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Superior Industries to Sell 50% Interest in Suoftec Light Metal to OTTO

Jun 16 2010

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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.

Source:

http://www.supind.com/

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