TOWER INTERNATIONAL, INC. (NYSE:TOWR) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 1, 2019, Tower International, Inc. (the “Registrant”) consummated the previously announced sale of the stock of TA Holdings Europe B.V., the Registrant’s indirect wholly owned subsidiary, to the terms of a memorandum of understanding dated November 20, 2018 (the “MOU”) and a stock purchase agreement dated December 6, 2018 (the “Stock Purchase Agreement”) by and among the Registrant, Tower Automotive Holdings III Cooperatie U.A., Tower Automotive Holdings USA, LLC and Financière SNOP Dunois S.A. resulting in net proceeds of approximately $250 million to the Registrant.
The foregoing summaries of the MOU and SPA and the transactions contemplated thereby do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the MOU and SPA filed as Exhibits 10.66 and 10.67, respectively, of the Reigstrant’s Annual Report onForm10-Kfiledby the Registrant on February 27, 2019, and are incorporated herein by reference.
The Registrant has omitted the inclusion of any pro forma financial information herein with respect to the sale of the European operations as it has previously reported the results of the disposed business as discontinued operations for all historical periods in its Annual Report on Form 10-Kfor the year ended December31, 2018.
The registrant announced the closing of the transactions to the MOU and SPA in a press release disseminated on March 1, 2019. A copy of the press release is annexed hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
The following exhibits are furnished herewith:
| Exhibit 99.1 | Registrant’s press release issued March 1, 2019. |
Tower International, Inc. Exhibit
EX-99.1 2 tv515102_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE Tower Completes Value Creating Sale of its European Operations LIVONIA,…
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About TOWER INTERNATIONAL, INC. (NYSE:TOWR)
Tower International, Inc. is a global manufacturer of engineered automotive structural metal components and assemblies primarily serving original equipment manufacturers (OEMs). The Company operates in two segments: Americas and International. The International segment consists of Europe and Asia, and the Americas segment consists of North America and South America. The Company offers its automotive customers a product portfolio, supplying body-structure stampings, frame and other chassis structures, and complex welded assemblies for small and large cars, crossovers, pickups and sport utility vehicles (SUVs). The Company’s products are manufactured at approximately 30 facilities, located in North America, Europe, Brazil and China. The Company supports its manufacturing operations through approximately seven engineering and sales locations around the world. It produces a range of structural components and assemblies.
