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Tower Automotive Completes Acquisition of 49% Interest in Seojin

9 November 1999

Tower Automotive Completes Acquisition of 49 Percent Interest in Seojin Industrial Company

    MINNEAPOLIS, Nov. 8 -- Tower Automotive, Inc.
announced today that it has completed the acquisition of a 49 percent equity
interest in Seojin Industrial Company Limited ("Seojin"), a supplier of
frames, modules and structural components for automobile, truck and sport
utility vehicles to the Korean market.  Seojin had 1998 revenues of
approximately $200 million.
    Tower Automotive paid $21 million for its 49 percent equity ownership in
Seojin.  In addition, Tower Automotive has advanced in the form of a loan
approximately $19 million for the repayment of existing debt.
    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.