Superior Industries International, Inc. (NYSE: SUP), the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America, today announced it has filed with the Securities and Exchange Commission an investor presentation in connection with its proxy contest with GAMCO Asset Management, Inc. The presentation will be available later today on the Investor Relations section of Superior’s website at http://www.supind.com and on the SEC's website at www.sec.gov. The presentation outlines in detail why Superior’s Board unanimously recommends that shareholders should vote the WHITE proxy card in favor of its highly qualified and experienced nominees, and not support GAMCO in its attempt to elect three opposing director candidates. Shareholders are encouraged to read the entire presentation. The presentation highlights that:
- Superior’s Board of Directors is highly qualified, experienced and engaged, includes extensive automotive and manufacturing experience, as well as financial and investment community experience, and reflects a balance of valued experience on the Superior Board with fresh insights and perspectives, with five new directors elected since 2007.
- Following the retirement of Steven Borick, in May 2014, the Board brought on automotive parts industry veteran Donald J. Stebbins to serve as Superior’s President and Chief Executive Officer and build on Superior’s iconic industry brand and reputation established during the past 50 years by Louis and Steven Borick. Mr. Stebbins is an extremely accomplished automotive supply industry executive and brings to Superior extensive experience leading and operating a publicly-held automotive supply business in global and highly competitive environments.
- Under the leadership of Mr. Stebbins, Superior is executing on its strategic priorities, including enhancing its global competitiveness, launching a new, modern manufacturing facility in Mexico on time and under budget, expanding Superior’s visibility in the financial and investment community, evaluating opportunities to enhance Superior’s growth prospects and increase shareholder value, and continuing to return appropriate levels of capital to shareholders through dividends and stock repurchases.
- Superior has a proven track record of returning capital to shareholders through cash dividends and stock repurchases, amounting to $114 million over the past five years, while at the same time strategically investing capital to become an even stronger and more efficient competitor.
- Superior has proven commitment to strong corporate governance principles, most recently demonstrated by the Board’s decision to proactively eliminate its classified structure, so that by 2015 all directors will stand for election on an annual basis.
- GAMCO admits to having no plans to enhance value for shareholders and has not asserted any mistakes or missed opportunities by Superior or the Board.
- GAMCO withdrew its only idea offered, a Dutch auction tender offer.
- GAMCO has not provided any credible arguments as to why its candidates are more qualified than Superior’s nominees to address the issues facing Superior, particularly given the lack of any executive-level manufacturing or relevant automotive industry experience among GAMCO’s nominees.