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Tower Automotive Announces Acquisition of Dr. Meleghy GmbH & Co. KG

15 February 2000

Tower Automotive, Inc. Announces Acquisition of Dr. Meleghy GmbH & Co. KG

    MINNEAPOLIS, Feb. 15 -- Tower Automotive, Inc. ,
today announced that it has agreed to acquire all of the outstanding common
stock of Dr. Meleghy GmbH & Co. KG ("Dr. Meleghy") for total consideration of
approximately $110 million.  The transaction is expected to close during the
first quarter of 2000.
    Dr. Meleghy is a producer of structural components and assemblies for the
European automotive industry.  Customers include Audi, BMW, DaimlerChrysler,
Ford, Opel and Volkswagen.  Dr. Meleghy has operations in Bergish-Gladbach,
Zwickau and Bucholz, Germany and in Hungary and Poland.  Dr. Meleghy's total
annual revenues are approximately $120 million.
    In commenting on the acquisition, Tower Automotive president and chief
executive officer, Dugald K. Campbell, said, "The acquisition of Dr. Meleghy
provides Tower Automotive with a substantial presence in the very important
German automotive market.  It also enhances our partnership with many of the
world's leading OEMs by providing an increased capability to serve their
European operations.
    "The current leadership of Dr. Meleghy has developed a world-class
operation.  They will continue to participate in and contribute to the growth
and success of Tower Automotive in Europe and throughout the world.  In
addition, we expect the acquisition will provide positive economic value in
the first year," Campbell added.
    Tower Automotive, Inc., produces a broad range of assemblies and modules
for vehicle structures and suspension systems for original equipment
manufacturers of automobiles including Ford, DaimlerChrysler, GM, Honda,
Toyota, Nissan, Auto Alliance, Fiat, BMW and Volkswagen.  Products include
body structural assemblies, control arms, suspension links, engine cradles,
floor pans, surface panels 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
acquisition and (ii) the anticipated benefits of the acquisition.  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 Active to satisfy
the conditions to the consummation of the acquisition; (iii) unforeseen
difficulties in integrating the operations of Active; or (iv) unanticipated
negative reaction to the proposed transaction by customers or suppliers.