Tower Automotive Announces Filing of Registration Statement for Offering of 15 Million Shares

    GRAND RAPIDS, Mich.--April 3, 2002--Tower Automotive, Inc. , announced today that it has filed with the Securities and Exchange Commission a registration statement under the Securities Act of 1933, relating to an underwritten primary offering of 15 million shares of its common stock. In addition, Tower Automotive will grant the underwriters an option to purchase an additional 2,250,000 shares to cover over-allotments, if any. The proceeds from the proposed offering will be used to repay borrowings under the company's senior credit facility. Morgan Stanley is the lead manager of the offering.
    Tower Automotive, Inc., is a global designer and producer of structural components and assemblies used by every major automotive original equipment manufacturer, including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Fiat, Hyundai/Kia, BMW, Volkswagen Group and Isuzu. Products include body structures and assemblies, lower vehicle structures, suspension modules and systems and suspension components. The company is based in Grand Rapids, Mich.
    A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities associated with the offering may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the registration statement may be obtained on the SEC's Web site.
    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 SEC filings.