Remy International has announced that it has signed an agreement with Hubei Shendian Automotive Motors to acquire the latter's 49% stake in Remy Electric Hubei Co., Ltd., thereby achieving full control of this joint venture.
Remy Motor Hubei Co., Ltd. was initially established by Delphi Automotive Systems (China) and Hubei Shendian Automotive Motors. Remy International once acquired Delphi Light Generator Business in 2004 and acquired a 51% stake in Remy Motor Hubei Company.
“This is an important milestone in our global strategic plan,†said Jay Pittas, president and CEO of Remy International. “In the coming years, more than half of the growth in the global light vehicle market will come from China, which is in the global commercial vehicle sector. Will occupy a higher percentage of growth."
Ed Neiheisel, senior vice president and chairman of Remy International China Group, said: “We are very pleased to have complete control of Remy Electric Hubei Company. Once this transaction is completed, our business in Wuhan and Jingzhou will become a very solid foundation. To help us meet the growing demand of manufacturers of passenger cars and commercial vehicles in the Chinese market."
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