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Article: New loses traction versus old in car parts sector: stock of wheel maker falters while remanufacturer's spikes.(AUTOMOTIVE)
- Article from:
- Los Angeles Business Journal
- Article date:
- July 7, 2008
- Author:
CopyrightCOPYRIGHT 2008 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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News that U.S. light truck sales have slowed to a crawl as gas-pinched car buyers stay out of showrooms is hitting one L.A. auto parts company hard--but boosting the fortunes of another.
Superior Industries International Inc., a major supplier of aluminum wheels to Detroit, saw its stock hit a 16-year low last week as investors shied away from companies dependent on new vehicle sales.
The Van Nuys-based company derived 82 percent of its nearly $I billion in annual revenue last year from the big three U.S. automakers. Of even more concern to investors: About 60 percent of sales came from supplying aluminum rims for the shrinking light truck market.
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