BorgWarner Sets Completion Date of PHINIA Spin-Off

BorgWarner Sets Completion Date of PHINIA Spin-Off

The anticipated completion date of its Fuel Systems and Aftermarket segments is at the end of the day on July 3, 2023.

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, according to BorgWarner.

BorgWarner announced its intent to spin off the Fuel Systems and Aftermarket segments (later named PHINIA), consistent with its Charging Forward strategy, in December 2022.

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 it says 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. 

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, according to the company.

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