Aluminum wheels manufacturer Superior Industries International Inc. said on Jan. 13 that it will close its plant in Van Nuys, Calif., resulting in the loss of 290 jobs or 9% of the company's total workforce.
The move is in response to lower demand for light vehicles. The job cuts will save the company approximately $16.5 million.
Superior expects the plant closing to be completed by the end of the second quarter of 2009 and that it will incur severance and other associated costs of approximately $2.1 million.
The company said asset impairment charges related to the closing have yet to be determined but are expected to be recorded in the fourth quarter ended December 28, 2008. The company estimates net value of manufacturing equipment and related fixed assets at the Van Nuys facility was approximately $17.4 million during the year-end quarter.