US aluminium wheel maker to acquire Uniwheels for $715 million

US aluminium wheel maker Superior Industries has offered to purchase Uniwheels, a manufacturer of light-alloy wheels for the automotive industry, for a $715 million after winning the support of the Warsaw-listed company's biggest shareholder.

With this deal, Superior Industries would become North America’s largest global automotive OEM aluminium wheel suppliers.

Don Stebbins, Superior’s President and Chief Executive Officer said, “The acquisition immediately establishes us as a leading global supplier of aluminium wheels, diversifies our customer base and end markets, expands our geographic reach, and creates a platform to better serve our global customers.”

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Superior Industries finalized the deal to purchase 61.3 stakes in Uniwheels held by Uniwheels Holding Malta for 226.50 zlotys per share. The company is also bidding for the remaining shares for 235.83 zlotys per share.

Uniwheels shareholders will sell its shares from April 12 to May 25. The deal is anticipated to be done by the end of May.

Last year, Uniwheels shares rose 74 per cent and this year another 17 per cent has increased, were down 4.8 percent to 243.6 zlotys at 0945 GMT.

Uniwheels, headquartered in Germany, provides aluminium wheels to the top carmakers BMW, Mercedes, PSA and Volkswagen.