Auto Industry and Suppliers and Manufacturers and Remy International and Manufacturing & Technology

Hybrid-motor sales help boost Remy's quarterly results

August 17, 2010

Auto parts maker Remy International Inc. said Monday that both profit and revenue rose in the second quarter, boosted by a 20-percent increase in hybrid-motor sales.

Profit for the Pendleton-based company climbed 61 percent, to $15.2 million, and revenue increased 19 percent, to $279.4 million.

“These results were driven by improved light duty and heavy duty off-highway segment sales, increased passenger car and freight miles driven, and strong management action to continue to control costs, maintain price discipline, and expand our business,” Remy President and CEO John Weber said in a prepared statement.

Remy's hybrid motor sales are expected to stay strong, following agreements reached with California-based Enova Systems Inc. and Cincinnati-based Advanced Mechanical Products Inc.

The deal announced earlier this month with AMP, an electric car conversion company, calls for Remy to supply motors for an all-electric version of the Chevrolet Equinox.

Remy, the former Delco Remy International Inc., was spun off from General Motors Corp. to an investor group in 1994. Much of its business centers on manufacturing starters and alternators.

Remy shares trade over the counter and were fetching $12.50 apiece Tueday morning.
 

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