D.C. Capital Partners, L.P. Withdraws
Director Nomination
Superior Industries International, Inc. (NYSE:SUP), one
of the world’s leading aluminum wheel suppliers, announced today
the Company will appoint Raynard D. Benvenuti to its Board of
Directors immediately following the Company’s 2020 Annual Meeting
of Stockholders, but no later than July 10, 2020. With the addition
of Mr. Benvenuti, the Board will be comprised of 10 directors, nine
of whom are independent. The Company also announced that D.C.
Capital Partners, L.P. has withdrawn its director nomination for
the 2020 Annual Meeting.
Tim McQuay, Chairman of the Board of Superior, commented, “We
are pleased to welcome Ray to Superior’s Board. As an additional
independent director with operational, industrial, and financial
experience, we believe Ray will be a strong addition to the Board
and we look forward to promptly beginning his onboarding and
working with him.”
Douglas Dethy, Managing Director and founder of D.C. Capital
Partners, L.P., stated, “We appreciate the constructive engagement
and dialogue we have had with Superior’s senior management team and
Board. With the appointment of Ray, we will continue to work
collaboratively with Superior as we pursue our common goal of
enhancing value for shareholders.”
Mr. Benvenuti is the founder of Concord Investment Partners, an
investment and advisory firm focused on making private and public
investments in aerospace, automotive, and industrial companies.
Previously, Mr. Benvenuti served as a Managing Partner and an
operational practice leader for the aerospace and automotive/truck
sectors at Greenbriar Equity Group. Mr. Benvenuti has held various
board seats and was recently appointed to the board of NN, Inc., a
NASDAQ-traded industrial manufacturer of high-precision metal and
plastic components and assemblies.
Additional information with respect to Superior’s plans to
appoint Mr. Benvenuti to the Board and D.C. Capital Partners,
L.P.’s withdrawal of its director nomination will be contained in
the related Current Report on Form 8-K that Superior is filing with
the Securities and Exchange Commission. Copies of this document can
be obtained, when available, on the SEC's website at
www.sec.gov.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers.
Superior’s team collaborates and partners with customers to design,
engineer and manufacture a wide variety of innovative and
high-quality products utilizing the latest lightweighting and
finishing technologies. Superior also maintains leading aftermarket
brands including ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
Southfield, Michigan, Superior is listed on the New York Stock
Exchange. For more information, please visit www.supind.com.
About D.C. Capital Partners
D.C. Capital Partners L.P. is a private New York City-based
investment fund that was founded in 1992 consisting of value
investors focused primarily on small to mid-capitalization
companies, a number of which are in industrial sectors, such as
aerospace, materials, automotive and truck manufacturing, and oil
and gas.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current facts
and can generally be identified by the use of future dates or words
such as “may,” “should,” “could,” “will,” “expects,” “expected,”
“seeks to,” “anticipates,” “plans,” “believes,” “estimates,”
“intends,” “outlook”, “predicts,” “projects,” “potential” or
“continue,” or the negative of such terms and other comparable
terminology. These statements also include, but are not limited to,
those related to Superior’s ability to withstand current market
conditions and the evolving impact of COVID-19, access to the
credit markets, Superior’s ability to continue to deliver in 2020
the positive financial trends it delivered in 2019, Superior’s
financial flexibility, trends in Superior’s financial results,
Superior’s ability to continue to enhance cash generation and pay
down debt, Superior’s competitive position, Superior’s ability to
continue to introduce market-leading product offerings with
differentiating technologies, Superior’s ability to reduce costs,
Superior’s ability to re-align its business to changing production
levels, and trends in the aluminum wheel industry. These statements
are based on current expectations, estimates, and projections about
Superior'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, risks, and
uncertainties discussed in Superior's Securities and Exchange
Commission filings and reports, including Superior's Annual Report
on Form 10-K, and other reports from time to time filed with the
Securities and Exchange Commission. You are cautioned not to unduly
rely on such forward-looking statements when evaluating the
information presented in this press release. Such forward-looking
statements speak only as of the date on which they are made, and
Superior does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this release.
Important Additional Information and Where To Find It
Superior intends to file a proxy statement and accompanying
WHITE proxy card with the SEC
in connection with the solicitation of proxies from Superior’s
stockholders in connection with the matters to be considered at
Superior’s 2020 Annual Meeting of Stockholders. INVESTORS AND
STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY
STATEMENT AND THE ACCOMPANYING WHITE
PROXY CARD AND OTHER DOCUMENTS FILED BY SUPERIOR WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY
WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able
to obtain the Proxy Statement, any amendments or supplements to the
Proxy Statement, the accompanying WHITE proxy card, and other documents filed by
Superior with the SEC free of charge at the SEC’s website at
www.sec.gov. Copies will also be available free of charge at the
Investor Relations section of Superior’s corporate website at
www.supind.com, by writing to Superior’s Corporate Secretary at
Superior Industries International, Inc., 26600 Telegraph Road,
Suite 400, Southfield, Michigan 48033 or by contacting Superior’s
investor relations department at (248) 352-7300.
Certain Participant Information
The following directors and executive officers of Superior are
anticipated to be participants in the solicitation of proxies from
Superior’s stockholders in connection with the matters to be
considered at Superior’s 2020 Annual Meeting of Stockholders and
beneficially hold the amount of shares of Superior’s common stock
indicated adjacent to his or her name: (i) Superior directors:
Timothy C. McQuay (51,827 shares), Majdi B. Abulaban (255,617
shares), Michael R. Bruynesteyn (35,857 shares), Richard J.
Giromini (59,279 shares), Paul J. Humphries (34,826 shares), Ransom
A. Langford (0 shares), James S. McElya (93,409 shares), Ellen B.
Richstone (55,911 shares), and Francisco S. Uranga (49,826 shares);
and (ii) Superior management: Matti M. Masanovich (82,337 shares)
and Troy W. Ford (8,922 shares). The business address for each
person is c/o Superior Industries International, Inc., 26600
Telegraph Road, Suite 400, Southfield, Michigan. Additional
information regarding Superior’s directors, officers and other
participants in the solicitation of proxies from Superior’s
stockholders in connection with the matters to be considered at
Superior’s 2020 Annual Meeting of Stockholders, and their direct or
indirect interests, through security holdings or otherwise, will be
set forth in Superior’s proxy statement for its 2020 Annual
Meeting, including the schedules and appendices thereto.
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version on businesswire.com: https://www.businesswire.com/news/home/20200506005495/en/
Superior Investor Relations: (248) 234-7104 Troy Ford
Investor.Relations@supind.com
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