Remy International plans to list under the symbol "RMYI" and intends to use the proceeds from its IPO for debt payments, expansion and acquisitions. The company separated from General Motors in 1995 after 70-plus years of supplying the automaker with original equipment components and is also known for the Delco Remy brand of automotive parts.
In 2009, Remy received a $60-million grant from the U.S. Department of Energy for development and commercialization of its electric motor technology. Earlier this month, Italian manufacturer Tecnomatic SpA filed a lawsuit against Remy, claiming it stole Tecnomatic's proprietary stator technology and applied for the grant on its own instead of in a partnership with Tecnomatic. In its defense, Remy has said that the accusations are "baseless" and are "false and totally without merit."
Remy International intends to release additional details regarding its IPO at a later date.