Tower Takes Charges, Posts Loss - aftermarketNews

Tower Takes Charges, Posts Loss

Tower Automotive Inc., the world's largest maker of vehicle frames, had a fourth-quarter loss of $24.7 million because of expenses for restructuring operations and writing down assets. The loss was 43 cents a share, compared with profit of $17.3 million, or 29 cents, a year earlier. Sales rose 5.2 percent to $717 million from $681.6 million, the Novi-based company said.

From Detroit Free Press

NOVI, MI — Tower Automotive Inc., the world’s largest maker of vehicle frames, had a fourth-quarter loss of $24.7 million because of expenses for restructuring operations and writing down assets.

The loss was 43 cents a share, compared with profit of $17.3 million, or 29 cents, a year earlier. Sales rose 5.2 percent to $717 million from $681.6 million, the Novi-based company said.

Tower, which makes frames for Ford Motor Co. and DaimlerChrysler AG, said expenses related to restructuring and the writing down of assets cut into profit. The company wrote down $27.4 million of the value of its Yorozu joint venture and incurred $6.9 million in after-tax restructuring and impairment costs.

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