On July 15, 2015, BorgWarner announced that it has reached an agreement with Remy International, Inc. to acquire the latter for $ 951 million in cash. The purchase price offered by BorgWarner is $ 29.5 per share, which is equivalent to 144% of the closing price of Remy International on Friday, which indicates that Remy's enterprise value is about $ 1.2 billion.
Comment: BorgWarner's President and CEO James Verrier said that the acquisition is an important step in the company's strategy to increase its profit to $ 15 billion by 2020. The products provided by Remy International mainly include alternators, starters, power transmission, etc., and the company's business covers 10 countries around the world. Components and systems.