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Superior Industries sells stake in Hungarian unit

US-based Superior Industries International will sell its 50% stake in Hungarian automotive industry supplier Suoftec to Superior Industries Otto Fuchs KG of Germany, the other owner in the joint venture.

The transaction will raise the stake held by Otto Fuchs to 100%.

Suoftec, located in Tatabánya, had net losses of $50.1 million in 2009 compared to net income of $400 million in 2008 and $11.2 million in 2007, Superior Industries said in its annual report. Net sales of the Hungarian unit fell from $137.2 million in 2008 to $83.1 million last year. (MTI-ECONEWS)