0000095552-14-000032.txt : 20140731 0000095552-14-000032.hdr.sgml : 20140731 20140731152614 ACCESSION NUMBER: 0000095552-14-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140729 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20140731 DATE AS OF CHANGE: 20140731 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: 1226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06615 FILM NUMBER: 141006043 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 plantshutdown73014.htm 8-K Plant Shut Down 7/30/14


 
 
 
 
 



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): July 29, 2014
 
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
 
(a) On July 29, 2014, Superior Industries International, Inc. (the “Company”) determined to close its manufacturing facility in Rogers, Arkansas. The Company expects to cease operations at the Rogers facility by the end of 2014. The Company currently expects that approximately 500 positions will be eliminated as a result of the closure.

The Company’s decision resulted from a comprehensive review of the Company’s cost structure and is designed to reduce costs and enhance the Company’s global competitiveness. The Company plans to transfer production to its other manufacturing facilities in Fayette, Arkansas, and Chihuahua, Mexico.

The Company will provide employees severance pay, health benefits continuation and job search assistance.
 
(b) The Company estimates that it will incur approximately $2.0 - 2.5 million in employee termination costs. At this time, the Company is unable to estimate the amounts or ranges of amounts of other major types of costs expected to be incurred in connection with the closure.

(c) The Company is unable to estimate the total amount or range of amounts expected to be incurred in connection with the closure, at this time.

(d) The Company is unable to estimate the amount or range of the charge that will result in future cash expenditures.


On July 30, 2014, the Company issued a press release regarding the plant closure, a copy of which is attached hereto as Exhibit 99.1.

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, including, but not limited to, the timing with respect to closing the Rogers, Arkansas manufacturing facility, the Company’s ability to enhance its cost structure and competitive position as a result of the closing and the financial impact of the closing, 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. 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, including the Company's Annual Report on Form 10-K for 2013. 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 July 30, 2014, of Superior Industries International, Inc.


 
 
 
 
 






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
 
(Registrant)
 
 
Date: July 31, 2014
/s/ Kerry A. Shiba
 
Kerry A. Shiba
 
Executive Vice President and Chief Financial Officer
 
 
 
 


 
 
 
 
 



EX-99.1 2 a8-kex99173014.htm EXHIBIT 8-K Ex99.1 7/30/14


Exhibit 99.1


SUPERIOR
Investor Relations Line:
 
(818) 902-2701
www.supind.com
 
Contacts:
 
Superior Industries
 
 
Kerry Shiba
 
 
(818) 781-4973
 
NEWS RELEASE
 
 
PondelWilkinson Inc.
 
 
 
 
Robert Jaffe / Roger Pondel
 
 
 
 
(310) 279-5980
 
 
 
 
Investor@pondel.com



Superior Industries International to Close
Manufacturing Facility in Rogers, Arkansas


VAN NUYS, CALIFORNIA - July 30, 2014 -- Superior Industries International, Inc. (NYSE:SUP), the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America, today announced it will close its manufacturing facility in Rogers, Arkansas, as part of an initiative to reduce costs and enhance its global competitive position.

The company said it expects to cease operations at Rogers by the end of this year. The closure will result in scheduled production being shifted to other Superior manufacturing facilities, including those in Fayetteville, Arkansas and Chihuahua, Mexico, and is anticipated to generate a net $15 million labor cost savings year-over-year, resulting from a workforce reduction of approximately 500 employees.

“This action follows a comprehensive review of the company’s cost position in what continues to be an intensely competitive environment,” said Don Stebbins, who joined Superior in May 2014 as its president and chief executive officer and member of the Board of Directors.

“Our board and management team remain focused on building an efficient, operationally stronger organization that can compete effectively with manufacturers around the globe. We appreciate the contributions of our team members at Rogers and will be providing assistance to them during the transition process,” Stebbins added.

As a result of the closure, Superior expects to incur severance costs estimated to be $2.0-2.5 million. At June 29, 2014, the close of Superior’s second quarter, the net book value of fixed assets and manufacturing equipment at the Rogers location was approximately $22 million. Asset related charges in connection with the closing have yet to be determined, but are expected to be recorded primarily in the third and fourth quarters of 2014. Other costs to be incurred as part of the closure also have not yet been determined.

About Superior Industries

Superior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its five plants in both the U.S. and Mexico, the company supplies aluminum wheels to the





original equipment market. Major customers include BMW, Chrysler, Ford, General Motors, Mitsubishi, Nissan, Subaru, Tesla, Toyota and Volkswagen. 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, including, but not limited to, the timing with respect to closing the Rogers, Arkansas manufacturing facility, the company’s ability to enhance its cost structure and competitive position as a result of the closing and the financial impact of the closing, 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, including the company's Annual Report on Form 10-K for 2013. These factors and risks relate to items including, but not limited to, general automotive industry and market conditions and growth rates, as well as 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.