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Slide #96. Remy International — 100% of its Remy Hubei Electric Joint Venture
Remy International (REMY)
100% of its Remy Hubei Electric Joint Venture
Remy International, Inc. (NASDAQ: REMY) announced that it has signed a definitive share purchase agreement with its Chinese joint venture partner, Hubei Super Electric Auto Motor Co. Ltd. ("HSE"), to acquire the remaining 49% of the Remy Hubei Electric Co. Ltd. ("REH") joint venture. This joint venture was originally formed by Delphi Automotive Systems China Ltd. ("Delphi") with HSE in 1994. In 2004, Remy acquired a 51% ownership of REH as part of Remy's purchase of Delphi's light duty alternator business.
Remy International is involved in the design, manufacture, remanufacture, marketing and distribution of non-discretionary, rotating electrical components for light and commercial vehicles for original equipment manufacturers and the aftermarket. Co. sells its products primarily under the Delco Remy, Remy, World Wide Automotive and USA Industries brand names, as well as its customers' private label brand names. Co.'s principal products for both light and commercial vehicles include: new starters and alternators; remanufactured starters and alternators; hybrid electric motors; and multi-line products including steering gear, constant velocity axles, and brake calipers.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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