It's "remanufactured" -- the main casing has been painted, I hope the electronics were inspected (because they are obviously old/original, including the wires & connectors), and I really hope the internal oil seal and bearing were replaced. The external O ring is new, at least.
I bought this because my original distributor on my 1988 Corolla All-Trac was leaking oil very badly from the internal oil seal. This reman unit works fine in my All-Trac. Note that my application is a bit unique. My original dizzy has a third connector for checking RPMs (and has green connectors). The reman dizzy that I got does not (and has grey connectors).
Anyways this dizzy works fine, but remember that "remanufactured" usually means "taking something old, testing it, repainting it, replacing a few things, and selling it." Costs more than it should for what it is.