Remy to Sell M&M Knopf Business

Remy Worldwide Holdings, Inc. today announced that it received bankruptcy court approval for the sale of its subsidiary operation M&M Knopf Auto Parts, which is one of the largest distributors of recycled auto parts to the worldwide remanufacturing market and is also a global distributor of Saginaw Steering systems. A definitive agreement was entered on November 6 to sell the business.
“The sale of Knopf reflects the continued progress Remy has made in focusing on its core operations over the last year,” said John Weber Chief Executive Officer.
“This is a win-win situation for both parties and we are pleased to see the Knopf brothers return to ownership of their family business. The Knopf brothers are excellent businessmen and are best suited to continue to grow this business. Remy will have a continued involvement with the Knopfs going forward and we wish them well in their future endeavors.”
The completion of the transaction is subject to customary closing conditions and is expected to close on December 4, 2007.
The Company filed its voluntary pre-packaged chapter 11 petitions and plan of reorganization in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.
Remy International, headquartered in Anderson, Indiana, is a manufacturer, remanufacturer and distributor of Delco Remy brand heavy-duty systems and Remy brand starters and alternators, locomotive products and hybrid power technology. The Company also provides a worldwide components core-exchange service for automobiles, light trucks, medium and heavy-duty trucks and other heavy-duty, off-road and industrial applications.