ANDERSON, Ind., Feb. 28 /PRNewswire/ -- Remy International, Inc., today
announced that it has signed a definitive agreement to acquire the assets of
Unit Parts Company (UPC), based in Oklahoma City. The transaction is expected
to close in March, 2005.
Unit Parts is a major supplier to the automotive aftermarket for new and
remanufactured starters and alternators, offering custom branding, packaging
and logistics solutions as well as complete engineering and support services.
Remy's position, as a leading global supplier of original equipment and
replacement starters and alternators, will be significantly strengthened with
the acquisition. Unit Parts has five major facilities located in North
America, approximately 2,000 employees and estimated net sales of
approximately $150 million for the year 2004.
Unit Parts Company will remain headquartered in Oklahoma City and operate
as a division of Remy's Electrical Aftermarket. Jack and Tom Vollbrecht will
continue as UPC's co-presidents, reporting to Remy's Electrical Aftermarket
President, Divakar "Dibs" Tailor.
"The combination of UPC's customer base with our Electrical Aftermarket
business will increase our manufacturing and distribution capabilities, expand
and diversify our retail presence and enhance our ability to serve the
traditional distribution channel," noted Tailor.
Speaking on behalf of the UPC founders, Jack Vollbrecht said, "We wanted
to align our company with a market leader, and Remy will provide us the
ability to prosper with the strength of a much larger global organization."
Remy CFO Raj Shah stated, "Given the recent disposition of our
transmission remanufacturing business and the resulting liquidity improvement,
we are delighted at the opportunity to reinvest some of the funds in the
electrical product line. We believe this acquisition positions us to deliver
on our objectives of profitable growth while retaining a strong financial
position."
Remy International, Inc., headquartered in Anderson, Indiana, is a leading
manufacturer, remanufacturer and distributor of Delco Remy brand heavy duty
systems and Remy brand starters and alternators, diesel engines and hybrid
power technology. The company also provides a worldwide components core-
exchange service for automobiles, light trucks, medium and heavy-duty trucks
and other heavy-duty, off-road and industrial applications. Remy was formed
in 1994 as a partial divestiture by General Motors Corporation of the former
Delco Remy Division, which traces its roots to Remy Electric, founded in 1896.
More information is available at the company's website:
http://www.remyinc.com
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press
release consists of forward-looking statements within the meaning of the
federal securities laws. These statements relate to the Company's future
plans, objectives, expectations and intentions and may be identified by words
like "believe," "expect," "may," "will," "should," "seek," or "anticipate,"
and similar expressions. These forward-looking statements involve a number of
risks, uncertainties and other factors, which may cause the actual results to
be materially different from those expressed or implied in the forward-looking
statements. Important factors that could cause the statements made in this
press release to differ include, without limitation, that the acquisition is
subject to customary closing conditions including the receipt of HSR approval.
Other important factors are discussed in the Company's Form 10-K Annual Report
for the year ended December 31, 2003 and in subsequent filings. The Company
does not intend to review or revise any particular forward-looking statement
in light of future events.
SOURCE Remy International, Inc.
 back to top
Related links:
http://www.remyinc.com
Company News On-Call:
http://www.prnewswire.com/comp/111635.html
CONTACT:
John Pyzik of Remy International, Inc.,
+1-765-778-6607
|
