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Mon, June 28, 2010Sun, June 27, 2010Fri, June 25, 2010Thu, June 24, 2010Wed, June 23, 2010Tue, June 22, 2010Mon, June 21, 2010Sun, June 20, 2010Fri, June 18, 2010Thu, June 17, 2010Wed, June 16, 2010Tue, June 15, 2010Mon, June 14, 2010Sun, June 13, 2010Fri, June 11, 2010Thu, June 10, 2010Wed, June 9, 2010Tue, June 8, 2010Mon, June 7, 2010Sat, June 5, 2010Fri, June 4, 2010Thu, June 3, 2010Wed, June 2, 2010Tue, June 1, 2010Superior Industries to Divest 50% Equity Stake In Hungarian Joint Venture
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Published in House and Home on Tuesday, June 15th 2010 at 3:21 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
VAN NUYS, Calif.--([ BUSINESS WIRE ])--Superior Industries International, Inc. (NYSE:SUP) today announced that it has entered into a definitive agreement to sell its 50% equity stake in Suoftec Light Metal Products Production & Distribution Ltd., the companya™s joint venture manufacturing facility in Hungary.
"While we are proud of our long standing success in partnership with OTTO FUCHS KG and our Suoftec joint venture, this transaction will allow us to open the door to other investment opportunities in emerging markets"
Under the agreement, Superior will sell its entire ownership interest in Suoftec to its partner in the joint venture, OTTO FUCHS KG, based in Meinerzhagen, Germany.
aWhile we are proud of our long standing success in partnership with OTTO FUCHS KG and our Suoftec joint venture, this transaction will allow us to open the door to other investment opportunities in emerging markets,a said Steven J. Borick, Chairman, Chief Executive Officer and President.
About Superior Industries
Superior supplies aluminum wheels to Ford, General Motors, Chrysler, Audi, BMW, Jaguar, Land Rover, Mercedes Benz, Mitsubishi, Nissan, Seat, Skoda, Subaru, Suzuki, Toyota, Volkswagen and Volvo. For more information, visit [ www.supind.com ].
Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which include references to the expected sale of the companya™s equity interest in Suoftec, are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors and risks discussed from time to time in the company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general automotive industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
