ANDERSON, IN — Remy International (formerly known as Delco Remy International) has signed definitive agreement to sell its U.S. transmission remanufacturing operation, Williams Technologies, Inc. (WTI) to Caterpillar, Inc.

This is the second remanufacturing acquisition by Caterpillar announced this week. On Tuesday it was announced that Caterpillar is in the process of buying Wealdstone Engineering Ltd., one of Europe’s leading remanufacturers of gasoline and diesel engines. Wealdstone is a privately held company based in the U.K. and employs approximately 100 people.

Williams Technologies, which is located in Summerville, S.C., employs approximately 500 and is responsible for the remanufacturing of automatic transmissions, torque converters and rotary engines. WTI is a leading remanufacturer of automatic transmissions, torque converters and engines for automotive and medium and heavy duty truck applications. The company currently remanufactures more than 40 transmission models for a variety of automotive OEM and vehicle platforms.

“This business has performed very well for us. We believe, however, that it is a better strategic fit with the CAT Reman Business and that as part of Caterpillar, WTI’s customers, employees and other stakeholders will realize even more value,” said Thomas Snyder, president and CEO of Remy International.

Williams Technologies will become a wholly owned indirect subsidiary of Caterpillar when the transaction closes

The stock sale by Remy to Caterpillar is expected to conclude by the end of August. According to Raj Shah, executive vice-president and CFO of Remy International said the transaction is another step in Remy International’s commitment to provide resources for growth as the company continues to improve its leverage and liquidity.

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