Tower Automotive Leverages New Location to Supply Full-Frame Assemblies to Nissan's New Canton, Mississippi Vehicle Assembly Plant

    GRAND RAPIDS, Mich.--July 17, 2001--Tower Automotive, Inc. , announced today that it will lead the development and manufacture of full frame assemblies for a new Nissan product to be built in their new assembly plant near Canton, Miss. Tower Automotive's focus in this new location is to leverage resources and reduce costs normally associated with a start-up operation by eliminating duplicate investment and cooperating with other suppliers that bring state of the art capabilities and proven systems to the complete supplier network. This is evidenced by Tower Automotive's new site being immediately adjacent to the frame coating ("e-coat") provider, which enhances Tower Automotive's ability to support the program while minimizing its capital investment.
    Tower Automotive will construct this manufacturing facility near Canton, Miss., at a site in Madison County to support Nissan and other customers in the southeastern United States. The State of Mississippi via its Mississippi Development Authority and Madison County have been invaluable in their assistance to Tower Automotive in making this new site determination. The 160,000 square-foot facility will create more than 150 new jobs initially, and future growth has the potential to double this initial employment level. Groundbreaking for the new facility is scheduled for late 2001.
    "In establishing our new location, we see this as an important expansion of our partnership with Nissan and a commitment to assist them in the success of their new assembly plant. This program represents an exciting opportunity for us to leverage our internal resources and capabilities. This approach allows us to create new ways of doing business to overcome some of the hurdles of redundant activities and capital expense normally associated with new programs," said David Krohn, Leader of Tower Automotive's United States & Canada Region. "This program also represents organic growth in our Lower Vehicle Structures business and positions us to support additional global customer programs. This is a reinforcement of our commitment to focus our investments and efforts on prudent growth of our light vehicle structures and modules business around the world. We are excited about our new presence in Mississippi and Madison County and look forward to an ongoing relationship that has certainly begun in a positive way and enabled this decision being announced today."
    Tower Automotive, Inc., produces a broad range of assemblies and modules for vehicle structures and suspension systems for original equipment manufacturers of automobiles and light trucks including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Auto Alliance, Fiat, BMW and Volkswagen. Products include exterior panels, body structural assemblies, suspension components, engine cradles, full frame assemblies and modules. Additional company information is available at www.towerautomotive.com.
    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results as a consequence of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Tower Automotive operates; and other risks detailed from time to time in the company's Securities and Exchange Commission filings.