Superior Inds picks up 8.7% in Synergies

Superior Industries International, Inc, listed on the New York Stock Exchange, has acquired 8.7 per cent of the outstanding shares of privately-owned Synergies Castings Limited, a Visakhapatnam-based aluminum wheel manufacturer.  The company did not disclose the acquisition cost.

The company had entered into a definitive agreement to make additional equity investments in Synergies up to a total of approximately 26 per cent of Synergies' total issued equity by December 31, 2010.

"We believe this is an excellent long-term investment opportunity, given the dynamic and growing automotive market in India," Steven J Borick, chairman, chief executive officer and president, Superior Industries stated in a release.

 

According to CSM Worldwide, an automotive market forecasting firm, light vehicle sales in India are expected to grow nearly 14 per cent in the calendar year 2011, the release said.