Superior Industries International Inc. said Friday that it has completed the sale of its suspension components business to French manufacturer Saint Jean Industries.
Earlier this spring, the Van Nuys-based maker of cast and aluminum wheels for the auto industry reported a one-time, pretax charge of $45.7 million ($1.03 per share) for the write-down of the business, and said it expects no material adjustment to that reserve recorded in the fourth quarter of 2005.
Chief Executive Steven Borick said that the sale will allow the company which has laid off 1,100 workers due to sluggish Ford and General Motors vehicle sales to focus all of its attention on its aluminum wheel business.
Shares of Superior closed down 13 cents to $16.75 and continued to drop another 45 cents early Friday to $16.30.
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