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Byline: - Staff and Wire Services

Wheels come off: 375 to lose jobs

VAN NUYS - Van Nuys-based wheel-maker Superior Industries International Inc. announced Wednesday that it will lay off 375 of its 635 manufacturing employees.

Superior's corporate staff of 125 will be unaffected by the restructuring.

``Going forward, our Van Nuys facility will concentrate on specialty operations. By focusing on our strengths, we believe this facility will be profitable at lower volumes,'' said Steven Borick, Superior's president and chief executive.

The company said it expects to incur $1.5 million in severance and other costs related to the layoffs in 2006.

Superior supplies aluminum wheels and other aluminum automotive components to Ford, General Motors, DaimlerChrysler, Audi, BMW, Isuzu, Jaguar, Land Rover, Mazda, MG Rover, Mitsubishi, Nissan, Subaru, Toyota and Volkswagen.

State counties get $15 million grant

The Department of Labor on Wednesday announced a three-year, $15 million grant to California coastal counties to develop high-skill jobs and boost economic development.

The nonprofit California Space Authority will direct spending under the grant, known as Workforce Innovation in Regional Economic Development, or WIRED.

The money will be spent in 13 California counties: Los Angeles, Ventura, Alameda, Santa Cruz, Santa Clara, Monterrey, San Luis Obispo, Kern, Santa Barbara, San Bernardino, Orange, Riverside and San Diego.

The announcement by Labor Secretary Elaine Chao came a day after President George W. Bush made competitiveness a focus of his State of the Union address.

Manufacturing down in January

NEW YORK - Manufacturing activity in the United States expanded at a slower pace in January than in the previous month, according to report Wednesday by a private research group.

Still, the economy remains strong and the moderation in growth will likely lead the Federal Reserve to hike interest rates less this year than it did in 2005, experts said.

The Institute for Supply Management said its manufacturing index was 54.8 in January versus 55.6 in December. The latest reading was short of the 55.5 expected by analysts. A reading above 50 percent indicates that the manufacturing economy is expanding; below 50 percent indicates contraction.

Google stock drop costs $9 billion

SAN FRANCISCO - Google Inc.'s market value dropped by more than $9 billion Wednesday as investors bailed out of the Internet's leading search engine after an earnings letdown reminded them about the perils of owning stock in a company that refuses to provide financial guidance.

The Mountain View, Calif.-based company's stock price plunged by as much as 10 percent before rebounding slightly as Wall Street digested a series of analyst reports that continued to predict a bright future for Google. The shares closed on the Nasdaq Stock Market at $401.78, a decline of $30.88, or 7.1 percent.

The stock price is now 15 percent below its record high of $475.11 reached just three weeks ago, but the shares remain a golden investment for those who bought at $85 in an August 2004 initial public offering.

Google's stock got punished because the company missed earnings estimates set by industry analysts, marking the first time Google's earnings had misfired since the company's IPO.

Burger King to go public this year

MIAMI - Burger King's parent company said Wednesday it plans to sell shares to the public for the first time in the fast-food chain's 52-year history, as it tries to more effectively compete with McDonald's and Wendy's.

``We believe the transparency and stability in ownership offered by being a public company will benefit our employees and franchisees for years to come,'' Chairman and CEO Greg Brenneman said in a statement.

Because the Securities and Exchange Commission bars companies from touting their prospects before initial public offerings, Miami-based Burger King Holdings Inc. declined further comment beyond saying its IPO filing will be made in late February or early March. Owen Blicksilver, a spokesman for the three private equity firms that own the chain, also declined comment.

Restaurant industry consultant Allan Hickok said customers could notice changes at Burger King restaurants if some of the proceeds of the IPO are used to buy and improve restaurants now owned by franchisees or to create new menu items. The funds could also be used to pay down debt or they could go straight to the pockets of the owners, but the company will likely use a combination of the strategies, he said.