April 12, 2011
Tower International Inc., an 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."