Superior Industries International Inc. has announced a stock repurchase program that would allow for the repurchase of up to $30 million of common stock. The Van Nuys aluminum wheel manufacturer made the announcement about a month after releasing details on a new manufacturing facility in Mexico, set to begin construction this summer and open in 2015. The company has about 27 million shares of common stock outstanding and had more than $200 million of cash, cash equivalents and short-term investments at the end of the last fiscal year. The company said it will fund the repurchases with cash, although the use of credit is not out of the question. “The board’s action follows our recent announcement to invest approximately $125 million to $135 million to construct and equip a new manufacturing facility in Mexico to expand capacity and meet anticipated growth in product demand,” said Chief Executive Steven J. Borick, Chairman, in a statement. Sales have been stagnant at the wheel manufacturer, who has Ford Motor Co., Chrysler Group LLC and General Motors Co. as top customers. As the automotive industry came out of the recession and the demand for wheels returned, Superior has had trouble keeping up, as it closed several American facilities during the down years. Shares closed up $0.36, or 1.94 percent, to $18.95 on the New York Stock Exchange.
