Last Friday, auto parts maker Remy International Inc. filed with U.S. regulators for an initial public offering valued at up to $100 million. The Indiana-based company is perhaps best known for its electric motors that provide propulsion for vehicles such as the Aperta 2e and AMP’s converted Saturn Skys, Pontiac Solstices and Chevrolet Equinoxes. Additionally, Remy teamed up with motorcycle maker MotoCzysz to develop an integrated electric drive system, known as the D1g1tal Dr1ve, which is slated for launch in mid-2011. The electric motor maker also has deals with Daimler, Zap and others.
Remy International plans to list under the symbol “RMYI” and intends to use the proceeds from its IPO for debt payments, expansion and acquisitions. The company separated from General Motors in 1995 after 70-plus years of supplying the automaker with original equipment components and is also known for the Delco Remy brand of automotive parts.
Remy International plans to list under the symbol “RMYI” and intends to use the proceeds from its IPO for debt payments, expansion and acquisitions. The company separated from General Motors in 1995 after 70-plus years of supplying the automaker with original equipment components and is also known for the Delco Remy brand of automotive parts.
In 2009, Remy received a $60-million grant from the U.S. Department of Energy for development and commercialization of its electric motor technology. Earlier this month, Italian manufacturer Tecnomatic SpA filed a lawsuit against Remy, claiming it stole Tecnomatic’s proprietary stator technology and applied for the grant on its own instead of in a partnership with Tecnomatic. In its defense, Remy has said that the accusations are “baseless” and are “false and totally without merit.”
Remy International intends to release additional details regarding its IPO at a later date.
[Source: Reuters]
