BorgWarner set to spin off Fuel Systems and Aftermarket segments
By Luke Willetts - 20th January 2023
BorgWarner Head Office in Auburn Hills, Michigan
USA – CV powertrain components giant, BorgWarner Inc of Auburn Hills, Michigan, USA, has announced its intent to execute a tax-free spin-off of its Fuel Systems and Aftermarket business segments into a separate publicly traded company, known as NewCo, in a bid to sharpen its focus on becoming an electric vehicle (EV) supplier. BorgWarner shareholders would continue to hold shares in NewCo, the opportunities for which are substantial, according to comments made by the company, as reported below*.
Alexis P. Michas, Non-Executive Chairman of the BorgWarner Board of Directors provided an explanation for this strategy move:
