VAN NUYS, Calif.--(BUSINESS WIRE)--Superior Industries International, Inc. (NYSE:SUP) today announced that its board of directors approved an accelerated payment of the 2013 regular cash dividends into 2012.
“We are pleased to be in the position to mitigate a potential increase in tax burden for many of our shareholders, and at the same time maintain our strong balance sheet and liquidity.”
The company will distribute a cash dividend on the common stock of the corporation in the amount of $0.64 per share, payable December 28, 2012 to shareholders of record as of December 21, 2012. This accelerated dividend is intended by the board to be in lieu of regular quarterly dividends that the company otherwise would have paid in calendar year 2013. The annual dividend rate per share in 2013 is unchanged from the rate in 2012.
“Our board of directors decided to accelerate the payment of dividends due to uncertainty regarding dividend tax rates in 2013,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “We are pleased to be in the position to mitigate a potential increase in tax burden for many of our shareholders, and at the same time maintain our strong balance sheet and liquidity.”
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 Ford, General Motors, Chrysler, BMW, Mitsubishi, Nissan, Subaru, Toyota and Volkswagen. For more information, visit www.supind.com.