Tower International sells Korean operations

Fri Dec 28, 2012 9:18am EST

Related News

Related Topics

(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)