LIVONIA, Mich., Oct. 14 /PRNewswire-FirstCall/ -- Tower International, Inc. (the "Company") today announced that the Company has priced its initial public offering of 6,250,000 shares of common stock at $13.00 per share.
The common stock is expected to begin trading tomorrow, October 15, 2010, on the New York Stock Exchange under the symbol "TOWR". The Company has granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock on the same terms and conditions.
Goldman, Sachs & Co., Citi, and J.P. Morgan are acting as the joint bookrunners for the offering. Wells Fargo Securities, Baird and Lazard Capital Markets are acting as co-managers for the offering.
The offering is being made only by means of a prospectus, copies of which may be obtained from Goldman, Sachs & Co. at Prospectus Department, 200 West Street, New York, New York 10282 (facsimile: 212-902-9316; email: firstname.lastname@example.org); Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, (800-831-9146 or email: email@example.com); or J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone 866-803-9204.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
Tower International, Inc is a leading integrated global manufacturer of engineered structural metal components and assemblies primarily serving automotive original equipment manufacturers. The Company offers its automotive customers a broad product portfolio, supplying body-structure stampings, frame and other chassis structures, as well as complex welded assemblies for small and large cars, crossovers, pickups and SUVs. The Company has also recently entered the utility-scale solar energy market with an agreement to supply large stamped mirror- facet panels and welded support structures.
This press release may include information that could constitute forward-looking statements. Any such forward-looking statements may involve risks and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Securities and Exchange Commission filings. Past results of the Company are not necessarily indicative of its future results. The Company does not undertake any obligation to update any forward-looking statements.
SOURCE Tower International, Inc.