Recently, BorgWarner has agreed to sell its North American and European Remy Light Vehicle Aftermarket business unit to Torque Capital Group, a private equity firm headquartered in New York, USA. The sale involves multiple global production sites, including San Luis Poto, Mexico. West Production Base, Piedras Negras Production Base, Mexico, Twinsburg, Ohio, USA, Emmond Production Base, Oklahoma, Brussels, Belgium, Geneva, Jen, and Hungarian Rice Skolc production base. It is reported that the business employs nearly 3,000 people, and the transaction amount is close to 80 million US dollars. According to past customary conditions, the acquisition is expected to be completed in the fourth quarter of this year, but the final result of the transaction remains to be discussed.
In the first half of 2016, sales of the light vehicle aftermarket business unit were approximately $142 million. To deepen its research on hybrid and electric propulsion systems, BorgWarner will continue to retain the core technology of Romé International's rotating electric machines. However, this transaction does not involve other products and technologies of BorgWarner.
The deal offsets the high price of the acquisition of Remy in 2015. BorgWarner estimates that the resale may result in a pre-tax loss of nearly $95 million to $125 million, but the exact amount will also depend on the final result.
About Torque Capital Group
Torque Capital Group is a New York-based private equity firm that has consistently partnered with industry leaders and quality management teams to invest in the highest quality manufacturing operations.
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