Posted in | News | Business | Aluminum / Aluminium | Automotive Materials

Superior Industries Acquires Larger Share of Indian Aluminum Wheel Manufacturer

Jun 29 2010

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Superior Industries International, Inc. (NYSE:SUP) today announced it has acquired 8.7% of the outstanding shares of privately-owned SYNERGIES Castings Limited, an aluminum wheel manufacturer in Visakhapatnam, India. Concurrently, Superior entered into a definitive agreement to make additional equity investments in SYNERGIES up to a total of approximately 26% of SYNERGIES' total issued equity by December 31, 2010, subject to certain conditions.

"We believe this is an excellent long-term investment opportunity, given the dynamic and growing automotive market in India," said Steven J. Borick, Chairman, Chief Executive Officer and President. "SYNERGIES is the premier player in the region and an accredited OEM aluminum wheel manufacturer. The company has existing contracts with Toyota, General Motors USA and Chrysler USA, among other major automotive manufacturers."

According to CSM Worldwide, an automotive market forecasting firm, light vehicle sales in India are expected to grow nearly 14% in calendar year 2011.

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