The board of directors at tool and workshop equipment manufacturer Snap-on Incorporated has appointed Donald J. Stebbins, president and chief executive officer of wheel manufacturer Superior Industries International, a company director. This directorship takes effect 4 January 2015. Stebbins also serves as a director at Superior Industries and at WABCO Holdings, a provider of electronic, mechanical and mechatronic products.
North America’s largest manufacturer of aluminium car and truck rims, Superior Industries International, slid into the red in the third quarter of the 2014 financial year. The company reports a net loss of US$2.4 million due to quarter expenses of $6.9 million, which were largely associated with the upcoming closure of Superior’s factory in Rogers, Arkansas. Net sales for the third quarter decreased eight per cent to $176.4 million. Third quarter unit shipments fell 11 per cent from the corresponding prior year period to 2.6 million units versus 2.9 million units in 2013.
Steven J. Borick intends to retire as chief executive officer and president of Superior Industries International early next year, and the company’s board has commenced a search for his successor. Borick will relinquish these three roles at the US-based aluminium wheel manufacturer on 31 March 2014, however he will remain chairman and assist with the management transition.
Wheel manufacturer Superior Industries International has reported a slightly lower year-on-year net income for the second quarter of 2012. Net income decreased from US$6.4 million a year ago to $6.3 million in the March to June quarter.
As of 2015, Super Industries International will expand its portfolio of Chihuahua-made wheels. The North American aluminium wheel manufacturer announced on 16 April that its new manufacturing facility in Mexico will be erected in the city of Chihuahua. Superior Industries says it and the state of Chihuahua have “agreed in principle to a series of incentives that reflect a continued partnership between Superior and the state.” Superior already operates three manufacturing facilities in the city.
In addition to reporting its 2012 results, US-based aluminium wheel manufacturer Superior Industries International, Inc. has announced plans to build a new manufacturing facility in Mexico to expand capacity and meet anticipated growth in product demand.
Wheel manufacturer Superior Industries International has reported a net income of US$6.4 million for the second quarter of 2012. This result for the three months to 30 June represents a 56.4 per cent year-on-year drop in net income despite a three per cent increase in consolidated net sales to US215.1 million. Unit shipments increased 14 per cent to 3.3 million from 2.9 million in last year’s second quarter, while gross profit was $15.7 million, or seven per cent of net sales, compared with $19.5 million, or nine per cent of net sales, in the comparable period a year ago.
Aluminium Wheel Manufacturer Superior Industries International has announced a net income of US$10.1 million for the second quarter of 2010, a figure that includes a $4.1 million loss on the sale of the company’s joint venture in Hungary. This compares to a net loss in the second quarter of 2009 of $21.0 million.
Superior Industries International states that the release of its second quarter 2010 financial results, scheduled to be made public on August 11, has been postponed due, in part, to the recent implementation of a new Enterprise Resource Planning (ERP) system. The aluminium wheel manufacturer says it is “working diligently” to finalise its second quarter results and will provide new dates and times for the earnings release and earnings conference call at a later date.
Aluminium wheel maker Superior Industries International posted a narrower year-on-year loss in the third quarter due to cost cuts and increased production volumes. In the quarter ending September 30 the company reported a loss of US$12.7 million, or 48 cents a share, compared with a loss of $14.2 million, or 53 cents a share, a year earlier. Quarterly sales of $111.4 million represented a decline of 32 per cent on the same quarter of 2008.
Wheel supplier Superior Industries has announced the resignation of chief financial officer Erika Turner. In the short term her shoes will be filled by Emil “Bud” Fanelli, who has served as the company’s vice president and corporate controller since 1997. Superior Industries has begun the quest to bring a new CFO into the fold.
Wheel manufacturer Superior Industries International has reported a net loss of US$20.1 million for the fourth quarter ended December 31, 2008. This result is compares with a net income of $4.7 million for the fourth quarter of the previous financial year. For the 2008 full year, net loss was $26.1 million, compared to net income of $9.3 million in 2007.
“Our results included a number of non-recurring items related to asset impairments for the two announced plant closures, other workforce reductions, as well as an inventory write-down to recognize lower aluminium rates,” said company chairman, CEO and president Steven Borick. “In aggregate, these special adjustments totalled $23.3 million for the full year 2008. The workforce reductions and plant closings were severe measures, but steps that we believe were necessary in order to right-size our capacity and position the company to operate more efficiently. Perhaps most important, our actions will serve to protect our balance sheet and cash, allowing us to weather this unprecedented business cycle. Despite the economic challenges, we maintained a positive cash flow in 2008.
US based aluminium wheel manufacturer Superior Industries International intends to close its factory in Van Nuys, California. In a statement published January 13, the company said the closure is taking place “in an effort to further reduce costs and more closely align its capacity with sharply lower demand for light vehicles.” Superior Industries added that its remaining five North American facilities and its Hungarian joint venture operation contain sufficient capacity to accommodate current and expected production requirements.
Superior Industries International has announced a net loss of US$14.2 million for the third quarter of 2008, including a charge linked to the December closure of its factory in Pittsburg, Kansas. In the comparable quarter of 2007 Superior recorded a net loss of $739,000. Unit shipments decreased 29 per cent in the quarter, compared with the same period a year ago, and were at the lowest level since the third quarter of 1998.
Aluminium wheel manufacturer Superior Industries International has announced the closure of its factory in Pittsburg, Kansas. This decision was taken during its recent review of strategic initiatives to reduce costs and balance its manufacturing capacity in light of reduced demand for SUVs and light trucks.
The closure will take place on December 19 and 600 jobs will be lost as a result. Superior Industries expects to incur severance and related costs of approximately US$1.8 million in the next six months from August 2008. Asset impairment charges related to closing the facility have yet to be determined, but will be recorded in the financial quarter ending September 30. As of July 27, 2008, the net book value of manufacturing equipment at the Pittsburg location was approximately $13.2 million.
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