BorgWarner Announces Completion of PHINIA Spin-Off

Auburn Hills, Michigan, July 3, 2023 – BorgWarner Inc. today announced the successful completion of the spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly-traded company named PHINIA.

“A tremendous amount of work has gone into bringing us to where we are today,” said Frédéric Lissalde, President and Chief Executive Officer, BorgWarner Inc. Two years ago, BorgWarner announced Charging Forward, the company’s strategy to accelerate its transition to electrification. That strategy included the disposition of $3B to $4B in combustion-related revenue by 2025.