Superior Industries Increases Dividends

Superior Industries International, has announced a 3.2 per cent increase in the company’s quarterly cash dividend, to $0.16 per share at today’s AGM. The new, higher dividend is payable to shareholders on 15 July 2005.

“We always are pleased to increase the cash dividend, particularly as we are faced with the difficult challenges of an increasingly competitive environment and the rapid globalisation of the automotive industry,” said president and chief executive officer, Steven Borick. “This latest dividend increase demonstrates the Board’s conviction that we have the right long-term strategy to protect and enhance our industry leadership, and the discipline, determination, and resources required to successfully implement our plans for the future.”
At the same time as releasing its financial information the company also announced a new director to its board. Michael J. Joyce becomes the ninth director and the sixth outside member of the board, filling an existing vacancy.

“Mike Joyce brings many years of directly relevant automotive wheel industry experience to his new role at Superior,” said chairman Louis L. Borick. “In senior executive positions of increasing importance at Rockwell, Kelsey-Hayes and Optima Wheel, Mike has built a record of success based on extensive first-hand knowledge of every aspect of the wheel business, including substantial manufacturing experience in the U.S., Mexico and Asia. We welcome him to our Board, and look forward to his active participation in Superior’s globalisation program.”