BorgWarner 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.
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. All presentation materials and webcasts of the events can be found on borgwarner.com/investors.
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.
For more than 130 years, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. Today, we’re accelerating the world’s transition to eMobility — to help build a cleaner, healthier, safer future for all.
PHINIA is expected to be a product leader in fuel systems, starters, alternators, and aftermarket distribution, with a balanced and synergistic exposure among Commercial Vehicle, Light Vehicle and Aftermarket end markets as well as broad regional and customer exposures.