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Monday, March 28, 2011

EV Motor company Remy files for IPO of up to $100 million

Auto parts maker Remy International Inc filed with U.S. regulators on Friday for an initial public offering of $100 million.

The Pendleton, Indiana-based company, which makes and sells starter motors, alternators and hybrid electric motors among other parts, plans to list under the symbol "RMYI," according to the filing. It has yet to pick a stock exchange or provide further details of the IPO.

The company, known for the "Delco Remy," "Remy" and "World Wide Automotive" brands, separated from General Motors Co (GM.N) in 1995 after mainly functioning as GM's original equipment supplier for more than 70 years.

In 2009, Remy received a $60 million grant from the U.S. Department of Energy for the commercialization of hybrid electric motor technology.

Earlier this month, Italian manufacturer Tecnomatic SpA sued Remy, saying it stole Tecnomatic's proprietary stator technology and used it to apply for the grant on its own instead of in a partnership with the Italian company. Remy has called the claims wrong and an attempt to force the settlement of a complaint Remy filed against Tecnomatic in 2008.

In Friday's filing, Remy said it planned to use the IPO proceeds for debt payments, acquisitions and expansion.

JPMorgan, Bank of America Merrill Lynch and UBS Investment Bank are underwriting the IPO.

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