Press Release
Superior Industries Announce Wheel Contract with Audi
12/12/96
Superior Industries International Inc. receives additional multiyear contract from Audi, a total of more than $40 million in annual revenues VAN NUYS, Calif.--(BUSINESS WIRE) -- Superior Industries International Inc. Tuesday announced that "SUOFTEC," its new Hungarian joint venture with Germany-based Otto Fuchs Metallwerke, was awarded a multiyear contract to supply cast aluminum wheels for the new Audi TT convertible. Shipment of wheels to Audi's plant in Gyor, Hungary, is scheduled to begin in April 1998. This long-term contract, combined with the previously announced order of 700,000 lightweight forged aluminum wheels a year (which did not identify Audi), amounts to a total of more than $40 million in annual revenues from this customer. Furthermore, the contract represents the first casting order for the new Hungarian plant, which has been completed and equipped to manufacture aluminum wheels using both low-pressure casting and lightweight forging processes. "This additional new business with Audi exemplifies the success of our strategic entry into the European market and Superior's confidence that the technical quality and cost benefits of our new joint venture in Hungary will result in growth of our European customer base," stated Louis L. Borick, chairman and president of Superior. "Currently, negotiations are under way for increased cast and forged wheel business with other major European OEMs, which we look forward to reporting in the near future," Borick added. Superior Industries International is the world's largest manufacturer of aluminum wheels, supplying to Ford, General Motors, Chrysler de Mexico, BMW and Jaguar, as well as various Japanese manufacturers including Toyota, Mazda, Nissan, Subaru and Isuzu. The company is also a leading manufacturer of accessory products for the national automotive aftermarket.