Superior Industries Announces Preliminary Results of 2016 Annual Meeting

All of Superior’s Director Nominees Re-elected with Overwhelming Stockholder Support

SOUTHFIELD, Mich.--()--Superior Industries International, Inc. (NYSE:SUP), the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America, today reported that, based on a preliminary vote count provided by Superior’s proxy solicitor, all eight of Superior’s director nominees— Michael R. Bruynesteyn, Margaret S. Dano, Jack A. Hockema, Paul J. Humphries, James S. McElya, Timothy C. McQuay, Donald J. Stebbins and Francisco S. Uranga—were re-elected to Superior’s Board of Directors at the 2016 Annual Meeting of Stockholders held earlier today. Final certified voting results are expected to be made publicly available later this week.

“We greatly appreciate the continued support of our stockholders and look forward to being able to return our full attention to our continuing efforts to transform Superior into an even stronger, more efficient global competitor.”

Superior issued the following statement commenting on the 2016 Annual Meeting’s results:

“We greatly appreciate the continued support of our stockholders and look forward to being able to return our full attention to our continuing efforts to transform Superior into an even stronger, more efficient global competitor.”

At a meeting where 90% of Superior’s approximately 25.2 million outstanding shares were represented, all of Superior’s director nominees received overwhelming support from stockholders. The final tabulation of results will be completed by the independent tabulation and voting certification firm IVS Associates, Inc., which served as the Independent Inspector of Elections.

In other business conducted at the meeting, stockholders:

  • Approved, in a non-binding advisory vote, executive compensation;
  • Approved the material terms of the performance goals under the Company’s Annual Incentive Performance Plan;
  • Approved the consideration of a proposal regarding proxy access; and
  • Ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 25, 2016

Further details regarding the results of the 2016 Annual Meeting will be contained in a Current Report on Form 8-K that Superior will be filing with the Securities and Exchange Commission (SEC). This filing will be available at no charge at the SEC’s web site at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of our corporate website at www.supind.com.

Superior was advised in connection with the proxy contest by Winston & Strawn, LLP. Okapi Partners, Inc. served as Superior’s proxy solicitor.

About Superior Industries

Headquartered in Southfield, Michigan, Superior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its plants in the U.S. and Mexico, the company supplies aluminum wheels to the original equipment market. Major customers include BMW, FCA, Ford, General Motors, Mazda, Nissan, Subaru, Tesla, Toyota and Volkswagen. For more information, visit www.supind.com.

Forward-Looking Statements

We caution readers that this press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as "may," "should," "could," “will,” "expects," "seeks to," "anticipates," "plans," "believes," "estimates," "intends," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, statements regarding the anticipated proxy contest by GAMCO Asset Management, Inc. and the other participants in its solicitation, our initiatives to strengthen the Company’s manufacturing platform, our plan to increase our operating efficiencies, our objectives to increase our diversification and value-added sales and our strategic plan, and 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, risks, and uncertainties discussed in the company's Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K for the fiscal year 2015 and our reports from time to time filed with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward looking statements when evaluating the information presented in this press release. 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.

Contacts

Superior Industries International, Inc.
Investor Relations Line:
248-234-7104
www.supind.com
or
Kerry A. Shiba, 248-234-7042
Executive Vice President & Chief Financial Officer
or
Okapi Partners
Bruce Goldfarb / Charles Garske / Lydia Mulyk
212-297-0720
or
Sard Verbinnen & Co.
Mark Harnett / Mike DeGraff
212-687-8080 / 312-895-4700

Superior Industries International, Inc.