ANDERSON, Ind., Aug. 18 /PRNewswire/ -- Remy International, Inc. today
announced the signing of a definitive agreement for the sale of its U.S.
transmission remanufacturing operation, Williams Technologies, Inc. (WTI) to
Caterpillar, Inc. The business, which is located in Summerville, South
Carolina, employs approximately 500 and is responsible for the remanufacturing
of automatic transmissions, torque converters, and rotary engines.
"This business has performed very well for us. We believe, however, that
it is a better strategic fit with the CAT Reman Business and that as part of
Caterpillar, WTI's customers, employees and other stakeholders will realize
even more value," said Thomas J. Snyder, president and chief executive officer
of Remy International.
"This acquisition is an excellent strategic fit, providing an opportunity
to leverage Caterpillar's core strengths to provide remanufacturing services
to original equipment manufacturers (OEMs) in the automotive industry,"
commented Steve Fisher, general manager of Caterpillar's Remanufactured
Products Group. "We are excited about the opportunity to demonstrate our
value to WTI's current customers, as well as to other OEMs."
Williams Technologies will become a wholly owned indirect subsidiary of
Caterpillar, Inc. when the transaction closes. "Remy and Caterpillar will
make the transition of ownership as seamless as possible from the perspective
of our customers, suppliers and employees. This enthusiastic and energetic
team of employees will be a great asset to the Caterpillar family of
businesses," said Snyder.
The stock sale by Remy to Caterpillar is expected to conclude by the end
of August. Raj Shah, Executive Vice-President and CFO of Remy International
said, "This transaction is another step in the commitment of our company to
provide resources for growth as we continue to improve our leverage and
liquidity."
Remy International, Inc., headquartered in Anderson, Indiana, is a leading
designer, manufacturer, remanufacturer and distributor of electrical,
drivetrain/powertrain and related products for automobiles, light-duty trucks,
heavy-duty trucks and other heavy-duty off-road and industrial applications.
Products include starter motors, alternators, engines, transmissions, torque
converters and fuel systems. The Company also provides exchange services for
used components, commonly known as cores, for remanufacturers. Remy
International, Inc. 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.
SOURCE Remy International, Inc.
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Related links:
http://www.remyinc.com
Company News On-Call:
http://www.prnewswire.com/comp/111635.html
CONTACT:
Joe Keever, +1-765-778-6690, or Leah
Campbell, +1-765-778-6848, both of Remy International, Inc.
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