The board of directors of wheel producer Superior Industries International Inc. approved a stock repurchase program that authorizes the repurchase of up to $30 million of the company’s common stock.

Under the scheme, Superior may repurchase common stock "from time to time" on the open market or in private transactions. The company expects to fund the repurchases through available cash, although credit options are being evaluated in the context of total capital needs.

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

“The board’s action follows our recent announcement to invest approximately $125 million to $135 million to construct and equip a new manufacturing facility in Mexico to expand capacity and meet anticipated growth in product demand,” said Steven Borick, chairman, CEO and president. “Authorization of the stock repurchase program reflects the board’s and management’s confidence in the company’s fundamentals and its long-term future, along with our commitment to enhancing shareholder value.”