Phinia Inc. started trading as an independent company on the New York Stock Exchange under the ticker symbol “PHIN,” following the completion of its spin-off from BorgWarner on July 3. The spinoff created a fuel systems and aftermarket business with brands including Delphi, Delco Remy and Hartridge. Phinia said its mission is to deliver high quality, innovative systems and components for OE and aftermarket customers across commercial and light vehicles and industrial applications, while leveraging fuel technology as a pathway to carbon neutrality.
“Today is a very exciting day as we begin this new chapter as an independent business,” said Brady Ericson, president and CEO of Phinia. “With our focused strategy, scale, talented workforce and strong financial resources, this move gives us the freedom to grow our business and create value for our customers, employees, and shareholders. Our customers are looking for quality, efficiency, performance, and reliability, and Phinia is pleased to be their global partner.”
Ericson has over 30 years of industry experience and brings in-depth knowledge of the global commercial vehicle, industrial and automotive markets and an extensive engineering background. He previously led three different business units of BorgWarner and was BorgWarner’s first chief strategy officer. He is joined by Chris Gropp, vice president and CFO with more than 20 years with BorgWarner. Gropp most recently held the position of vice president of finance for fuel systems and aftermarket.
Phinia’s primary focus will be on applications and markets that will benefit the most from the energy density and utility of a fuel – driving the efficiency and performance of today’s products, helping keep efficient vehicles in operation longer and supporting the transition to carbon-neutral and carbon-free fuels of tomorrow, the company said.
