VAN NUYS, CA — The board of directors for Superior Industries International, Inc., an OE-supplier of aluminum wheels and other aluminum automotive components, has authorized the company’s management to engage an investment banker and/or other advisors to explore options for the sale of the company’s suspension components business.
“Today’s intense competition in the global automotive industry makes it imperative that Superior focuses all of its resources on its expanding aluminum wheel business,” said CEO Steven Borick. He said that all components orders would continue to be delivered as scheduled.
The company expects to record a charge in the fourth quarter of 2005 in connection with the disposal of assets. At December 31, 2005, the book value of the assets of the components business was approximately $44 million.
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