Pendleton-based auto-parts maker Remy International Inc. did squeeze some extra cash out of its acquirer, Auburn Hills, Michigan-based BorgWarner Inc.—but not a lot.
The Pendleton-based manufacturer of electric motors on Monday reported revenue of $272 million in the period, down from $302.9 million last year.
Auburn Hills, Michigan-based BorgWarner Inc. announced plans Monday to buy Pendleton-based auto parts maker Remy International Inc.—the 12th largest public company in the Indianapolis area and the 25th largest in Indiana.
Pendleton-based manufacturer Remy International Inc. saw a big bump in sales in its latest quarter but took a sizable loss after paying part of a legal settlement and dealing with costs associated with its recent acquisition of USA Industries.
Pendleton-based auto parts manufacturer Remy International Inc. plans to buy out a partner’s share in a Chinese joint venture, potentially paving the way for a greater share of the growing Asian market.
Shares of the Pendleton-based company opened Thursday at $15.85 each and climbed to $16.50 by the end of the day. The stock had previously been listed on the thinly traded pink sheets.
The Pendleton-based auto-parts manufacturer is offering 40,000 shares to employees and immediate family members to boost its number of stockholders before a broader public offering.
Remy International Inc. saw its sales fall slightly and profit plummet in the first quarter as it paid down debt, invested in hybrid motor development and coped with a weak European market.
The Pendleton-based company filed plans in March to raise up to $100 million through an initial public offering.