BorgWarner sets July completion date for aftermarket spinoff

Spinning off its aftermarket and fuel parts business, now known as Phinia, is part of BorgWarner's 'Charging Forward' plan for an electrified future.

June 14, 2023 03:27 PM

BorgWarner

Auburn Hills-based BorgWarner expects its EV business to generate about $4 billion by 2025.

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.