BorgWarner issues date for division spin off
By Julian Buckley20 June 2023
Following on from the 2022 announcement that it would spin off its Fuel Systems and Aftermarket businesses (now known collectively as Phinia), BorgWarner has reported that it is expecting the move to be completed on July 3, 2023.
The new company will be listed on the New York Stock Exchange and the first day of trading is expected on July 5.
The spin off of Phinia is a fundamental part of BorgWarner’s ‘Charging Forward’ electrification programme. This will see the parent company focus on development of e-products to support electric drivetrains.
BW has purchased a series of companies to advance its electric part portfolio. In the latest example, on June 19 the company announced that it was to acquire Eldor Corporation’s Electric Hybrid Systems business segment.
Commenting last year, Frederic B. Lissalde, president and CEO of BorgWarner, said: “The intended separation of our Fuel Systems and Aftermarket segments would be an important next step to further pivot to [electric vehicles] and advance our vision of a clean, energy-efficient world.”
For its part, Phinia will be positioned as a supplier of fuel systems, starters, alternators and aftermarket parts for light and commercial vehicles.