Remy Signs Definitive Agreement to Be Acquired by BorgWarner
Share:
Combination enables new and innovative ways to approach engine and drivetrain efficiency
PENDLETON, Ind. –Â Remy International, Inc. (NASDAQ: REMY) today announced it has signed a definitive agreement to be acquired by BorgWarner Inc. (NYSE: BWA), a product leader in highly engineered components and systems for powertrains around the world.
Commenting on the transaction, Remy Chairman John Weber said, "This transaction provides substantial value to our shareholders, our employees and business partners around the globe. It provides an opportunity to market our products to a much broader and diverse group of original equipment manufacturers. The product and technology synergies are obvious, resulting from each company's historical focus on separate areas of the global powertrain market."
Remy's President and Chief Executive Officer, Jay Pittas, added, "Our products and capabilities should complement BorgWarner very well and support growing vehicle electrification trends. We are confident our customers and channel partners will benefit from the strategic fit, as it brings together two long-standing industry leaders."
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a product leader in highly engineered components and systems for powertrains around the world. Operating manufacturing and technical facilities in 58 locations in 19 countries, the company delivers innovative powertrain solutions to improve fuel economy, reduce emissions and enhance performance. For more information, please visit borgwarner.com.
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.
Web Site: http://www.remyinc.com
