This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tower International Acquires Assets Of W Industries

LIVONIA, Mich., April 11, 2011 /PRNewswire/ -- Tower International, Inc. (NYSE: TOWR), a leading integrated global manufacturer of engineered structural metal components and assemblies, today announced that it has acquired substantially all of the assets of W Industries [], a Detroit-based supplier of large metal components and assemblies, primarily to defense, aerospace, and industrial customers.  W Industries had 2010 revenue of about $65 million and employs approximately 250 colleagues.  Terms of the transaction were not disclosed.

"The complementary skills of W Industries and Tower will create a uniquely capable and financially sound supplier," predicted Tower President and CEO Mark Malcolm.  "We're excited about significant customer growth prospects and the resulting potential opportunities for W's dedicated and skilled colleagues and suppliers."

"This bolt-on acquisition fits perfectly with Tower's stated game plan to expand smartly into the adjacent defense, aerospace, and industrial markets," said Nick Chabraja, Tower's Chairman and former Chairman and CEO of General Dynamics.  "From my experience, I believe W Industries and Tower have an excellent chance to compete, add value, and grow profitably with a wide range of potential customers and products."

Malcolm concluded, "Expanding Tower's core skills into the defense, aerospace, and industrial markets will also strengthen our longer-term capabilities as a global auto supplier, providing increased diversification and additional experience with structural applications of a wide variety of complex material grades, lightweight materials, and highly specialized welding capabilities."

Forward-Looking Statements and Risk Factors

This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the statements about growth prospects, potential opportunities and future profitability. The forward-looking statements can be identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "project," "target," and other similar expressions.  Forward-looking statements are made as of the date of this press release and are based upon management's current expectations and beliefs concerning future developments and their potential effects on us.  Such forward-looking statements are not guarantees of future performance The risk factors previously disclosed by Tower in documents filed by it under the federal securities laws could affect (and in some cases have affected) our actual results and could cause such results to differ materially from the forward-looking statements presented herein.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs