BorgWarner to spin-off fuel systems, aftermarket segments into new company (updated)
06/12/2022 13:17
(Adds details from release)
Dec 6 (Reuters) - Auto parts supplier BorgWarner Inc
BWA.N said on Tuesday it plans to spin-off its fuel systems
and aftermarket segments into a separate, publicly traded
company.
After the spin-off is complete, BorgWarner would consist of
the e-Propulsion & Drivetrain and Air Management segments.
"The intended separation of our Fuel Systems and Aftermarket
segments would be an important next step to further our pivot to
EVs," said Chief Executive Frédéric Lissalde.
BorgWarner added it believes the company would "ultimately
achieve or exceed" its stated target of 25% of revenue from
electric vehicles by 2025.
BorgWarner shares were up 3.8% at $43.50 before the bell.
(Reporting by Priyamvada C in Bengaluru; Editing by Krishna
Chandra Eluri)
((Priyamvada.C@thomsonreuters.com https://twitter.com/priyamouli1812?lang=en;))