Remy International, Inc. Stockholders Approve Acquisition of Remy by BorgWarner Inc.
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PENDLETON, Ind., - Remy International, Inc. (NASDAQ: REMY) announced that today, at a special stockholders' meeting called for such purpose, Remy's stockholders approved the previously announced agreement and plan of merger that provides for the acquisition of Remy by BorgWarner Inc. (NYSE: BWA).
John H. Weber, Chairman of the Board of Directors of Remy International, Inc., commented, "We're pleased that our stockholders have shown overwhelming support for our plan to join BorgWarner. This transaction provides substantial value to our stockholders and will benefit our employees, business partners and customers around the globe."
Completion of the acquisition remains subject to the satisfaction or waiver of customary closing conditions, including receipt of approvals required pursuant to antitrust laws in China and Korea and the termination or expiration of any applicable waiting period thereunder in such jurisdictions. As previously announced by Remy, on August 12, 2015, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the acquisition. Additionally, German antitrust approval for the acquisition was received on September 7, 2015, and Austrian and Mexican antitrust approvals for the acquisition were received on September 18, 2015. Subject to the satisfaction of the closing conditions, the transaction is currently expected to be completed in the fourth quarter of 2015.
About Remy International, Inc.
Founded by the Remy brothers in 1896, Remy International, Inc. (NASDAQ: REMY) is a leading global manufacturer, remanufacturer, and distributor of alternators, starter motors, and electric traction motors for the automotive and commercial vehicle industry, marketed under the Remy® and Delco Remy® brands. The company also provides multiline products through its subsidiaries. Headquartered in Pendleton, Indiana, with operations across five continents and ten countries, Remy is a trusted partner to original equipment manufacturers and aftermarket organizations worldwide, delivering creative solutions for today's vehicle challenges.
Media Contact: Remy International - Shawn Pallagi (pallagi.shawn@remyinc.com |765-778-5903)
Investor Contact: Remy International - Al VanDenBergh (vandenbergh.al@remyinc.com |765-778-6871)
SOURCE Remy International, Inc.
