BorgWarner sets July completion date for aftermarket spinoff


Share post:

Diversified auto supplier BorgWarner said Wednesday its anticipated spinoff of Phinia is scheduled to be completed by July 3.

Phinia is set to trade on the New York Stock Exchange on July 5.

The completion of the spinoff is still subject to some conditions, according to Phinia’s final information statement filed with U.S. regulators.

BorgWarner revealed its intention to spin off its fuel parts and aftermarket business in December. Brady Ericson, president of BorgWarner’s fuel systems and aftermarket business since March 2022, was named CEO of Phinia in February.

The spinoff comes as part of BorgWarner’s overarching “Charging Forward” strategy for navigating the EV transition.

BorgWarner stock gained 2.7 percent to $47.94 in late afternoon trading on Wednesday.

BorgWarner, of Auburn Hills, Mich., ranks No. 15 on Automotive News‘ list of the top 100 global suppliers, with sales to automakers worldwide of $13.99 billion in 2021.

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

The Safest SUVs for 2023 and 2024

Honda's subcompact HR-V may lack much in the way of driving enthusiasm, but it is mighty safe....

VW Turns Up the Wick on ID.7 EV with 551-HP Performance Concept

This new concept car from Volkswagen shows what a sportier version of the ID.7 electric sedan could...

2024 Mercedes-Benz Sprinter

Overview Mercedes-Benz continues to trim back the Sprinter’s available build combinations, but the 29-year-old full-size van continues...

1985 Fiat Panda 4×4, Europe's Baby Off-Roader, up for Auction on Bring a Trailer

The boxily pragmatic little Fiat Panda arguably reflects the true modern Italy more than a Fiat 500...

Jann Mardenborough on Finding Secret Racing Lines in 'Gran Turismo'

Warning: Spoilers ahead for the Gran Turismo movie.We expect a certain loose application of facts in moviemaking....

1972 Buick Riviera on Bring a Trailer Is One Bodacious Boattail

Far more charismatic than anything in Buick's current all-SUV lineup, this swaggering coupe hails from an age...

Best New Car Lease Deals for September 2023: Plug-In Hybrids

Picture Rodney Dangerfield in a plug-in hybrid (had the comic lived long enough to buy one), because...

1997 AM General Hummer: Full Metal Racket

From the June 1997 issue of Car and Driver.Don't look now, but the wood-and-leather-lined halls of luxury...