PENDLETON, Ind., Sept. 22, 2015 /PRNewswire/ -- Remy
International, Inc. (NASDAQ: REMY) announced that today, at a
special stockholders' meeting called for such purpose, Remy's
stockholders approved the previously announced agreement and plan
of merger that provides for the acquisition of Remy by BorgWarner
Inc. (NYSE: BWA).
John H. Weber, Chairman of the
Board of Directors of Remy International, Inc., commented, "We're
pleased that our stockholders have shown overwhelming support for
our plan to join BorgWarner. This transaction provides
substantial value to our stockholders and will benefit our
employees, business partners and customers around the globe."
Completion of the acquisition remains subject to the
satisfaction or waiver of customary closing conditions, including
receipt of approvals required pursuant to antitrust laws in
China and Korea and the
termination or expiration of any applicable waiting period
thereunder in such jurisdictions. As previously announced by
Remy, on August 12, 2015, the U.S.
Federal Trade Commission granted early termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, with respect to the acquisition. Additionally,
German antitrust approval for the acquisition was received on
September 7, 2015, and Austrian and
Mexican antitrust approvals for the acquisition were received on
September 18, 2015. Subject to
the satisfaction of the closing conditions, the transaction is
currently expected to be completed in the fourth quarter of
2015.
About Remy International, Inc.
Founded by the Remy brothers in 1896, Remy International, Inc.
(NASDAQ: REMY) is a leading global manufacturer, remanufacturer,
and distributor of alternators, starter motors, and electric
traction motors for the automotive and commercial vehicle industry,
marketed under the Remy® and Delco Remy® brands. The company also
provides multiline products through its subsidiaries. Headquartered
in Pendleton, Indiana, with
operations across five continents and ten countries, Remy is a
trusted partner to original equipment manufacturers and aftermarket
organizations worldwide, delivering creative solutions for today's
vehicle challenges.
Cautionary Statements Regarding Forward-Looking
Information
Some of the statements contained in this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are subject to the
safe harbor created thereby under the Private Securities Litigation
Reform Act of 1995.
These statements include declarations regarding intents,
beliefs, estimates and current expectations of Remy International,
Inc. ("Remy" or the "Company"). In some cases,
forward-looking statements can be identified by terminology such as
"may," "might," "will," "should," "could," "expects," "intends,"
"assumes," "seeks to," "plans," "anticipates," "believes,"
"projects," "estimates," "predicts," "potential," "future," "goal,"
"objective," or "continue," or the negative of such terms or other
variations thereof or comparable terminology, or by discussions of
strategy that involve risks and uncertainties.
Forward-looking statements are not guarantees or assurances of
future performance, and actual results could differ materially from
those indicated by the forward-looking statements.
Forward-looking statements involve estimates, assumptions, known
and unknown risks, uncertainties and other factors that may cause
the Company's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by such forward-looking statements. Such estimates,
assumptions, risks, uncertainties and other factors include, but
are not limited to, those related to (i) the likelihood that the
transaction is consummated on a timely basis or at all, including
whether government approvals sought in connection with the
transaction will be obtained (or obtained within the time periods
anticipated) and whether the other conditions required to complete
the transaction will be met (or met within the time periods
anticipated), (ii) whether the expected benefits of the transaction
will be realized, (iii) the risk that, and uncertainty as to
whether, costs, customer loss and business disruption (including,
without limitation, difficulties in maintaining relationships with
employees, customers, suppliers and other counterparties) related
to the transaction may be greater than expected, and (iv) future
financial results and liquidity, (v) development of new products
and services, (vi) the effect of competitive products or pricing,
(vii) the effect of commodity and raw material prices, (viii) the
impact of supply chain cost management initiatives, (ix)
restructuring risks, (x) customs duty claims, (xi) litigation
uncertainties and warranty claims, (xii) conditions in the
automotive industry, (xiii) foreign currency fluctuations, (xiv)
costs related to re-sourcing and outsourcing products and (xv) the
effect of economic conditions.
These forward-looking statements are also qualified by, and
should be read together with the "Forward-looking Statements", the
"Risk Factors" and the other statements in the Company's Annual
Report on Form 10-K for the year-ended December 31, 2014, subsequent Quarterly Reports
on Form 10-Q, and other filings, in each case as filed with the
Securities and Exchange Commission (SEC) and available at
www.sec.gov, and investors should refer to such risk factors and
other statements in evaluating the forward-looking statements
contained in this press release.
Any forward-looking statements speak only as to the date this
press release, and the Company does not undertake any obligation to
update any forward-looking statements to reflect events or
circumstances after the date on which such statements are made or
to reflect the occurrence of unanticipated events except as
otherwise required by law. New factors emerge from time to
time, and it is not possible for the Company to predict all such
factors. Furthermore, it may not be possible for the Company to
assess the impact of any such factor on its business (viewed
independently or together) or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. The
foregoing factors should not be construed as exhaustive.
Media Contact: Remy
International - Shawn Pallagi
(pallagi.shawn@remyinc.com |765-778-5903)
Investor Contact: Remy
International - Al
VanDenBergh
(vandenbergh.al@remyinc.com |765-778-6871)
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SOURCE Remy International, Inc.