Tower International completes sale of two China JVs

Tower also sold one of its two operations in Brazil during the fourth quarter; this divestiture had not previously been discussed by the Company.  Net cash proceeds and enterprise value received from the sale were $9 million.  In 2015, the sold business had revenue of about $30 million and a minor adjusted EBITDA loss. 

Following these divestitures, Tower projects 2016 revenue in China and Brazil combined of about $100 million.

Regarding the potential sale of Tower Europe, multiple strategic bidders have been invited to participate in the next phase, based on indicative, non-binding offers received before year-end.  The process remains on track for Tower to reach a go/no-go decision by about late First Quarter 2016; no further status updates are presently contemplated prior to reaching and announcing the final outcome.  There is, of course, no assurance that a sale will be completed on terms that Tower deems superior to the option of retaining and operating the European business.