Remy to acquire 100% of its Remy Hubei Electric JV in China
11 June 2013
Remy International, Inc. has signed a definitive share purchase agreement with its Chinese joint venture partner, Hubei Super Electric Auto Motor Co. Ltd., 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. with Hubei in 1994. In 2004, Remy acquired a 51% ownership of REH as part of Remy’s purchase of Delphi’s light duty alternator business.
This is an important milestone within our global strategic plan. Over the next several years, more than half the growth in the global light vehicle market and an even higher percentage of growth in global commercial vehicle market will come from China. The REH acquisition, in combination with our investment in Wuhan, more than doubles our existing alternator capacity and significantly expands our starter business. The payoff from these investments is already being realized as we win new business that will significantly expand our starter and alternator share of the China vehicle market.
—Jay Pittas, Remy International, Inc. President and CEO
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