Auburn Hills, Michigan, July 15, 2015 - BorgWarner announced today that it has entered into a definitive agreement to acquire Remy International Inc (Remy), a global market leading producer of rotating electrical components. With key technologies and operations in ten countries on five different continents, Remy is strongly positioned to benefit from global growth. As of December 31, 2014 the company employed 6,600 people and, for the fiscal year, it generated sales of $1.2 billion.

"We look forward to welcoming Remy's talented employees to BorgWarner. Their products and capabilities will strengthen BorgWarner's position in the rapidly developing powertrain electrification trend," said James Verrier, President and CEO of BorgWarner. "The acquisition will be another step in executing our plan, to profitably grow revenue to US $15 billion by 2020."

BorgWarner has identified purchasing efficiencies, redundant public company expenses, other cost synergies and numerous opportunities to accelerate growth through the combined business. The transaction is expected to be accretive to earnings in the first year. The completion of the transaction is subject to certain customary terms and conditions, including the approval of Remy's stockholders and antitrust and other regulatory clearances in the United States and abroad. The transaction is expected to close in the fourth quarter of 2015. BofA Merrill Lynch acted as financial advisor and Sidley Austin LLP provided legal advice to BorgWarner.

BorgWarner Inc is a product leader in highly engineered components and systems for powertrains around the world. Operating manufacturing and technical facilities in 58 locations in 19 countries, the company delivers innovative powertrain solutions to improve fuel economy, reduce emissions and enhance performance.

Founded by the Remy brothers in 1896, Remy International Inc., is a leading global manufacturer, remanufacturer, and distributor of alternators, starter motors, and electric traction motors for the automotive and commercial vehicle industry, marketed under the Remy? and Delco Remy? brands.