Autokiniton Global Group, a supplier of metal-formed components and complex assemblies to the automotive industry based in New Boston Township (south of Romulus), today completed the acquisition of Livonia automotive supplier Tower International Inc. for $31 per share in cash.
As a result of the merger, Tower became a wholly owned subsidiary of AGG and its shares of common stock will no longer trade on the New York Stock Exchange.
Tower International is a manufacturer of engineered automotive structural metal components and assemblies primarily serving original equipment manufacturers. It offers automotive customers a broad product portfolio, supplying body-structure stampings, frame and other chassis structures, and complex welded assemblies for small and large cars, crossovers, pickups, and sport utility vehicle.
The supplier operates 14 manufacturing facilities in the United States, Mexico, and Brazil along with five engineering and sales locations. Tower has approximately 5,700 employees and reported 2018 full-year revenue of $1.6 billion.
AGG manufactures body structures, interiors, closures, thermal management components, and chassis components. Its products are used to enhance electrification, lightweighting, emission reduction regulations, and increased cross over utility vehicle/sport utility vehicle (CUV/SUV) penetration. Its customers include General Motors Co., Ford Motor Co., Nissan, Fiat Chrysler Automobiles, Honda, Tesla, and BMW.