Superior bids for top European wheel maker

SOUTHFIELD, Mich. — OEM wheel supplier Superior Industries International Inc. has launched a tender offer to buy Uniwheels A.G., the No. 3 supplier of OEM aluminum wheels to European car makers and Europe's leading producer of aftermarket aluminum wheels.

Superior's offer for Bad Dürkheim, Germany-based Uniwheels is valued at about $715 million. Uniwheels operates two plants in Germany and three in Poland, with combined capacity of 10 million wheels.

A combined Superior/Uniwheels would generate about $1.2 billion in annual sales, Superior said. Uniwheels reported sales in 2016 of $494 million, split roughly 80/20 OE/aftermarket.

Uniwheels' brands are Alutec, Anzio, ATS and Rial.

Superior already has secured the backing of Uniwheels' largest shareholder, Uniwheels Holdings (Malta) Ltd., and is offering the owners of the remaining 39 percent of Uniwheels' shares $59 per share to sell.

The transaction will be funded through a combination of debt, preferred equity, and balance sheet cash, Superior said.

Superior President and CEO called the deal a "highly transformative and synergistic transaction that will deliver meaningful benefits to all of the stakeholders and positions the combined company extremely well for future growth.

"The acquisition immediately establishes us as a leading global supplier of aluminum wheels, diversifies our customer base and end markets, expands our geographic reach, and creates a platform to better serve our global customers."

Uniwheels Chairman and CEO Thomas Buchholz added: "The combination brings together highly complementary product technologies and manufacturing processes, creating global scale and positioning the business for profitable and sustainable growth"

Southfield-based Superior describes itself as the largest manufacturer of aluminum wheels in North America for passenger cars and light-duty vehicles, with one plant in the U.S. and four in Mexico.

Superior's primary customers include BMW North America; Fiat-Chrysler Automobiles; Ford Motor Co.; General Motors Co.; Mazda; Nissan North America; Subaru; Tesla; Toyota and Volkswagen of America.