Lately, it seems headlines have all been discussing China's takeovers of U.S. companies. But every once in a while, we get to buy one of "theirs," too. Sort of.
On Monday, auto parts maker Remy International (NASDAQ: REMY ) announced that it is taking 100% control of its Remy Hubei Electric Co. (REH) joint venture, buying out partner Hubei Super Electric Auto Motor Company's 49% interest in the JV.
Remy President and CEO Jay Pittas called the buyout "an important milestone within our global strategic plan. Over the next several years, more than half the growth in the global light vehicle market and an even higher percentage of growth in global commercial vehicle market will come from China. The REH acquisition, in combination with our investment in Wuhan, more than doubles our existing alternator capacity and significantly expands our starter business."
The company currently derives more than 19% of its annual revenues from the Asia-Pacific region, China included.
Remy expects the deal to close within the next 30 days. Financial terms have not been disclosed.