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Remy International reports lower third-quarter profit

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Pendleton-based Remy International Inc., which this year filed plans for an initial public offering, on Monday reported third-quarter profit of nearly $1.2 million, an 11-percent decrease from the same period last year.

The profit translated to 4 cents per share, compared with 13 cents per share in the third quarter of 2010.

Revenue rose 7.3 percent, to $300.4 million.

Remy, the former General Motors Co. unit that exited bankruptcy in 2007, filed plans in March to raise up to $100 million through an IPO. The IPO has not been completed and the company said it is continuing to evaluate the market’s receptiveness to the offering.

Remy manufactures starter motors, alternators and hybrid electric motors for consumer and commercial vehicles.

Since coming aboard in 2006, CEO John Weber has transformed the business, chopping its work force by nearly half, to 5,700, and closing 14 facilities worldwide. The overhaul left nearly all the company’s manufacturing in such lower-cost countries as Brazil, China and Mexico.

Sales surged from $911 million in 2009 to $1.1 billion last year.

 

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