The Superior Industries wheel plant in Werdohl, Germany, now has a new investor, but the timeline for resuming alloy rim production remains uncertain. At the same time, the new owner faces other challenges that need resolution.
The self-administration order in place during insolvency proceedings for Superior Industries Production Germany GmbH, represented by managing directors Sven Damm and Maximilian Funk, has been cancelled. Insolvency proceedings for the wheel manufacturer opened on 1 December.
As reported yesterday, a wholly owned subsidiary of Superior Industries International has commenced insolvency proceedings in Germany. The outcome of this process will decide the fate of the company’s Werdohl aluminium wheel manufacturing facility, and Superior will make its decision within a matter of months.
Earlier today, Superior Industries Production Germany GmbH (SPG), a wholly owned subsidiary of US-headquartered aluminium wheel supplier Superior Industries International, Inc., filed voluntary petitions for preliminary insolvency proceedings. Superior Industries calls this step a “strategic action” to “further enhance competitiveness.”
ATS Alloy Wheels turns 50 this year, and is marking the occasion with the launch of a new slogan – Nothing beATS Performance – and a major promotional campaign.
Aluminium wheel manufacturer Superior Industries International, Inc. has appointed a permanent successor to Don Stebbins, who retired as the company’s president and chief executive officer at the end of last year. Majdi B. Abulaban will start in both roles on 15 May 2019, taking over from executive chairman, Timothy McQuay, who assumed all Stebbins’ duties once the latter’s departure was announced.
Declining car production in the UK has contributed towards lower wheel unit shipments in the third quarter of 2018, reports Superior Industries International, Inc. Compared with the prior-year period, Q3 2018 shipments were down 300,000 units to 4.7 million.
Aluminium wheel supplier Superior Industries International, Inc. has appointed Richard J. Giromini to its Board of Directors. With the addition of Giromini, the size of Superior’s board increases to nine directors, eight of whom are independent.
Record unit shipments and net sales were the headline news upon the release of Superior Industries International Inc.’s financial results for the second quarter of 2018 – a performance resulting from the company’s acquisition of Uniwheels last year. The company has also slightly raised its income and EBITDA projections for the entire year.
Uniwheels AG, the European aluminium wheels business acquired by Superior Industries International, Inc. in June 2017, has adopted the Superior Industries International name. This rebranding of Superior’s European operation has taken place as part of the company’s ongoing integration efforts. The brands acquired along with Uniwheels – ATS, Rial, Alutec and Anzio – will be retained in the Superior portfolio.
Nadeem Moiz, chief financial officer at Superior Industries International, Inc., is leaving the company as of 20 July. The aluminium wheel supplier reports that the search to replace Moiz, who resigned “for personal reasons,” has already begun.
Aluminium wheel manufacturer Superior Industries International, Inc. reports shipping 5.5 million units in the first quarter of 2018, a 94.8 per cent increase compared with the first three months of last year. This sizeable improvement was primarily due to the inclusion of the company’s European operation in this year’s results but was also driven by higher unit shipments in North America.
Second quarter results for aluminium wheel manufacturer Superior Industries International, Inc. show both record unit shipments and a net loss. These results for the quarter to 25 June 2017 also include one month of results from Uniwheels AG, in which Superior acquired a major shareholding on 30 May 2017. Upon tomorrow’s settlement of the delisting tender offer, Superior will own approximately 93.2 per cent of Uniwheels’ common stock shares.
Aluminium wheel company Superior Industries International, Inc. now holds a 92.3 per cent shareholding in Uniwheels AG after concluding its tender offer for an aggregate consideration of US$714.7 million. This offer was financed through approximately $670 million of newly funded debt, as well as $150 million of Preferred Equity.
For the last two years, wheel manufacturer Superior Industries International Inc. has faced a shareholder proxy challenge at its Annual General Meeting. On each occasion the company’s largest institutional shareholder, GAMCO Asset Management Inc., presented rival candidates to Superior Industries’ own nominees for directorship. And while GAMCO’s efforts failed both times, it is hoping for third time lucky at the 2015 AGM on 5 May. In strongly-worded letters dated 30 March and 7 April, Superior Industries has urged its shareholders to once again reject the GAMCO-backed candidates and vote for its own nominees.
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