Tower International sells Korean operations
(Reuters) - Automobile parts maker Tower International Inc (TOWR.N) sold its South Korean operations to Seco, a privately owned Korean auto parts supplier, for about $47 million in cash.
Livonia, Michigan-headquartered Tower said Seco will also assume debt of about $98 million, representing a deal enterprise value of about $145 million.
The operations being sold include five manufacturing plants, a tooling plant and a technical center.
Shares of Tower International closed at $7.44 on Thursday on the New York Stock Exchange. The company's stock has shed about a third of its value in the last one year.
(Reporting by Ritika Rai in Bangalore; Editing by Maju Samuel)