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Tower International Cancels European Sale
Tower International Inc. says Europe’s reviving auto market has prompted it to cancel plans to sell its business unit there.
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Tower International Inc. says Europe’s reviving auto market has prompted it to cancel plans to sell its business unit there. Citing “significant” new growth opportunities, it declares “no further intention to sell this business.”
The Michigan-based supplier of structural metal assemblies says it will go ahead with plans to sell operations in Brazil and China, which together account for less than 5% of the company’s revenue.
Tower reports its unadjusted sales in the first quarter rose 5% to $511 million. But operating income declined 4% to $23 million, and net income plunged 40% to $8.4 million. Adjusted earnings before interest, taxes, depreciation and amortization slipped 4% to $46 million. The company attributes the downturn to its resumption of accrued U.S. income taxes.
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