News Release
Client Contact:
Gary Adams
CARDONE Industries
215-912-3029
garyadams@cardone.com
CARDONE
INDUSTRIES Inc. Purchases Certain Assets of REMY AUTOMOTIVE EUROPE
CARDONE
Industries, Inc. has entered into a definitive agreement effective June 2, 2008
with REMY AUTOMOTIVE EUROPE to acquire three plants in the UK which
remanufacture Ignition Distributors, Brake Calipers, Steering Racks & Pumps, and
manufacture Ignition Leads – a product group referred to within REMY as
Multiline. Agreement has also been reached on a long-term supply agreement
through which CARDONE will supply REMY with its demands for these Multiline
products.
In this joint
release, both companies explain the benefits of the agreements, which serve
the best interest of all parties, with a
joint goal of increasing product range and competitive advantage and
consequently market share in the longer term.
For CARDONE,
the newly purchased operations will become part of its European Division,
CARDONE Industries Europe, expecting to expand its existing automotive
aftermarket remanufacturing product offering for its customers.
For REMY,
its commitment towards its Multiline product range will clearly be strengthened,
and its current customers will continue to have REMY as the single point of
contact for sales, customer service, distribution and after sales support.
The deal brings CARDONE’s remanufacturing operational
expertise to the product range, which will allow REMY to concentrate its OE
knowledge and operational resources on its fundamentals: starters and
alternators for passenger cars and on/off-highway heavy-duty applications, which
include the remanufacturing of these products, further continuing its expertise
of sales and distribution.
Supplemental Information:
CARDONE
Industries, founded in 1970, is a privately-held, family-owned and operated
company headquartered in Philadelphia, PA, USA. It is a leading global supplier
of new and remanufactured automotive parts with operations in the United States,
Belgium, UK and Mexico with several distribution facilities in North America and
Europe.
REMY
AUTOMOTIVE EUROPE was founded in 1997 and has its European headquarters in
Heverlee, Belgium. It has several rotating electrics plants, supporting OE &
aftermarket sectors (new & remanufacturing) in Poland, Hungary and Tunisia.
SOURCE:
CARDONE/REMY joint release
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