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Remy International files plans for public offering

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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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  1. something to take iman's mind off CART,,,the league itsownself doesn't do it

  2. Someone mentioned a green roof. Every designer of a new urban building should be required to at least explore the feasibility of a green roof. The ability to cut carbon dioxide, save precious rainwater (drought this summer??) and re-use grey water, cool the building cheaper, and improve the view for neighbors, should be, not only the good neighbor thing to do, it should be the responsible neighbor thing to do. Too bad the city didn't require it when they gave up downtown green space for the Simon Building. Surprised they aren't requiring it now.

  3. About the same means down, like the TV ratings.

    My favorite tradition that needs to be brought back is the 25/8 rule.

  4. Your stats are incorrect. The 85k Government employees working in Marion County includes all government workers in Marion county. That is state, federal, non profit agencies, city and county. The stats the article list is the number of employees for all of the city/county employees and it is correct. That number includes the library, airport, convention center, and so on. The policy of extending benefits to domestic partners is consistent with private sector companies of the same size. Isn't the mantra of most conservatives "run the government like a business."

    Also, too say the "fiscal proposil is huge" without considering the actuarial factors involved is a bit of an overstatement. We really don't know if it is huge or not. If all of the people added to the plan are healthy and don't have claims then it could bring cost done or hold them neutral.

  5. There are 85,346 government employees in Marion county according to Stats Indiana.

    My understanding is that this proposal covers not only same sex partners and children, but opposite same sex partners who are not married and any kids.

    It also covers all city and county employees, plus municipal corporations which use city/county benefits packages including Health and Hospital Corporation (Wishard), Indianapolis Airport Authority, Indianapolis Convention Center,Lucas Oil,Bankers Life, Indianapolis Marion County Library, and Indianapolis Public Transportation Corporation (IndyGo).

    Certainly Indianapolis Public Schools will also want more benefits also.

    The fiscal cost on this proposal is huge.

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