-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PBriNz6ya5Oh8Kr4ovAKwMc5iM3s251Ys2fCw2LbEe15koQWVYpH6cWuGtoq/ExN 0ZoZdFQs9FtZBx9uijmWWg== 0000095552-09-000002.txt : 20090113 0000095552-09-000002.hdr.sgml : 20090113 20090113171821 ACCESSION NUMBER: 0000095552-09-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090113 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090113 DATE AS OF CHANGE: 20090113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERIOR INDUSTRIES INTERNATIONAL INC CENTRAL INDEX KEY: 0000095552 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 952594729 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06615 FILM NUMBER: 09524546 BUSINESS ADDRESS: STREET 1: 7800 WOODLEY AVE CITY: VAN NUYS STATE: CA ZIP: 91406 BUSINESS PHONE: 818-781-4973 MAIL ADDRESS: STREET 1: 7800 WOODLEY AVENUE CITY: VAN NUYS STATE: CA ZIP: 91406 8-K 1 form8k.htm FORM 8-K 1-13-09 form8k.htm


UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C.  20549
 
                     
 
FORM 8-K
 
CURRENT REPORT

 
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):  January 13, 2009
 
                     
 
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
 
(Exact Name of Registrant as Specified in Its Charter)
 
                     
 
California
1-6615
95-2594729
(State or Other Jurisdiction
 of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
7800 Woodley Avenue
Van Nuys, California
91406
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code:  (818) 781-4973
N/A
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 
 
Item 2.05  Costs Associated with Exit or Disposal Activities
 
Superior Industries International, Inc. issued a press release on January 13, 2009, announcing the planned closure of its wheel manufacturing facility located in Van Nuys, California, that will result in a lay off of approximately 290 employees and save approximately $16.5 million in annualized labor costs.  The company expects the plant closing to be completed by the end of the second quarter of 2009 and that it will incur severance and other associated costs of approximately $2.1 million.  Asset impairment charges related to the closing have yet to be determined but are expected to be recorded in the fourth quarter ended December 28, 2008.  At December 28, 2008, the net book value of manufacturing equipment and related fixed assets at the Van Nuys manufacturing facility was approximately $17.4 million.

This Form 8-K contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors and risks discussed from time to time in the company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

 
Item 9.01  Financial Statements and Exhibits
 
 (d) Exhibits
 
99.1
Press release, dated January 13, 2009, issued by Superior Industries International, Inc., announcing the planned closure of the company’s wheel manufacturing facility located in Van Nuys, California.
   

 
SIGNATURES
 
 
 
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
 
(Registrant)
Date: January 13, 2009
 
 
/s/ Erika H. Turner
 
Erika H. Turner
 
Chief Financial Officer
   
EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm
Exhibit 99.1

SUPERIOR INDUSTRIES TO CLOSE SOUTHERN CALIFORNIA MANUFACTURING PLANT
IN FACE OF LOWER PRODUCT DEMAND

-- Action Eliminates Approximately 290 Jobs or 9% of Company’s Work Force--


VAN NUYS, CALIFORNIA -- January 13, 2009 -- Superior Industries International, Inc. (NYSE:SUP), a supplier of aluminum wheels to automotive manufacturers, today announced it will close its manufacturing facility in Van Nuys, California, in an effort to further reduce costs and more closely align its capacity with sharply lower demand for light vehicles.  With its remaining five plants in North America and joint venture in Hungary, Superior has sufficient capacity to accommodate current and expected production requirements.

The company said the move will eliminate approximately 290 jobs, representing 9% of Superior’s total work force, and save approximately $16.5 million in annualized labor costs.

Superior expects the plant closing to be completed by the end of the second quarter of 2009 and that it will incur severance and other associated costs of approximately $2.1 million.  The company said asset impairment charges related to the closing have yet to be determined but are expected to be recorded in the fourth quarter ended December 28, 2008.  At December 28, 2008, the net book value of manufacturing equipment and related fixed assets at the Van Nuys manufacturing facility was approximately $17.4 million.

“Closing the Van Nuys plant, where we launched our OEM aluminum wheel business over 30 years ago, and losing many loyal and long-term employees makes this decision particularly difficult,” said Chairman, CEO and President, Steven Borick.  “Nevertheless, it is imperative to right size our capacity in line with current and projected vehicle production while maintaining the leverage for future business opportunities.  We are committed to coming out of this unprecedented business downturn as a stronger, leaner company.”

About Superior Industries
Superior supplies aluminum wheels to Ford, General Motors, Chrysler, Audi, BMW, Jaguar, Land Rover, Mazda, Mercedes Benz, Mitsubishi, Nissan, Seat, Skoda, Subaru, Suzuki, Toyota, Volkswagen and Volvo. For more information, visit www.supind.com.

Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which include references to expected cost savings, improved capacity utilization and continued payment of dividends, are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors and risks discussed from time to time in the company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
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