Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future