form8-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): August 15, 2008
SUPERIOR
INDUSTRIES INTERNATIONAL, INC.
(Exact
Name of Registrant as Specified in Its Charter)
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California
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1-6615
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95-2594729
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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7800
Woodley Avenue
Van
Nuys, California
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91406
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
Telephone Number, Including Area Code: (818)
781-4973
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N/A
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(Former
Name or Former Address, if Changed Since Last
Report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.05 Costs Associated with Exit or
Disposal Activities
Superior
Industries International, Inc. issued a press release on August 19, 2008,
announcing the planned closure of its wheel manufacturing facility located in
Pittsburg, Kansas, that will result in a lay off of approximately 600
employees. The planned closure of the Pittsburg facility, which will
be effective December 19, 2008, was decided upon during the Board of Directors
meeting on August 15, 2008. Also included in this announcement was
the elimination of 90 open positions and 65 filled positions at our other U.S.
facilities. These two actions will result in a reduction of 755
positions, or 29% of Superior’s U.S. workforce. These actions are the
result of our recently completed review of our strategic initiatives to reduce
costs and balance our manufacturing capacity in the face of reduced demand for
SUVs and light trucks. We expect to incur severance and other costs related to
the closure of this facility of approximately $1.8 million over the next six
months. An additional $296,000 of severance costs from the reductions at our
other U.S. facilities is expected to be recorded in the current quarter ending
on September 30, 2008. Impairment charges, if any, associated with
the closing of the Pittsburg facility will be recorded in the third quarter
ending on September 30, 2008.
This Form
8-K contains statements that are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements 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 and risks discussed from time
to time in the company's Securities and Exchange Commission filings and reports.
In addition, such statements could be affected by general industry and market
conditions and growth rates, and general domestic and international economic
conditions. 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.
Item 9.01 Financial Statements and
Exhibits
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(d)
Exhibits
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99.1
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Press
release, dated August 19, 2008, issued by Superior Industries
International, Inc., announcing the planned closure of the company’s wheel
manufacturing facility located in Pittsburg, Kansas and a reduction in
work force at other U.S. facilities.
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SUPERIOR
INDUSTRIES INTERNATIONAL, INC.
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(Registrant)
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Date:
August 21, 2008
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/s/
Erika H. Turner
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Erika
H. Turner
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Chief
Financial Officer
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