Tower International Sells Off China Joint Ventures And Part of Its Brazil Operations - aftermarketNews

Tower International Sells Off China Joint Ventures And Part of Its Brazil Operations

The company also stated that it continues to look at the potential sale of its European operations.

Tower International - LogoTower International, a global manufacturer of engineered automotive structural metal components and assemblies, has announced the outcomes of divestitures the company completed during the fourth quarter of 2015.

The company completed the sale of two joint ventures in China on terms consistent with prior projections. Cash proceeds received during the fourth quarter were $48 million. Total enterprise value received from the sales, mainly also including the elimination of associated non-controlling interests in Tower’s net assets, totaled $88 million. No revenue or income from these joint ventures has been included in Tower’s reported results from continuing operations in 2015, as they were accounted for as discontinued operations.

Tower also sold one of its two operations in Brazil during the fourth quarter. Net cash proceeds and enterprise value received from the sale totaled $9 million. In 2015, the sold business had revenue of about $30 million and a minor adjusted EBITDA loss.  Following these divestitures, Tower projects combined 2016 revenue in China and Brazil to be approximately $100 million.

Tower International also provided an update on the potential sale of Tower Europe. The company noted that multiple strategic bidders have been invited to participate in the next phase, based on indicative, non-binding offers received before year-end. The company said it expects to make a “go/no-go” decision by late first quarter 2016.

You May Also Like

Anchor Adds More Acura and Honda Coverage

The 10 new part numbers cover more than 2,191,530 applications for model years 2016-2024.

Anchor Adds More Acura and Honda Coverage

Aftermarket engine and transmission mount supplier Anchor Industries announced additional Honda and Acura coverage. The 10 new part numbers in the latest release are in stock and available for immediate delivery.

The new products cover more than 2,191,530 applications for model years 2016-2024.

For more information, contact your sales representative, or call the Anchor customer service department at 888-444-4616.

Dayco Adds Almost 30 Part Numbers in March

The 29 new part numbers will be available by the end of March for distributors interested in adding to their product coverage.

Dayco Adds Almost 30 Part Numbers to its Portfolio
Bendix Releases Technical Materials for ADAS Support

They are designed to help technicians properly set up, inspect and diagnose several components integrated with ADAS.

Bendix Releases New Technical Materials Supporting ADAS and Connected Components
Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024
ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts

Other Posts

SKF Aims to Eliminate Greenhouse Gas Emissions 

SKF joined and co-funded Mission 0 to help deliver solutions to eliminate GHG emissions in materials, production and end-of-life of passenger cars.

SKF Aims to Eliminate Greenhouse Gas Emissions 
Polestar Performance SUVs on Display in New York

The Polestar 3 and Polestar 4 will be showcased at the NY International Auto Show for the first time.

Polestar Performance SUVs on Display in New York
Corteco Strengthens Expansion in Southeast Europe

Freudenberg Sealing Technologies’ aftermarket unit opens a warehouse in Turkey and a sales office in Serbia.

Corteco Strengthens Ambitions in Southeast Europe
Marelli Presents New Interior Innovation Center

The location is implementing three key initiatives inspired by the theme, “What’s next? Innovation for the new era.” 

Marelli presents its new Interior Innovation Center