Tower International considers sale of European division

Selling European division would allow Tower to focus on its core businesses.

Tower International is considering selling its European division to focus on growth opportunities in North America and to return money to shareholders. In a company statement, the US-based auto component manufacturer's president and CEO, Mark Malcolm, said, "The time is right to evaluate whether the sale of Tower Europe could provide significant additional value for shareholders, as well as benefiting customers and colleagues by strengthening the remaining businesses in Europe and North America." Tower supplies large and heavy frames and floor-pan assemblies to automakers, and Malcolm said that shipping is becoming cost prohibitive and automakers prefer to source locally.