The board of directors of Tower International Inc. has authorized management to repurchase up to $100 million of the company’s issued and outstanding common stock from time to time in the open market. The time period for the buyback is open-ended.

“In view of the company’s previously disclosed strong earnings and cash-flow outlook, in combination with a decline in our stock price to a point significantly below our view of intrinsic value, we believe stock repurchase represents a prudent and appropriate way to opportunistically deploy capital in a highly accretive and low-risk manner,” said President and CEO Mark Malcolm. “Using present projections, the company expects to generate more than enough cash through 2017 from operational free cash flow and the planned sales in Brazil and China to fund the repurchase authorization. The open-ended timing provides prudent flexibility to respond to changing business conditions or outlook, and to consider potential profitable growth opportunities.”