BorgWarner today announced that it expects to complete the spin-off of Phinia at the end of the day on July 3, 2023, as outlined in Phinia’s final information statement filing with the Securities and Exchange Commission.
Phinia common stock will be traded on the New York Stock Exchange under the ticker symbol PHIN. The first day of trading is expected to be Wednesday, July 5, 2023.
In December 2022, BorgWarner announced its intent to spin off the Fuel Systems and Aftermarket segments (later named Phinia), consistent with its Charging Forward strategy. Both companies held Investor Day events at the New York Stock Exchange on June 6, 2023.
The Charging Forward strategy was announced by BorgWarner in March 2021 and has made significant progress in achieving its targets. It is on track to have at least 25 percent of its revenues from battery electric vehicles (EV) by 2025, with organic EV bookings of $3 billion (Rs 24,741 crore) for 2025 exceeding its $2.5 billion (Rs 20,617 crore) target.
Additionally, EV-focused M&A is tracking ahead of plan with the five acquisitions the company has made in the battery pack, e-motor, power electronics, and direct current fast charging spaces. With the spin-off of Phinia expected to be completed soon, BorgWarner will have met its objectives with respect to optimising its combustion portfolio.
During its event, BorgWarner announced the next phase of its Charging Forward strategy, which is intended to focus on advancing BorgWarner’s position as a technology leader in eProducts and leveraging the value of its foundational portfolio.
At its event, Phinia leadership provided an overview of its business, outlined key products and technologies, and reviewed the financial outlook of the standalone company.
Any holders of BorgWarner common stock who sell shares “regular way” on or before the completion date will also be selling their right to receive common stock of Phinia. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling BorgWarner common stock on or before the completion date.
