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Tower Automotive Agrees to Acquire 49% Interest in Seojin Industrial

28 June 1999

Tower Automotive Agrees to Acquire 49 Percent Interest in Seojin Industrial Company

    MINNEAPOLIS, June 28 -- Tower Automotive, Inc.
announced today that it has signed a letter of intent to acquire a 49 percent
equity interest in Seojin Industrial Company Limited ("Seojin"), a supplier of
frames and structural parts to the Korean automotive market.
    Seojin had 1998 revenues of approximately $200 million.  Its principle
customers include Kia Motor Company, Hyundai Motor Company and Asia Motor.
Seojin presently employs over 1,200 colleagues and operates from five
manufacturing facilities located in close proximity to its major customers.
    In commenting on this investment, Dugald K. Campbell, president and chief
executive officer of Tower Automotive, said, "Our investment in Seojin is
another step toward increasing Tower Automotive's capability in Asia.  We are
fortunate to be able to partner with such an excellent and successful company.
This venture is of significant importance to Tower Automotive as it provides
us with the opportunity to expand our capability in Asia Pacific and is an
excellent complement to our joint venture in China."
    Tower Automotive will pay approximately $21 million for its initial
investment. In addition, Tower Automotive will advance in the form of a loan
approximately $19 million to Seojin for the repayment of existing debt.  The
acquisition of the 49 percent equity interest is subject to regulatory
approval and other customary matters and is expected to close during the
fourth quarter of 1999.
    Tower Automotive, Inc., produces a broad range of assemblies and modules
for vehicle structures and suspension systems for automotive manufacturers,
including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Auto Alliance,
Fiat, BMW and Volkswagen.  Products include body structural assemblies such as
pillars and package trays, control arms, suspension links, engine cradles and
full frame assemblies.  The company is based in Grand Rapids, Mich., and has
its corporate office in Minneapolis, Minn.
    This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended.  Such
forward-looking statements are based on the belief of the management of Tower
Automotive as well as on assumptions made by and information currently
available to it at the time such statements were made.  Such forward-looking
statements relate to, among other things, (i) the expected closing date of the
investment and (ii) the anticipated benefits of the investment.  Actual
results could differ materially from those projected in the forward-looking
statements as a result of (i) unexpected delays in obtaining regulatory
approvals; (ii) the inability of either Tower Automotive or Seojin to satisfy
the conditions to the consummation of the agreement or (iii) unanticipated
negative reaction to the proposed transaction by customers or suppliers.