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Friday, December 28, 2012

Tower International sells Korean ops, (NYSE: TOWR)

Automobile parts maker Tower International Inc sold its South Korean operations to Seco, a privately owned Korean auto parts supplier, for about $47 million in cash. Livonia, Michigan-headquartered Tower said Seco will also assume debt of about $98 million, representing a deal enterprise value of about $145 million.The operations being sold include five manufacturing plants, a tooling plant and a technical center.Shares of Tower International closed at $7.44 on Thursday on the New York Stock Exchange. The company's stock has shed about a third of its value in the last one year.

Tower International, Inc. is an integrated global manufacturer of engineered structural metal components and assemblies primarily serving automotive original equipment manufacturers (OEMs). Shares of TOWR remained unchanged at $7.44. In the past year, the shares have traded as low as $6.00 and as high as $14.24. On average, 22308 shares of TOWR exchange hands on a given day and today's volume is recorded at 100.