Dec. 28, 2012, 10:51 AMTower International (TOWR +13.4%) jumps higher this morning after saying it's sold its Korean operations for an estimated $47M in cash. The company said the buyer will assume $98 million in net debt averaged over the last 12 months through November, putting the transaction enterprise value at approximately $145M, or 5.8 times projected 2012 adjusted earnings. | Comment!
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Tower International Inc is a manufacturer of engineered structural metal components and assemblies, mainly serving automotive OEMs. It supplies the automotive industry with body-structure stampings, frames and other chassis structures.
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