Cerberus-Backed Tower International Files for IPO

NEW YORK (Reuters) – Auto parts maker Tower International Inc filed for an initial public offering worth up to $100 million on Thursday.

Livonia, Michigan-based Tower makes structural metal parts for cars such as body structure stampings, frame and chassis structures and complex welded assemblies.

It also recently entered into an agreement to make large stamped mirror-facet panels and welded structures for the utility-scale solar market, it said in a regulatory filing with the U.S. Securities and Exchange Commission.

The company posted revenue of $1.6 billion in the year that ended Dec. 31, down from $2.2 billion in 2008. Its net loss grew to $59 million from $45.7 million a year earlier.

Tower said it will use proceeds from the IPO to pay down debt and for working capital and general corporate purposes. The company did not say how many shares it plans to sell or provide an expected price range.

The offering is being led by Goldman Sachs & Co and Citi. (Reporting by Clare Baldwin. Editing by Robert MacMillan)