Photo courtesy of Europcar. Europcar Mobility Group announced that changes will be coming to its leadership group. As of January 1, the Group management board will be composed of: Caroline Parot, Group CEO Fabrizio Ruggiero, Group deputy CEO, head of business units (cars, vans & trucks, low cost, new mobility and international coverage) Olivier Baldassari,… Continue reading Europcar Mobility Group Makes Leadership Changes
Tag: Financial Results
VW to invest $50B in electric and autonomous tech
VW to invest $50B in electric and autonomous techFrankfurt, Germany – Volkswagen AG, which is negotiating investments and tie-ups with Ford Motor Co., intends to invest 44 billion euros ($50 billion) in the electric and autonomous car technologies expected to reshape the industry. The German carmaker also said it would make battery-powered vehicles more accessible to mass-market auto buyers by selling its new I.D. compact for about what a Golf diesel costs.
The investment plans for the next five years aim to make Volkswagen “a worldwide supplier of sustainable mobility,” Chairman Hans Dieter Poetsch said Friday. He added that the company is in talks with Ford Motor Co. about possible cooperation in making light commercial vehicles.
The Detroit News has previously reported on those talks on global partnerships between Volkswagen and Ford, as well as negotiations with Volkswagen to invest potentially more than $1 billion in Argo AI, the robotics and technology company majority-owned by Ford. Volkswagen also is considering a separate investment in Ford’s in-house autonomous vehicle business.
Established automakers as well as several U.S. startups are rolling out electric models to compete with Tesla , currently the market leader. Auto companies need electrics to meet new environmental standards in many countries.
In Europe, manufacturers need to sell more battery-powered cars to meet tougher EU limits on carbon dioxide emissions that come into force 2021 and aim to fight global warming. Automakers like Volkswagen, Daimler and BMW risk penalties of thousands of euros per vehicle if they can’t meet requirements for lower average emissions.
Authorities in China, where Volkswagen gets much of its profit, have also mandated a bigger share of electrics and hybrids.
Yet right now, such vehicles remain a niche market due to higher price and lack of places to charge. Battery-only vehicles were only 0.6 percent of the market in the European Union last year. They are running from 1 to 2 percent of U.S. new-vehicle sales so far this year.
Major new models unveiled in recent weeks from Daimler’s Mercedes-Benz and Volkswagen’s Audi brand have been expensive SUVs; Audi’s e-tron starts at a German price of 80,000 euros. The starting price for Tesla’s Model X is around $80,700 while the Model S starts around $74,500.
VW’s upcoming I.D. compact could take mass-market buyers from Tesla’s Model 3, a mass-market car with a base price of $35,000 before tax credits. In reality, though, you can’t order one yet for less than $46,000.
Poetsch said the I.D. compact would be about the cost of a Golf diesel today, which is priced at 23,875 euros in Germany, according to Volkswagen’s website, and goes up as options are added. The next model up the scale starts at 30,625 euros.
General Motors, Nissan and Mitsubishi already are selling mass-market electric vehicles, but they’re still more costly than cars with gasoline engines, and they haven’t sold in great numbers.
Higher cost is one reason consumers are not yet buying purely electric vehicles in large numbers. The lack of charging points is another, leaving many owners of electric vehicles to use them mainly in cities or for shorter trips. Volkswagen and other automakers are working together on building a freeway network of fast-charging stations to enable longer trips with battery powered cars.
Chinese automakers as well as U.S. startup companies also are getting into the electric car market. Rivian, a Detroit-area company, plans to unveil a high-end electric pickup and SUV later this month, to go on sale in late 2020. Lucid Motors, a Newark, California, startup whose leadership includes six former Tesla executives, plans to deliver its first cars in 2020 as well.
The shift to electric cars is a big one for a company the size of Volkswagen, which has over 600,000 employees and makes about 10 million vehicles a year.
It is converting three of its German plants from internal combustion to battery car production as it pivots away from diesel vehicles in the wake of its emissions scandal. It says it will increase the number of electric models from six now to more than 50 by 2025.
Ian Thiboudeau of The Detroit News contributed.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Tower International to Announce Third Quarter 2018 Financial Results
Tower International to Announce Third Quarter 2018 Financial Results
LIVONIA, Mich., Oct. 12, 2018 /PRNewswire/ — Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, will report third quarter 2018 financial results before the market opens on Monday, October 29, 2018, via PR Newswire. At 11:00 a.m. EDT on that date, a conference call is scheduled to discuss the results in further detail, as well as other related matters.
To participate in the conference call:
Domestic calls: (866) 393-4576
International calls: (706) 679-1462
Tower will provide a broadcast of the conference call for the general public via a live audio webcast. The conference call, along with the financial results release, presentation material and other supplemental information, can be accessed through Tower's Web site at www.towerinternational.com.
The audio replay will be available two hours following the call at:
Domestic calls: (855) 859-2056
International calls: (404) 537-3406
The audio replay will be available until November 29, 2018 (Conference I.D. 4576237).
Investor & Media Contact:
Derek Fiebig
(248) 675-6457
fiebig.derek@towerinternational.com
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SOURCE Tower International, Inc.
Tower International Declares Quarterly Dividend
Tower International Declares Quarterly Dividend
LIVONIA, Mich., Oct. 18, 2018 /PRNewswire/ — The Board of Directors of Tower International, Inc. [NYSE: TOWR], a leading integrated global manufacturer of engineered automotive structural metal components and assemblies, today declared a regular quarterly dividend of 13 cents per share on the Company's common stock, payable December 7, 2018 to shareholders of record on November 8, 2018.
Contact:
Derek Fiebig
Executive Director, Investor & External Relations
(248) 675-6457
fiebig.derek@towerinternational.com
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SOURCE Tower International
Fiat Chrysler aims to boost margins, keep jobs with European production plan
MILAN (Reuters) – Fiat Chrysler (FCA) (FCHA.MI) is expected to commit to producing a raft of new models in Italy, including Jeeps and an Alfa Romeo SUV, union sources said, as the carmaker strives to fill underutilized plants and lift profit margins in Europe. FILE PHOTO: A logo of Fiat is pictured on the Fiat… Continue reading Fiat Chrysler aims to boost margins, keep jobs with European production plan
Ghosn scandal could trigger a series of crises for Nissan, Renault, Mitsubishi
Marlene Awaad | Bloomberg | Getty Images
Carlos Ghosn, chairman of the alliance between Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp., pauses during a Bloomberg Television interview at the Paris Motor Show in Paris, France, on Tuesday, Oct. 2, 2018.
There aren't many automotive executives who can claim to have saved a company, let alone three. But now, Carlos Ghosn might also prove to be the man responsible for shattering the global alliance that transformed Renault, Nissan and Mitsubishi into an industry powerhouse.
A day after prosecutors arrested Ghosn and another senior Nissan executive, accusing them of serious financial irregularities, the fallout was escalating. Some auto analysts questioned whether the alliance between the three carmakers could survive the affair, leading nervous investors to pare back their holdings. U.S. traded shares of Renault have slid by about 11 percent since news of Ghosn's arrest in Tokyo broke Monday while Nissan's shares in the U.S. fell by about 6 percent.
Self-destruction
“You're witnessing the single greatest act of self-destruction in modern automotive history,” said Eric Schiffer, chairman of Los Angeles-based Reputation Management Consultants. “Not only has [Ghosn] destroyed his life, but he puts those companies in uncharted and dangerous waters.”
His swift fall from grace places the carefully constructed alliance he built between the three automakers at risk and will have far-reaching repercussions across the industry, auto executives and analysts say.
Perhaps only Tesla CEO Elon Musk and former Fiat Chrysler CEO Sergio Marchionne, who died last July, came close to matching the high-profile persona of the 64-year-old Ghosn. Born in Brazil of Lebanese parents, he began his career in France with the tire-making giant Michelin.
In 1996, Ghosn was recruited by Paris-based Renault and tasked with pulling together a turnaround plan for the struggling automaker. His strategy worked so well that Renault was back in the black in barely a year.
Ghosn got the chance to prove he wasn't a one-shot wonder when Renault assigned him to lead its efforts to revive debt-laden Japanese automaker Nissan in 1996. With only three of its product lines making money, many observers expected that country's second-largest manufacturer to go broke. There was widespread skepticism when Renault announced plans to purchase a 38.6 percent stake – which has since grown to 43.4 percent.
Skeptics
At the time, former General Motors Vice Chairman Bob Lutz said Renault would be better off “taking $5 billion, putting it on a barge and sinking it in the middle of the ocean.” But within three years, Ghosn's Nissan Revival Plan had taken hold. The automaker halved its debt and was delivering profit margins of around 4.5 percent.
“I said it would never work” Lutz said on CNBC's “Squawk on the Street” on Monday “and to my amazement it has worked fabulously well for both companies.”
Originally working as Nissan's chief operating officer, Ghosn was soon its CEO and, a few years later, added the title of chief executive of Renault, as well as head of their Renault-Nissan Alliance.
Ghosn had long left open the possibility of adding a third leg to the stool and, in 2016, he made his move, directing Nissan to purchase a controlling stake in Mitsubishi, the small Japanese automaker teetering on the brink of bankruptcy after a series of financial and regulatory scandals.
While still too soon to tell whether Mitsubishi is completely out of the woods, it added enough volume to the alliance total that, in 2017, it nudged past both Volkswagen and Toyota to claim the crown as largest automotive group in the world by unit sales.
Forcibly removed
But that celebration could be short-lived. Ghosn, who has repeatedly sidestepped questions about his potential retirement, is now being forcibly removed from all his posts in the wake of this week's breaking scandal.
On Monday, Yokohama-based Nissan issued an initially terse release stating that, “Based on a whistleblower report, Nissan Motor Co., Ltd. (Nissan) has been conducting an internal investigation over the past several months regarding misconduct involving the company's Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly.”
Within hours, reports began circulating that Ghosn and his hand-picked lieutenant had been arrested by authorities in Tokyo where they faced a number of potentially serious allegations. Ghosn — who was now serving as Nissan chairman — was accused of concealing as much as 5 billion yen, or about $45 million, in income, as well as misusing corporate funds. Precise details have yet to be released, however.
For the past two decades, Carlos Ghosn was seen as one of the biggest rock stars in a Japanese business world normally skeptical of “gaijin,” or foreigners. He even became a star of his own comic book series. Since the accusations were made public, however, his image has been washed away by a tsunami of bad news. Reputation expert Schiffer told CNBC, “There will be blood because it is about preserving honor and trust with the public.”
Anger and disappointment
That became apparent within hours. “I feel strong anger and disappointment,” Ghosn's handpicked successor as Nissan CEO, Hiroto Saikawa told reporters at Nissan headquarters in Yokohama. “I am very sorry.”
The Japanese automaker quickly moved to fire Ghosn, even as pressure mounted on Renault to do the same thing a half a planet away. The French government, the automaker's biggest shareholder, called for a shake-up in management. Renault plans to name its chief operating officer Thierry Bollore as an interim replacement for Ghosn, the Wall Street Journal reported Tuesday, citing unnamed sources.
“Carlos Ghosn is no longer in a position where he is capable of leading Renault,” Finance Minister Bruno Le Maire told France Info radio. But he added that the government “(has) not demanded the formal departure of Ghosn from the management board for a simple reason, which is that we do not have any proof and we follow due legal procedure.”
The fallout could, and likely will, continue according to several observers. During a meeting with reporters in Tokyo on Tuesday, Mitsubishi CEO Osamu Masuko said the very alliance that Ghosn strung together is in jeopardy. “I don't think there is anyone else on Earth like Ghosn who could run Renault, Nissan and Mitsubishi,” he said.
Dire warnings
Whether such dire warnings prove true is uncertain. Though they legally operate as independent manufacturers, after nearly two decades working together it can be difficult to distinguish between Nissan and Renault in many areas. They share most of their product platforms, as well as an extensive array of components. They work closely together on advanced research programs, including electric, hybrid and autonomous driving. And they are intertwined in global manufacturing and distribution. Since being pulled into the group, Mitsubishi has also begun mingling its operations.
Many of those activities were carefully crafted by Ghosn, especially the alliance's focus on the technology needed for future mobility, such as battery-electric vehicles like the Nissan Leaf.
“He was an asset in navigating globalized markets,” said Jeremy Acevedo, manager of data strategy for automotive service Edmunds. “So really this is coming at a terrible time.”
Daimler
It's not just the Renault-Nissan-Mitsubishi Alliance at risk. For the past nine-years, Ghosn has carefully sculpted a separate partnership with Daimler AG, the parent of the Smart and Mercedes-Benz brands.
Though there are none of the financial cross-holdings found in the alliance, the partners are today working together on a variety of projects. Engines made by Nissan in Smyrna, TN, for example, are being used in Mercedes vehicles assembled in Alabama. Mercedes and Nissan's Infiniti brand share a Mexican assembly plant. And a platform developed by Daimler underpins the Smart fortwo and Renault Twizzy.
At least initially, the partnership with Daimler was nurtured by Ghosn and his German counterpart, Daimler CEO Dieter Zetsche, who said at a news conference during the Paris Motor Show last month, “Without the chemistry between us, maybe this wouldn't have happened.”
There have been questions about whether it would survive Zetsche's scheduled move to relinquish the CEO post next year, moving into the post of Daimler chairman. Last month, he told reporters at a joint news conference with Ghosn, “I don't see from my perspective why the momentum in this relationship should change.” But with the Nissan boss enveloped in scandal and the future of the Renault-Nissan-Mitsubishi Alliance itself uncertain, all bets are now off.
It is, of course, possible that Ghosn could survive the scandal, the alle..
Official: GM to close Ontario plant, costing 2,500 jobs
Official: GM to close Ontario plant, costing 2,500 jobsToronto – General Motors is planning to announce the closure of its Oshawa, Ontario, plant Monday, which will eventually result in the loss of about 2,500 jobs.
The plant closure announcement was confirmed late Sunday by an official familiar with the decision. The official spoke on condition of anonymity because they were not authorized to talk publicly ahead of Monday’s announcement.
The official said it is part of a global restructuring of GM as they shift focus to lower emitting hybrid vehicles, which is not the focus of the Oshawa plant. GM has informed the Canadian government of the plan.
GM opened its factory in Oshawa, near Toronto, in 1953. The plant is used to make the Cadillac XTS and Chevrolet Impala sedans as well as the Chevrolet Silverado and GMC Sierra trucks.
A GM spokesman declined to comment. GM had been expected to close plants because of struggling sales.
Unifor, Canada’s largest private sector union, said in a statement that it does not have complete details of Monday’s announcement, but it has been informed that there is no product allocated to the Oshawa plant past December 2019.
“Based on commitments made during 2016 contract negotiations, Unifor does not accept this announcement and is immediately calling on GM to live up to the spirit of that agreement,” the union said in a statement on its website.
“Unifor is scheduled to hold a discussion with General Motors (Monday) and will provide further comment following the meeting.”
Oshawa Mayor John Henry said he had not spoken to anyone from GM. Jennifer French, who represents Oshawa in the provincial legislature, said she finds the news “gravely concerning.”
“If GM Canada is indeed turning its back on 100 years of industry and community – abandoning workers and families in Oshawa – then this is a callous decision that must be fought,” she said in a statement.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Porsche has plan to drive up profit by 6B euros
Porsche has plan to drive up profit by 6B eurosPorsche AG has an ambitious plan to improve operating profit by 6 billion euros ($6.8 billion) over eight years by streamlining operations as the automaker spends more to develop and manufacture electric cars, according to people with knowledge of the matter.
Porsche aims to increase earnings before interest and taxes by about 750 million euros annually over a timeframe starting this year and running through 2025 by increasing efficiencies, cutting costs and boosting contribution from new business such as digital offerings, said the people, who asked not to be identified because the discussions are private. The increase is necessary to maintain the Volkswagen AG brand’s target of a 15 percent return on sales. Porsche declined to comment.
Keeping returns flowing at Porsche is key to Volkswagen’s plan to make the world’s largest automaker a more agile company and face the industry’s unprecedented shift to self-driving and electric cars head on. Carmakers readying electric lineups are pushing for savings elsewhere to offset lower profits from battery-powered cars when compared to vehicles with combustion engines.
Take Porsche’s first electric offering as an example of the quandary facing automakers. Cars like the four-door Taycan, which comes to market next year, will cost from 6,000 euros to 10,000 euros more to produce than a comparable traditional model, the people said. Those costs won’t be passed on to customers, meaning spending reductions need to be made elsewhere to maintain profitability, they said. In total, the sports-car maker is investing more than 6 billion euros through 2022 on electric mobility.
After 2025, the German manufacturer anticipates that the efficiency push will improve profit by about 2 billion euros annually, the people said. VW’s most profitable brand generated 4.1 billion euros in operating profit and 23.5 billion euros in revenue last year. The operating margin of more than 17 percent compares to single-digit return on sales at most mass-market carmakers.
The group is on its way to become “the electric powerhouse within the auto world” and should have higher revenue and earnings momentum than Daimler AG and BMW AG, Bankhaus Metzler analyst Juergen Pieper said in a note.
Porsche is working on electric-car technology with sister brand Audi and is considering using the jointly developed underpinnings to offer electric versions of existing models like the Macan compact sport utility vehicle. Porsche has said the first cars from the new platform are planned for late 2021.
Porsche expects half of deliveries will be fully-electric or hybrid cars in 2025. Developing vehicles with combustion engines won’t be economically viable from 2030 onward under the goals of the Paris Climate accord, they said.
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Aston Martin to more than double production by 2025: CEO
ABU DHABI (Reuters) – Luxury carmaker Aston Martin (AML.L), has not yet seen a slowdown in its key markets and aims to more than double the number of cars it makes by 2025, its chief executive said on Sunday. FILE PHOTO: Andy Palmer, CEO of Aston Martin, poses for a photograph next to the company’s… Continue reading Aston Martin to more than double production by 2025: CEO
Tower Signs a Memorandum of Understanding to Sell its European Operations at an Accretive Value
Tower Signs a Memorandum of Understanding to Sell its European Operations at an Accretive Value
LIVONIA, Mich., Nov. 20, 2018 /PRNewswire/ — Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced it has signed a Memorandum of Understanding relating to the sale of all of its European Operations to Financière SNOP Dunois S.A.”FSD”, a privately owned French automotive supplier.
Tower's European Operations include manufacturing facilities in Belgium, Czech Republic, Germany, Italy, Poland and Slovakia and offices in Germany and Italy. Financial results for full year 2018 are projected at revenue of $650 million and Adjusted EBITDA of $55 million. Before fees and other customary adjustments, the anticipated sale price represent an Enterprise Value of €255 million ($298 million at $1.17/Euro) representing an enterprise multiple of 5.4 times Adjusted EBITDA. This transaction multiple is significantly higher than the present multiple for Tower's common stock, which Tower estimates was approximately 4.5 times based on yesterday's closing price.
“This accretive transaction with FSD allows Tower to focus on a North American business with strong organic growth, profit margins and cash flow. It further strengthens Tower's balance sheet and enhances Tower's financial flexibility and accelerates Tower's ability to invest in additional accretive growth, reduce leverage and/or return capital to Tower shareholders,” said CEO Jim Gouin. “FSD and Tower Europe's operations are very complementary from a customer as well as geographic footprint. This combination will allow Tower's assets and colleagues to be better utilized as part of this Pan-European entity.”
The memorandum of understanding signed by the parties together with an unsigned stock purchase agreement, would be the basis on which the parties pursue the signing of a definitive agreement in the next few weeks, once works council consultation has taken place. Completion of the divestiture is expected to take place during the first quarter of 2019 and is subject to approval of the applicable antitrust authorities and other customary conditions. Tower expects to recognize a book loss of approximately $60 million related to the sale of the European operations. This one-time charge will include the reclassification of currency translation into earnings, other fair value adjustments and selling costs.
For this transaction, Rothschild & Co. served as Tower's M&A advisor, Freshfields Bruckhaus Deringer LLP was Tower's legal advisor, and De Brauw Blackstone Westbroek advised Tower on country specific legal matters. Tower also received advisory services from J.P. Morgan Securities LLC.
Tower to Host Conference Call Today at 2 p.m. EST
Tower will discuss this transaction and other related matters in a conference call at 2 p.m. EST today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company's website or by telephone. The slide presentation and webcast can be accessed via the investor relations portion of Tower's website www.towerinternational.com. To dial into the conference call, domestic callers should dial (866) 393-4576, international callers should dial (706) 679-1462. An audio recording of the call will be available approximately two hours after the completion of the call. To access this recording, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and reference Conference I.D. #1976027. A webcast replay will also be available and may be accessed via Tower's website.
Non-GAAP Financial Measures
This press release includes the following non-GAAP financial measures: “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Free Cash Flow”, and “Net Debt.” We define Adjusted EBITDA as net income / (loss) before interest, taxes, depreciation, amortization, restructuring items and other adjustments described in the reconciliations provided in this presentation. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues. Free Cash Flow is defined as cash provided by operating activities less cash disbursed for purchases of property, plant and equipment. Net Debt represents total debt less cash and cash equivalents. We use Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, and Net Debt as supplements to information provided in accordance with generally accepted accounting principles (“GAAP”) in evaluating our business and they are included in this presentation because they are principal factors upon which our management assesses performance. The non-GAAP measures presented above are not measures of performance under GAAP. These measures should not be considered as alternatives for the most directly comparable financial measures calculated in accordance with GAAP. Other companies in our industry may define these non-GAAP measures differently than we do and, as a result, these non-GAAP measures may not be comparable to similarly titled measures used by other companies in our industry; and certain of our non-GAAP financial measures exclude financial information that some may consider important in evaluating our performance. Given the inherent uncertainty regarding mark to market adjustments of financial instruments, fair value adjustments to our pension plan, potential gain or loss on our discontinued operations, potential restructuring expenses, and expenses related to our long-term incentive compensation programs in any future period, a quantitative reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is not feasible. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. The magnitude of these items, however, may be significant.
Forward-Looking Statements and Risk Factors
This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the completion of the pending transactions in this presentation, the consequences of that transaction, projected enterprise value, anticipated stock valuation, positioning, projected truck revenues and the outlook for revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, net new business, net debt and leverage. The forward-looking statements can be identified by words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “project,” “target,” and other similar expressions. Forward-looking statements are made as of the date of this presentation and are based upon management's current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. The following important factors, as well as risk factors described in our reports filed with the SEC, could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements:
global automobile production volumes;
the financial condition of our customers and suppliers;
our ability to make scheduled payments of principal or interest on our indebtedness and comply with the covenants and restrictions contained in the instruments governing our indebtedness;
our ability to refinance our indebtedness;
risks associated with our non-U.S. operations, including foreign exchange risks and economic uncertainty in some regions;
any increase in the expense and funding requirements of our pension and other postretirement benefits;
our customers' ability to obtain equity and debt financing for their businesses;
our dependence on our largest customers;
pricing pressure from our customers;
changes to U.S. trade and tariff policies and the reaction of other countries thereto;
work stoppages or other labor issues affecting us or our customers or suppliers;
our ability to integrate acquired businesses;
our ability to take advantage of emerging secular trends,
risks associated with business divestitures;
costs or liabilities relating to environmental and safety regulations;
our ability to close the pending transaction in accordance with anticipated terms; and
regulatory and other conditions that must be satisfied or, in certain circumstances, waived in order to consummate the pending transaction.
We do not assume any obligation to update or revise the forward-looking statements contained in this press release.
Contact:
Derek Fiebig
Executive Director, Investor & External Relations
(248) 675-6457
fiebig.derek@towerinternational.com
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SOURCE Tower International, Inc.