Superior Industries board OKs $30M buyback program

VAN NUYS, Calif. (AP) -- Superior Industries International Inc., which makes wheels for cars and trucks, said Wednesday that its board has approved a stock buyback program allowing the repurchase of up to $30 million of common stock.

The Van Nuys, Calif.-based company said the shares will be bought back from time to time on the open market or in private transactions. Superior said it plans to fund the buybacks with available cash, although credit options are being considered.

Superior currently has about 27.3 million shares outstanding and had $207 million of cash, cash equivalents and short-term investments at the end of fiscal year 2012.

Superior shares rose 15 cents to $18.74 in premarket trading. Its shares have traded in a 52-week range of $15.50 to $22.09.