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| 8-K - FORM 8-K - SUPERIOR INDUSTRIES INTERNATIONAL INC | form8-k.htm |
Exhibit
99.1
Superior
Industries to Divest 50% Equity Stake
In
Hungarian Joint Venture
VAN NUYS,
CALIFORNIA -- June 15, 2010 -- 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 company’s joint venture manufacturing
facility in Hungary.
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.
“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,” 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 company’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.