- Tower International (TOWR +4.5%) says it is exploring the potential sale of its European division, with a decision to sell or retain the business expected in Q1 2016, as it looks to unlock more value for its stockholders.
- The automotive parts maker says a sale could boost its stock price, strengthen its balance sheet and provide financial flexibility to invest in growth including conducting a stock buyback.
- TOWR says it expects revenue for North America - which accounted for 52% of total revenues last year - to grow by 9%/year over the next two years to $1.35B in 2017 from $1.14B in 2015, while revenue from Europe is seen reaching $650M in 2015.