Tower Automotive Holds Annual Shareholder Meeting
GRAND RAPIDS, Mich.--May 22, 2003--Tower Automotive, Inc. , held its annual shareholder meeting on Wednesday, May 21, 2003 at its Technical Center in Novi, Mich.The shareholders approved the election of the nine persons nominated to serve as the Company's board of directors. There were two changes within the membership of the board: Tony Fernandes, formerly the chairman, chief executive officer and president of Philip Services Corporation, is joining the board of directors and will serve as the audit committee financial expert and Scott Rued, president and chief executive officer of Hidden Creek Industries, retired from the board of directors. Dug Campbell, president and chief executive officer, concluded the meeting with an overview of the results of 2002 and a summary of the following goals for 2003:
| -- | Continuing a focus on safety as a global enterprise; |
| -- | Producing products that meet customer-specified and world-class levels of quality; |
| -- | Further standardizing business processes, including costing and quoting methodologies, capital management and ensuring our compliance with the requirements of the Sarbanes-Oxley Act; |
| -- | Pursuing the restructure of the Company's debt facilities to allow for more financial flexibility, which could include amending the current senior credit facility and refinancing certain debt; and, |
| -- | Executing the flawless launch of the Company's business backlog. |
About Tower Automotive
Tower Automotive, Inc., is a global designer and producer of vehicle structural components and assemblies used by every major automotive original manufacturer, including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Fiat, Hyundai/Kia, BMW, and Volkswagen Group. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The company is based in Grand Rapids, Mich. Additional company information is available at www.towerautomotive.com.