Brief: BorgWarner Announces Intent To Spin Off Fuel Systems, Aftermarket Segments

BorgWarner

06/12/2022 13:23

Dec 6 (Reuters) - BorgWarner Inc.  BWA.N :
    * BORGWARNER ANNOUNCES INTENT TO SPIN OFF FUEL SYSTEMS AND
AFTERMARKET SEGMENTS, CONSISTENT WITH "CHARGING FORWARD"
STRATEGY
    * BORGWARNER INC - UPON COMPLETION, WOULD ACHIEVE 2025
DISPOSITION
OBJECTIVE AS PART OF "CHARGING FORWARD" STRATEGY
    * BORGWARNER INC - BELIEVE WE ARE ALREADY ON TRACK TO EXCEED
OUR
2025 ORGANIC EV SALES TARGET
    * BORGWARNER INC - COMPANY BELIEVES THAT IT WOULD ULTIMATELY
ACHIEVE OR EXCEED ITS STATED TARGET OF 25% OF REVENUE FROM
ELECTRIC VEHICLES BY 2025
    * BORGWARNER INC - INTENDED SEPARATION OF OUR FUEL SYSTEMS
AND
AFTERMARKET SEGMENTS WOULD BE AN IMPORTANT NEXT STEP TO FURTHER
OUR PIVOT TO EVS
    * BORGWARNER - FOLLOWING COMPLETION OF INTENDED SEPARATION,
CO
WOULD CONSIST OF COMPANY'S CURRENT E-PROPULSION & DRIVETRAIN AND
AIR MANAGEMENT SEGMENTS
    * BORGWARNER INC - BELIEVES THAT IT WOULD ULTIMATELY ACHIEVE
OR
EXCEED ITS STATED TARGET OF 25% OF REVENUE FROM ELECTRIC
VEHICLES BY 2025
    * BORGWARNER INC - IMMEDIATELY FOLLOWING COMPLETION OF
INTENDED
TRANSACTION, BORGWARNER SHAREHOLDERS WOULD OWN SHARES OF BOTH
COMPANIES
    * BORGWARNER INC - TRANSACTION IS INTENDED TO QUALIFY AS A
TAX-FREE SPIN-OFF FOR U.S. FEDERAL INCOME TAX PURPOSES
    * BORGWARNER INC - ANNOUNCED INTENTION TO EXECUTE A TAX-FREE
SPIN-OFF OF FUEL SYSTEMS & AFTERMARKET SEGMENTS INTO A SEPARATE,
PUBLICLY TRADED COMPANY
    * BORGWARNER INC - FOLLOWING INTENDED SEPARATION, NEWCO
WOULD
CONSIST OF COMPANY'S CURRENT FUEL SYSTEMS AND AFTERMARKET
SEGMENTS
    * BORGWARNER INC - POST CLOSE, BORGWARNER WOULD CONSIST OF
THE
COMPANY'S CURRENT E-PROPULSION & DRIVETRAIN AND AIR MANAGEMENT
SEGMENTS

Source text for Eikon:  ID:nPn3qBX8ta 
Further company coverage:  BWA.N 
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