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Remy swings to profit, sees sales increase

November 18, 2008
Auto parts maker Remy International Inc. said yesterday that it turned in a $4.3 million profit in the third quarter, a stark contrast to the $39.3 million loss of a year earlier.

Sales for the Pendleton company increased 1.5 percent to $279.4 million.

A decline in sales to General Motors Corp. was offset by sales of parts for hybrid and parts for heavy-duty vehicles. Remy also benefited from cost-cutting.

In October last year, company's lenders approved a prepackaged Chapter 11 bankruptcy reorganization plan that slashed $360 million of debt. The plan included exchanging notes, canceling equity interests and raising $85 million in equity.

The former Delco Remy International Inc. was spun off from GM to an investor group in 1994. Much of its business centers on manufacturing starters and alternators.

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