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Remy International files plans for public offering

March 28, 2011

Pendleton-based Remy International Inc., the former General Motors Co. unit that exited bankruptcy in 2007, has filed plans to raise up to $100 million through an initial public stock offering.

In the registration, which was filed Friday, Remy said it intends to apply for its old RMYI ticker symbol.

Remy, a manufacturer of starter motors, alternators and hybrid electric motors for consumer and commercial vehicles, said it plans to use money from the offering for “general corporate purposes, which may include debt reduction, acquisition of one or more companies or businesses, and product and geographic expansion.”

IBJ reported in January that Remy was considering a stock offering.

JP Morgan Chase & Co., Bank of America/Merrill Lynch and UBS Investment Bank are acting as joint book-running managers.

The company posted a $105.7 million operating profit on $1.1 billion in revenue in 2010.

Remy said it had 5,717 employees as of Dec. 31, including 1,453 salaried workers and 4,264 hourly employees. It said 830 of the employees were based in the United States and 3,026 were represented by trade unions. About 360 work in Pendleton and Anderson.

Formerly known as Delco Remy, the company traces its roots to brothers Frank and Perry Remy, who developed magnetos, generators that used magnets to help start early automobiles. GM acquired Delco Remy in 1918 and spun it off in 1995. Remy changed its name to Remy International in 2004 and spent less than two months in bankruptcy in 2007.

Last year, the company refinanced its debt and started the process of eliminating its preferred class of shares.

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