Remy International files plans for IPO of up to $100 million

Article by Christian A., on March 29, 2011

Remy International Inc. filed for an initial public offering of $100 million last Friday. A filing with the U.S. Securities and Exchange Commission revealed that it plans to list under the symbol "RMYI" but it has not yet chosen a stock exchange.

Further details of the IPO are not yet available. In 1995, Remy International split from General Motors Co. after primarily serving as a GM supplier for over 70 years. The U.S. Department of Energy gave Remy a $60 million grant in 2009 to commercialize its hybrid electric motor technology.

In early March, Italian manufacturer Tecnomatic SpA filed a lawsuit against Remy, accusing it of stealing Tecnomatic's proprietary stator technology and using it to apply for the grant on its own rather than in a partnership.

Remy denied these claims and considers them as an attempt to compel the settlement of a complaint Remy filed against Tecnomatic in 2008.

In the SEC filing, Remy said that the IPO proceeds will be used for debt payments, acquisitions and expansion. JPMorgan, Bank of America Merrill Lynch and UBS Investment Bank are the underwriters for this IPO.

Remy is based in Pendleton, Ind., and produces and sells starter motors, alternators and hybrid electric motors among other parts. This company is known for the "Delco Remy," "Remy" and "World Wide Automotive" brands.

Topics: ipo

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