NOVI, MI — Tower Automotive has acquired Seojin Industrial Co. Ltd., a supplier of components to the Korean automotive industry.
Tower previously held a 66 percent equity interest in Seojin and acquired the remaining shares as part of a settlement of an outstanding note from the minority interest partner.
Seojin, headquartered in Kunpo City, has eight manufacturing facilities and 1,300 employees across South Korea. The company is a major supplier to Hyundai and Kia, two carmakers that have been gaining market share in Europe and the U.S. The company had sales of about $300 million in 2003.
“This acquisition supports our strategy of expanding our involvement in international markets, and building stronger relationships with global vehicle manufacturers,” said Kathleen Ligocki, president and CEO of Tower Automotive. “Seojin is part of our growing presence in Asia, and also offers opportunities for sharing best practices and mutual technology transfer that will benefit our operations worldwide.”
Tower Automotive also has two joint ventures in China — Tower Golden Ring in Changchun and Tower Automotive (WuHu) Company in WuHu — and an interest in Yorozu Corp. in Japan.
To learn more about Tower Automotive, go to: www.towerautomotive.com.
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