Tower was founded in 1993 as R.J. Tower Corporation, and later renamed Tower International. The company grew quickly in the 1990s through acquisitions in North America, Europe, Asia and South America.
In February 2005, a combination of lower production volumes, rising steel prices, and a complex and unsustainable debt load led the company to begin a voluntarily reorganization under Chapter 11 of the U.S. bankruptcy code.
To strengthen its financial position and realize opportunities for profitable long-term future operations, the company closed or sold 16 manufacturing plants and consolidated production into existing facilities to improve productivity. It also negotiated settlements with its U.S.-based labor unions, sold non-core businesses and broadened its customer base with international automakers.
In July 2007, the company completed the sale of substantially all of its assets to Tower Automotive, LLC, an affiliate of Cerberus Capital Management, L.P., and emerged from bankruptcy court protection as a leaner, strategically focused global company.
With new leadership, including President and CEO Mark Malcolm, the company deployed a wide range of initiatives and achieved major cost, quality and operating efficiency improvements across the business.
As a result of these process-driven initiatives, the company achieved $195 million in manufacturing and purchasing cost savings from Jan. 1, 2008 through Dec. 31, 2009.
In October, 2010, Tower Automotive, LLC converted into a Delaware corporation, which was named Tower International, Inc. and the company became the first U.S. automotive supplier in more than 5 years to complete an Initial Public Offering. Shares began trading on the New York Stock Exchange under the ticker symbol TOWR.