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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. Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.

  2. Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.

  3. I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.

  4. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

  5. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

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