7/12/2019

Rival Metal-Forming Company to Buy Tower International

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

Autokiniton Global Group, which was created 13 months ago by KPS Capital Partners, has agreed to buy Tower International Inc. for about $900 million.

Share

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

Autokiniton Global Group, which was created 13 months ago by KPS Capital Partners, has agreed to buy Tower International Inc. for about $900 million.

Both Michigan-based companies produce metal-formed components and assemblies for the auto industry.

The all-cash transaction, which is expected to be completed within three months, represents a 70% premium to Tower's closing stock price yesterday. Terms of the agreement give Tower 35 days to shop for a better deal.

Livonia, Mich.-based Tower posted sales of $1.6 billion last year. Autokiniton acquired New Boston, Mich.-based L&W Inc., another metal fabricator, last year.