Superior Industries Plans to Buy Back Stock
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Superior Industries International Inc. has reinstated a stock repurchase plan so the company may buy back up to 1 million shares of its common stock.
The Van Nuys-based company manufactures aluminum wheels for the Big Three auto makers and various European and Japanese car companies.
A stock repurchase plan is often used by companies in hopes of driving up the price of its stock by shrinking the number of shares available on the open market. The company has 29.7 million shares of stock outstanding.
Recently, Superior’s stock has been trading in the range of $26 per share.
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