Tower signs agreement to sell its European operations

Tower Intl., Livonia, Mich., a manufacturer of engineered automotive structural metal components and assemblies, has entered into a stock purchase agreement relating to the sale of all of its European operations to Financière SNOP Dunois S.A., a privately owned French automotive supplier.

"Since 2014 Tower's North American business has grown by more than 40 percent in a relatively flat production environment as we have benefited from the industry's shift from passenger cars to trucks and SUVs as well as OEM outsourcing,” said CEO Jim Gouin.

The closing of the sale transaction is expected to take place during Q1 2019.