Remy International Inc. announced the closing of the sale of its light- and medium-truck diesel engine and component remanufacturing business conducted by Franklin Power Products Inc. and International Fuel Systems Inc. to Caterpillar
Inc.
Total cash proceeds were $153.2 million, including $3.2 million of an estimated post-closing purchase price adjustment. The company does not anticipate the purchase price will change materially when final post-closing adjustments are determined.
"We are pleased that we were able to complete the sale of these non-core businesses," said John Weber, president and chief executive officer. "Available proceeds from the sale were used to reduce our debt burden while the company continues to focus on improving margins of its core businesses and to deliver its balance sheet."