updated: 5/21/2012 6:35:20 PM
The chief executive officer of Pendleton-based Remy International Inc. says the company's plan for a new plant in China is part of a strategy to 'actively and aggressively participate' in that market. John Weber says with Europe facing significant economic challenges, the 'best potential for any auto parts supplier' is China.
May 21, 2012
PENDLETON, Ind. - Remy International, Inc. (OTC-PINK: RMYI), the manufacturer and distributor of Remy and Delco Remy brand starters and alternators, and Remy Electric Motors (REM) branded electric traction and hybrid motors, announced today they are building a manufacturing plant and engineering center in the Wuhan Economic and Technological Development Zone (WEDZ) in Wuhan, China.
Remy's plans were made public at the Wuhan Night Reception, May 18th in Chicago. This event was attended by over 200 government and business leaders from the U.S. and China. John Weber, President and CEO of Remy International, signed the agreement, which was one of the keynotes of the event. Remy will form a Wholly Foreign Owned Enterprise (WFOE) to manage its operations in Wuhan.
Remy intends to use the facility for hybrid motor engineering and manufacturing. The new operation will also house engineering labs and manufacturing for heavy-duty starters and alternators.
"This agreement represents an exciting opportunity to expand our operations and collaborations in Asia, particularly in China," said Weber. "We are proud to be part of the WEDZ. Their dedication to innovative manufacturing and focus on automotive technologies is perfectly compatible with our growth strategies."
The WEDZ has launched over 3000 industrial enterprises in its twenty-year history. It includes thirty-seven Fortune 500 companies and many prominent international manufacturers. It is one of the major automotive centers in China and has over 200 automotive parts manufacturers.
Ed Neiheisel, Senior Vice President, Business Development & Global Alliances, said, "We selected Wuhan as the site of our newest operation because it is a major transportation hub with expressway and high-speed rail connections with great access to our customers and suppliers. Availability of a pool of engineers and a stable, cost-effective workforce were also key components of our decision. Interestingly Wuhan has the largest concentration of university students in the world and is ranked as one of the best engineering and technical educational centers in China."
"The WEDZ leaders intend to make electric vehicle and hybrid technology a major part of their future," continued Weber. "That technology is an important part of our focus, too. We look forward to a long and mutually beneficial association."
About Remy International, Inc.
Remy International traces its origins to 1896, when the Remy Brothers founded a wiring business in Anderson, Ind. Today, Remy International, Inc. is a leading global manufacturer and remanufacturer of alternators, starter motors, and electric traction motors, headquartered in nearby Pendleton. With global operations across four continents and 10 countries, Remy International markets products under the Remy and Delco Remy trademarks. Known for innovation, efficiency, quality, and best-in-class customer service and support, Remy International's products are integrated by leading industrial, specialty, automotive, and heavy-duty OEMs and aftermarket providers worldwide.
Source: Remy International Inc.