This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Remy International To Acquire 100% Of Its Remy Hubei Electric Joint Venture

PENDLETON, Ind., June 10, 2013 /PRNewswire/ -- Remy International, Inc. (NASDAQ: REMY) announced that it has signed a definitive share purchase agreement with its Chinese joint venture partner, Hubei Super Electric Auto Motor Co. Ltd. ("HSE"), to acquire the remaining 49% of the Remy Hubei Electric Co. Ltd. ("REH") joint venture.  This joint venture was originally formed by Delphi Automotive Systems China Ltd. (" Delphi") with HSE in 1994.  In 2004, Remy acquired a 51% ownership of REH as part of Remy's purchase of Delphi's light duty alternator business. 

Jay Pittas, Remy International, Inc. President and CEO commented, "This is an important milestone within our global strategic plan.  Over the next several years, more than half the growth in the global light vehicle market and an even higher percentage of growth in global commercial vehicle market will come from China.  The REH acquisition, in combination with our investment in Wuhan, more than doubles our existing alternator capacity and significantly expands our starter business.  The payoff from these investments is already being realized as we win new business that will significantly expand our starter and alternator share of the China vehicle market." 

Ed Neiheisel, Remy International, Inc. Senior Vice President & Chairman China Group added, "We are very pleased to have entered into an agreement to acquire full ownership of our REH joint venture.  We have filed for the requisite government approvals and expect to close the transaction in the next 30 days.  Once this transaction closes, our operations in Wuhan and Jingzhou, which are located in the rapidly developing center of China, will provide a very strong base to satisfy the growing demand for both passenger and commercial vehicle manufacturers in China."

About Remy International, Inc.Founded by the Remy Brothers in 1896, Remy International, Inc. is a leading global manufacturer and remanufacturer of alternators, starter motors and electric traction motors.  Headquartered in Pendleton, IN, with global operations across five continents and 10 countries, Remy International markets products under the Delco Remy ® and Remy ® brands.  Known for innovation, efficiency, quality, and best-in-class customer service and support, Remy International's products are integrated by leading industrial, specialty, automotive and heavy-duty OEMs, and aftermarket providers worldwide.  We Start the World & Keep It Running . www.remyinc.com

Contact:  Remy InternationalContact:  Eric Struik, VP Finance   Struik.eric@remyinc.com  (765) 778-6749

SOURCE Remy International, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs