A Pendleton, Indiana, motor company is open again, five years after filing for bankruptcy and closing its doors. Remy International makes starters and alternators for vehicles, a business that has picked up tremendously since the uprising of hybrid-powered vehicles.
In 2007, Remy International was in danger of collapsing, much like many other companies during that time. That year, after 101 in business, the company had to close their doors and revamp their company, building from the bottom back to the top.
President and CEO John Weber credits the successful reconstruction of the company to the change in culture they saw, once owned by General Motors. Team effort is what made this company able to come back in such a big way, according to Weber, everybody across the board made sacrifices.
There were pay cuts in every level of company, with large pay cuts being seen in executives than for the employees on a lower level. These pay cuts and teamwork attitude is what Weber believes to have helped save the company that was once falling completely apart just five years ago.
Remy now employs around 400 people in Indiana between its head quarters in Pendleton and a second facility in Anderson with more than 6,500 employees around the globe. Profitable growth is now the main focus of this company, as they are now trading on the NASDAQ exchange. An opening-day price of $16.45 a share is a big deal for a company that was bankrupt such a short time ago.
Source: wibc.com, “Indiana Company Celebrates Resurgence From Bankruptcy,” Dec. 17, 2012