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Superior to Buy Back Shares to Boost Price

March 21, 2000|Bloomberg News

Superior Industries International Inc., a Van Nuys-based maker of automobile wheels, said it plans to buy back another 4 million of the company's shares, or 15% of those outstanding, to try to boost the price. Superior Industries has bought back 4 million shares since late 1995 under a similar program and has about 26.1 million shares outstanding. The shares rose 88 cents to close at $28.06 on the NYSE. At Monday's closing price, the latest buyback would cost $112.3 million. Superior Industries' plan follows repurchase efforts announced in the last three months by auto-parts makers, including Lear Corp., Dana Corp., Meritor Automotive Inc. and Arvin Industries Inc. The company recently received $350 million in new orders in the last 12 months.

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