Tower Automotive LLC said Monday that it has commenced an initial public offering of 6.25 million shares of common stock. The company estimates the price range for the initial public offering between $15.00 and $17.00 per share.
Livonia, Michigan-based Tower, which will be converted into a corporation - Tower International, Inc., said that all shares included in the offering are being sold by the company. Tower intends to use the net proceeds from the offering to reduce its outstanding debt.The shares have been approved for listing on the New York Stock Exchange under the ticker symbol "TOWR".
The company has granted the underwriters a 30-day option to buy up to an additional 937,500 shares of common stock on the same terms and conditions.
Tower Automotive is a maker of engineered structural metal components and assemblies that primarily serve automotive original equipment manufacturers. The company supplies body-structure stampings, frame and other chassis structures, in addition to complex welded assemblies for small and large cars, crossovers, pickups and SUVs.
Recently, the company entered the utility-scale solar energy market with a deal to supply large stamped mirror-facet panels and welded support structures.
For the year ended December 31, 2009, Tower generated revenues of $1.6 billion and a net loss attributable to Tower Automotive, LLC of $67.9 million.
Stephen Feinberg, c/o Cerberus Capital Management, L.P., will beneficially own approximately 67% of shares after this offering.
Goldman, Sachs & Co., Citigroup, and J.P. Morgan will act as the joint bookrunners for the offering, while Wells Fargo Securities, Baird and Lazard Capital Markets will act as co-managers.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.