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13.02.2018 14:00:00
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Tower International Reports Fourth Quarter Results and Provides Outlook for 2018
LIVONIA, Mich., Feb. 13, 2018 /PRNewswire/ -- Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced fourth quarter 2017 results and provided its business outlook for 2018.
- Revenue for the fourth quarter was $538 million compared with $462 million in the fourth quarter of 2016 representing a 16 percent increase.
- Net income was negative $3.9 million or $(0.19) per share, compared with $16.9 million or $0.81 per share in the fourth quarter last year. As detailed below, this year's fourth quarter included a non-cash charge of $27.2 million related to U.S. tax reform legislation as well as other certain items that, in aggregate, adversely impacted results by $28.4 million. Excluding these items and comparable items in the fourth quarter of 2016, adjusted earnings per share amounted to $1.17, an increase of 15 percent from the $1.02 reported a year ago.
- Adjusted EBITDA for the quarter was $61.1 million slightly ahead of the Company's outlook and up 9 percent from $56.2 million a year ago.
- For the quarter, net cash provided by continuing operating activities was $129 million. Cash disbursed for purchases of equipment totaled $28 million resulting in Free Cash Flow of $101 million.
- Tower also provided its three year net new business backlog of $350 million for 2018 through 2020. This represents an increase of more than 20 percent from the company's previous three year backlog of $290 million provided last year.
- Full year 2018 outlook includes:
- Revenue growth of 7 percent to $2.14 billion, reflecting primarily net new business of $125 million and favorable foreign exchange;
- Adjusted EBITDA of $230 million;
- Expansion of Adjusted EBITDA Margin to 10.7 percent;
- Diluted Adjusted EPS of $4.10 per share – up 9 percent from 2017; and
- Free Cash Flow of $50 million, with strong free cash flow in the second half of the year more than offsetting the expected cash outflow in the first half of the year.
- The Company's outlook for first quarter 2018 includes revenue of $550 million, Adjusted EBITDA of $53 million and Diluted Adjusted Earnings Per Share of 80 cents.
"Tower delivered solid financial results in the fourth quarter as revenue, Adjusted EBITDA, Adjusted EPS and Free Cash Flow were all above our previous outlook," said CEO Jim Gouin. "The Tower team did a great job throughout 2017, remaining focused on safety and quality, while meeting our customers' requirements and delivering impressive financial results. We continue to invest in Tower's growth, and are benefitting from the emerging industry trends, as demonstrated by the $350 million of net new business backlog. This new business coupled with our exposure to trucks and SUVs in North America position Tower for continued growth in the coming years at a faster pace than the industry."
Tower to Host Conference Call Today at 11 a.m. EST
Tower will discuss its fourth quarter 2017 results and other related matters in a conference call at 11 a.m. EST today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company's website or by telephone. The slide presentation and webcast can be accessed via the investor relations portion of Tower's website www.towerinternational.com. To dial into the conference call, domestic callers should dial (866) 393-4576, international callers should dial (706) 679-1462. An audio recording of the call will be available approximately two hours after the completion of the call. To access this recording, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and reference Conference I.D. #6286489. A webcast replay will also be available and may be accessed via Tower's website.
Non-GAAP Financial Measures
This press release includes the following non-GAAP financial measures: "adjusted EBITDA", "adjusted EBITDA margin", "adjusted earnings per share", and "free cash flow". We define adjusted EBITDA as net income/(loss) before interest, taxes, depreciation, amortization, restructuring items and other adjustments described in the reconciliations provided in this press release. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues, Adjusted earnings per share exclude certain income and expense items described in the reconciliation provided in this press release. Free cash flow is defined as cash provided by continuing operating activities less cash disbursed for purchases of property, plant and equipment. We use adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, and free cash flow as supplements to information provided in accordance with generally accepted accounting principles ("GAAP") in evaluating our business and they are included in this press release because they are principal factors upon which our management assesses performance and in certain instances in measuring performance for compensation purposes. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP are set forth below. The non-GAAP measures presented above are not measures of performance under GAAP. These measures should not be considered as alternatives for the most directly comparable financial measures calculated in accordance with GAAP. Other companies in our industry may define these non-GAAP measures differently than we do and, as a result, these non-GAAP measures may not be comparable to similarly titled measures used by other companies in our industry; and certain of our non-GAAP financial measures exclude financial information that some may consider important in evaluating our performance. Given the inherent uncertainty regarding mark to market adjustments of financial instruments, potential gain or loss on our Discontinued Operations, potential restructuring expenses, and expenses related to our long-term incentive compensation programs in any future period, a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is not feasible. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. The magnitude of these items, however, may be significant.
Forward-Looking Statements and Risk Factors
This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company's projected full year earnings, cash flow and revenues, net new business backlog, business growth, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The forward-looking statements can be identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "project," "target," and other similar expressions. Forward-looking statements are made as of the date of this press release and are based upon management's current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. The following important factors, as well as risk factors described in our reports filed with the SEC, could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements:
- global automobile production volumes;
- the financial condition of our customers and suppliers;
- our ability to make scheduled payments of principal or interest on our indebtedness and comply with the covenants and restrictions contained in the instruments governing our indebtedness;
- our ability to refinance our indebtedness;
- risks associated with our non-U.S. operations, including foreign exchange risks and economic uncertainty in some regions;
- any increase in the expense and funding requirements of our pension and other postretirement benefits;
- our customers' ability to obtain equity and debt financing for their businesses;
- our dependence on our largest customers;
- pricing pressure from our customers;
- work stoppages or other labor issues affecting us or our customers or suppliers;
- our ability to integrate acquired businesses;
- our ability to take advantage of emerging secular trends;
- risks associated with business divestitures; and
- costs or liabilities relating to environmental and safety regulations.
We do not assume any obligation to update or revise the forward-looking statements contained in this press release.
Contact:
Derek Fiebig
Executive Director, Investor & External Relations
(248) 675-6457
fiebig.derek@towerinternational.com
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Amounts in thousands, except share and per share amounts - unaudited) | ||||||||
Three Months Ended Dec. 31, | Year Ended Dec. 31, | |||||||
2017 | 2016 | 2017 | 2016 | |||||
Revenues | $ 538,159 | $ 462,274 | $ 1,988,046 | $ 1,913,641 | ||||
Cost of sales | 470,753 | 403,332 | 1,743,511 | 1,675,232 | ||||
Gross profit | 67,406 | 58,942 | 244,535 | 238,409 | ||||
Selling, general, and administrative expenses | 30,162 | 35,427 | 118,061 | 131,552 | ||||
Amortization expense | 110 | 105 | 443 | 449 | ||||
Restructuring and asset impairment charges, net | 2,356 | 2,607 | 10,735 | 5,389 | ||||
Operating income | 34,778 | 20,803 | 115,296 | 101,019 | ||||
Interest expense | 5,802 | 3,451 | 13,735 | 21,618 | ||||
Interest income | 133 | 506 | 330 | 614 | ||||
Other expense | - | - | 575 | 6,481 | ||||
Income before provision for income taxes and income / (loss) from | 29,109 | 17,858 | 101,316 | 73,534 | ||||
Provision for income taxes | 33,264 | 3,476 | 55,434 | 17,246 | ||||
Income / (loss) from continuing operations | (4,155) | 14,382 | 45,882 | 56,288 | ||||
Income / (loss) from discontinued operations, net of tax | 288 | 2,991 | 1,853 | (17,008) | ||||
Net income / (loss) | (3,867) | 17,373 | 47,735 | 39,280 | ||||
Less: Net income attributable to the noncontrolling interests | - | 488 | 110 | 701 | ||||
Net income / (loss) attributable to Tower International, Inc. | $ (3,867) | $ 16,885 | $ 47,625 | $ 38,579 | ||||
Weighted average basic shares outstanding | 20,536,983 | 20,345,078 | 20,498,668 | 20,864,321 | ||||
Weighted average diluted shares outstanding | 20,536,983 | 20,775,024 | 20,828,888 | 21,222,183 | ||||
Basic income per share attributable to Tower International, Inc.: | ||||||||
Income / (loss) per share from continuing operations | $ (0.20) | $ 0.68 | $ 2.23 | $ 2.66 | ||||
Income / (loss) per share from discontinued operations | 0.01 | 0.15 | 0.09 | (0.82) | ||||
Income / (loss) per share | (0.19) | 0.83 | 2.32 | 1.85 | ||||
Diluted income per share attributable to Tower International, Inc.: | ||||||||
Income / (loss) per share from continuing operations | $ (0.20) | $ 0.67 | $ 2.20 | $ 2.62 | ||||
Income / (loss) per share from discontinued operations | 0.01 | 0.14 | 0.09 | (0.80) | ||||
Income / (loss) per share | (0.19) | 0.81 | 2.29 | 1.82 | ||||
Dividends declared per share | $ 0.12 | $ 0.11 | $ 0.45 | $ 0.41 | ||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(Amounts in thousands - unaudited) | ||||
Dec. 31, | Dec. 31, | |||
2017 | 2016 | |||
ASSETS | ||||
Cash and cash equivalents | $ 123,688 | $ 62,788 | ||
Accounts receivable, net of allowance of $1,385 and $961 | 239,319 | 178,251 | ||
Inventories | 78,745 | 71,710 | ||
Assets held for sale | 44,250 | 102,252 | ||
Prepaid tooling, notes receivable, and other | 78,481 | 103,023 | ||
Total current assets | 564,483 | 518,024 | ||
Property, plant, and equipment, net | 535,272 | 465,569 | ||
Goodwill | 63,665 | 56,383 | ||
Deferred tax asset | 83,035 | 112,645 | ||
Other assets, net | 13,642 | 9,902 | ||
Total assets | $ 1,260,097 | $ 1,162,523 | ||
LIABILITIES AND EQUITY | ||||
Short-term debt and current maturities of capital lease obligations | $ 42,048 | $ 34,211 | ||
Accounts payable | 323,271 | 258,129 | ||
Accrued liabilities | 113,949 | 114,079 | ||
Liabilities held for sale | 17,336 | 53,310 | ||
Total current liabilities | 496,604 | 459,729 | ||
Long-term debt, net of current maturities | 344,738 | 351,232 | ||
Obligations under capital leases, net of current maturities | - | 4,863 | ||
Deferred tax liability | 4,807 | 5,594 | ||
Pension liability | 47,813 | 61,627 | ||
Other non-current liabilities | 96,263 | 65,539 | ||
Total non-current liabilities | 493,621 | 488,855 | ||
Total liabilities | 990,225 | 948,584 | ||
Stockholders' equity: | ||||
Tower International, Inc.'s stockholders' equity | ||||
Common stock | $ 223 | $ 221 | ||
Additional paid in capital | 344,153 | 340,623 | ||
Treasury stock | (36,408) | (35,645) | ||
Accumulated earnings / (deficit) | 29,712 | (14,021) | ||
Accumulated other comprehensive loss | (67,808) | (83,383) | ||
Total Tower International, Inc.'s stockholders' equity | 269,872 | 207,795 | ||
Noncontrolling interests in subsidiaries | - | 6,144 | ||
Total stockholders' equity | 269,872 | 213,939 | ||
Total liabilities and stockholders' equity | $ 1,260,097 | $ 1,162,523 | ||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Amounts in thousands - unaudited) | ||||||||
Three Months Ended Dec. 31, | Year Ended Dec. 31, | |||||||
2017 | 2016 | 2017 | 2016 | |||||
OPERATING ACTIVITIES: | ||||||||
Net income / (loss) | $ (3,867) | $ 17,373 | $ 47,735 | $ 39,280 | ||||
Less: Income / (loss) from discontinued operations, net of tax | 288 | 2,991 | 1,853 | (17,008) | ||||
Income / (loss) from continuing operations | (4,155) | 14,382 | 45,882 | 56,288 | ||||
Adjustments required to reconcile income / (loss) from continuing operations to net cash | ||||||||
Deferred income tax provision | $ 30,759 | $ 3,691 | $ 46,126 | $ 9,546 | ||||
Depreciation and amortization | 22,431 | 19,086 | 77,284 | 72,469 | ||||
Non-cash share-based compensation | 562 | 910 | 2,219 | 2,455 | ||||
Pension income, net of contributions | (1,606) | 5,852 | (11,512) | (1,999) | ||||
Change in working capital and other operating items | 80,835 | 61,412 | 4,740 | (1,051) | ||||
Net cash provided by continuing operating activities | $ 128,826 | $ 105,333 | $ 164,739 | $ 137,708 | ||||
INVESTING ACTIVITIES: | ||||||||
Cash disbursed for purchases of property, plant, and equipment, net | $ (27,466) | $ (42,767) | $ (104,153) | $ (116,283) | ||||
Proceeds from disposition of joint venture, net | - | 4,546 | 15,944 | 4,546 | ||||
Net cash used in continuing investing activities | $ (27,466) | $ (38,221) | $ (88,209) | $ (111,737) | ||||
FINANCING ACTIVITIES: | ||||||||
Proceeds from borrowings | $ 63,962 | $ 123,081 | $ 599,888 | $ 581,833 | ||||
Repayments of borrowings | (82,687) | (169,482) | (604,716) | (587,146) | ||||
Repayments on Term Loan Credit Facility | - | - | - | (50,000) | ||||
Original issuance discount | - | - | (1,808) | - | ||||
Debt issuance costs | - | - | (4,747) | - | ||||
Dividend payment to Tower stockholders | (2,465) | (2,236) | (9,221) | (8,570) | ||||
Proceeds from stock options exercised | 219 | 237 | 1,313 | 305 | ||||
Purchase of treasury stock | - | (1,045) | (763) | (19,578) | ||||
Net cash used in continuing financing activities | $ (20,971) | $ (49,445) | $ (20,054) | $ (83,156) | ||||
Discontinued operations: | ||||||||
Net cash from discontinued operating activities | $ 2,790 | $ 2,318 | $ 2,468 | $ 6,032 | ||||
Net cash used in discontinued investing activities | (1,340) | (1,479) | (2,591) | (3,589) | ||||
Net cash from / (used in) discontinued financing activities | (846) | (542) | 291 | (3,441) | ||||
Net cash from / (used in) discontinued operations | $ 604 | $ 297 | $ 168 | $ (998) | ||||
Effect of exchange rate changes on continuing cash and cash equivalents | $ (902) | $ (2,392) | $ 4,256 | $ (623) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | $ 80,091 | $ 15,572 | $ 60,900 | $ (58,806) | ||||
CASH AND CASH EQUIVALENTS: | ||||||||
Beginning of period | $ 43,597 | $ 47,216 | $ 62,788 | $ 121,594 | ||||
End of period | $ 123,688 | $ 62,788 | $ 123,688 | $ 62,788 | ||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
SEGMENT DATA AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS | ||||||||
(Amounts in thousands - unaudited) | ||||||||
Segment Data | Three Months Ended Dec. 31, | |||||||
2017 | 2016 | |||||||
Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||
Europe | $ 197,893 | $ 12,515 | $ 155,243 | $ 18,007 | ||||
North America | 340,266 | 48,579 | 307,031 | 38,238 | ||||
Consolidated | $ 538,159 | $ 61,094 | $ 462,274 | $ 56,245 | ||||
Year Ended Dec. 31, | ||||||||
2017 | 2016 | |||||||
Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||
Europe | $ 664,849 | $ 45,518 | $ 639,307 | $ 55,314 | ||||
North America | 1,323,197 | 164,218 | 1,274,334 | 146,408 | ||||
Consolidated | $ 1,988,046 | $ 209,736 | $ 1,913,641 | $ 201,722 | ||||
Adjusted EBITDA Reconciliation | Three Months Ended Dec. 31, | Year Ended Dec. 31, | ||||||
2017 | 2016 | 2017 | 2016 | |||||
Net income / (loss) attributable to Tower International, Inc. | $ (3,867) | $ 16,885 | $ 47,625 | $ 38,579 | ||||
Restructuring and asset impairment charges, net | 2,356 | 2,607 | 10,735 | 5,389 | ||||
Depreciation and amortization | 22,431 | 19,086 | 77,284 | 72,469 | ||||
Acquisition costs and other | 151 | 104 | 425 | 422 | ||||
Long-term compensation expense | 1,378 | 5,315 | 5,996 | 14,093 | ||||
Pension actuarial loss | - | 8,330 | - | 8,330 | ||||
Interest expense, net | 5,669 | 2,945 | 13,405 | 21,004 | ||||
Other expense | - | - | 575 | 6,481 | ||||
Provision for income taxes | 33,264 | 3,476 | 55,434 | 17,246 | ||||
(Income) / loss from discontinued operations, net of tax | (288) | (2,991) | (1,853) | 17,008 | ||||
Net income attributable to noncontrolling interests | - | 488 | 110 | 701 | ||||
Adjusted EBITDA | $ 61,094 | $ 56,245 | $ 209,736 | $ 201,722 | ||||
Free Cash Flow Reconciliation | Three Months Ended Dec. 31, | Year Ended Dec. 31, | ||||||
2017 | 2016 | 2017 | 2016 | |||||
Net cash provided by continuing operating activities | $ 128,826 | $ 105,333 | $ 164,739 | $ 137,708 | ||||
Cash disbursed for purchases of PP&E | (27,466) | (42,767) | (104,153) | (116,283) | ||||
Free cash flow | $ 101,360 | $ 62,566 | $ 60,586 | $ 21,425 | ||||
Net Debt Reconciliation | Dec. 31, | Dec. 31, | ||||||
2017 | 2016 | |||||||
Short-term debt and current maturities of capital lease obligations | $ 42,048 | $ 34,211 | ||||||
Long-term debt, net of current maturities | 352,886 | 357,298 | ||||||
Debt issue costs | (8,148) | (6,066) | ||||||
Obligations under capital leases, net of current maturities | - | 4,863 | ||||||
Total debt | 386,786 | 390,306 | ||||||
Less: Cash and cash equivalents | (123,688) | (62,788) | ||||||
Net debt | $ 263,098 | $ 327,518 | ||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
CERTAIN ITEMS INCLUDED IN NET INCOME | ||||||||
(Amounts in thousands, except per share amounts - unaudited) | ||||||||
After tax | Before tax | |||||||
Three Months Ended | Three Months Ended | |||||||
Dec. 31, | Dec. 31, | |||||||
2017 | 2016 | 2017 | 2016 | |||||
Income / (expense) items included in net income, net of tax: | ||||||||
Cost of sales | ||||||||
Pension actuarial loss | $ - | $ (5,415) | $ - | $ (8,330) | ||||
Selling, general, and administrative expenses | ||||||||
One-time CEO compensation awards | - | (1,375) | - | (2,115) | ||||
Restructuring and asset impairment charges, net | ||||||||
One-time restructuring actions | (1,107) | - | (1,658) | - | ||||
Lease buyout of previously closed facility | - | (1,186) | - | (1,824) | ||||
Interest expense | ||||||||
Mark-to-market gain / (loss) on derivative financial instruments | (393) | 653 | (634) | 1,005 | ||||
Provision for income taxes | ||||||||
U.S. tax reform | (27,163) | - | (27,163) | - | ||||
Release of valuation allowances, net | - | 553 | - | 553 | ||||
Discontinued operations | ||||||||
Income from discontinued operations | 288 | 2,991 | 288 | 2,991 | ||||
Noncontrolling interests | ||||||||
Net income attributable to noncontrolling interests* | - | (488) | - | (488) | ||||
Total items included in net income, net of tax | $ (28,375) | $ (4,267) | ||||||
Net income / (loss) attributable to Tower International, Inc. | $ (3,867) | $ 16,885 | ||||||
Memo: Average shares outstanding (in thousands) | ||||||||
Basic | 20,537 | 20,345 | ||||||
Diluted | 20,537 | 20,775 | ||||||
Income / (loss) per common share (GAAP) | ||||||||
Basic | $ (0.19) | $ 0.83 | ||||||
Diluted | (0.19) | 0.81 | ||||||
Diluted adjusted earnings per share (non-GAAP)** | $ 1.17 | $ 1.02 | ||||||
* Amounts attributable to noncontrolling interests of discontinued operations | ||||||||
** For the three months ended December 31, 2017 diluted share count of 20.9 million was | ||||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
CERTAIN ITEMS INCLUDED IN NET INCOME | ||||||||
(Amounts in thousands, except per share amounts - unaudited) | ||||||||
After tax | Before tax | |||||||
Year Ended | Year Ended | |||||||
Dec. 31, | Dec. 31, | |||||||
2017 | 2016 | 2017 | 2016 | |||||
Income / (expense) items included in net income, net of tax: | ||||||||
Cost of sales | ||||||||
Pension actuarial loss | $ - | $ (5,415) | $ - | $ (8,330) | ||||
Selling, general, and administrative expenses | ||||||||
One-time CEO compensation awards | - | (2,477) | - | (3,812) | ||||
Restructuring and asset impairment charges, net | ||||||||
One-time restructuring actions | (5,687) | - | (8,942) | - | ||||
Lease buyout of previously closed facility | - | (1,186) | - | (1,824) | ||||
Interest expense | ||||||||
Mark-to-market gain / (loss) on derivative financial instruments | 3,278 | (1,565) | 5,287 | (2,407) | ||||
Acceleration of the amortization of debt issue costs and OID | - | (481) | - | (740) | ||||
Other expense | ||||||||
Debt refinancing costs | (357) | - | (575) | - | ||||
European divestiture expenses | - | (4,476) | - | (6,481) | ||||
Provision for income taxes | ||||||||
U.S. tax reform | (27,163) | - | (27,163) | - | ||||
Establishment of valuation allowance | (2,448) | - | (2,448) | - | ||||
Release of valuation allowances, net | - | 553 | - | 553 | ||||
Discontinued operations | ||||||||
Loss on sale of joint venture | (2,596) | - | (2,596) | - | ||||
Income / (loss) from discontinued operations | 4,449 | (17,008) | 4,449 | (17,008) | ||||
Noncontrolling interests | ||||||||
Net income attributable to noncontrolling interests* | (110) | (701) | (110) | (701) | ||||
Total items included in net income, net of tax | $ (30,634) | $ (32,756) | ||||||
Net income attributable to Tower International, Inc. | $ 47,625 | $ 38,579 | ||||||
Memo: Average shares outstanding (in thousands) | ||||||||
Basic | 20,499 | 20,864 | ||||||
Diluted | 20,829 | 21,222 | ||||||
Income per common share (GAAP) | ||||||||
Basic | $ 2.32 | $ 1.85 | ||||||
Diluted | 2.29 | 1.82 | ||||||
Diluted adjusted earnings per share (non-GAAP) | $ 3.76 | $ 3.36 | ||||||
* Amounts attributable to noncontrolling interests of discontinued operations | ||||||||
View original content:http://www.prnewswire.com/news-releases/tower-international-reports-fourth-quarter-results-and-provides-outlook-for-2018-300597495.html
SOURCE Tower International, Inc.
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