th position.
The company was founded in 1993 as R.J. Tower Corporation, later renamed Tower Automotive. During the 1990s Tower Automotive grew fast with multiple acquisitions in North America, Europe, Asia and South America. Tower Automotive, Inc. (a U.S. registered company) and its U.S. operating subsidiaries filed for Chapter 11 bankruptcy reorganization in February 2005. In July 2007 Tower Automotive successfully emerged from Chapter 11 as an affiliate of Cerberus Capital Management, L.P, which purchased the company for $1 billion.[1]
In October 2010, the company issued an initial public offering, intended to raise up to $122 million in order to pay off part of Tower's $654 million in debt.[1]
[edit] References
- ^ a b c "Cerberus’s Tower Automotive Plans IPO to Repay Debt". Business Week. 4 October 2010. http://www.businessweek.com/news/2010-10-04/cerberus-s-tower-automotive-plans-ipo-to-repay-debt.html. Retrieved 24 December 2010.
