BorgWarner Inc. reports developments as a global automotive supplier serving original equipment manufacturers with turbo and thermal management technologies, drivetrain systems, powerdrive systems, and battery and charging systems. Company updates commonly cover OEM program awards for passenger cars, vans, commercial vehicles and off-highway applications, including variable turbine geometry turbochargers, exhaust gas recirculation coolers, controllers and battery management systems.
Recurring news also includes quarterly earnings, shareholder returns, sustainability recognition and BorgWarner's long-running Indianapolis 500 trophy programs. The company's disclosures reflect a supplier portfolio spanning combustion vehicle technologies and electrified mobility components across major automotive markets.
BorgWarner, a global leader in sustainable mobility solutions, has been honored with multiple Brandon Hall Group Excellence Awards for its innovative human capital management initiatives. The company received a silver award for its Power to Evolve (P2E) skill agility program, which partners with universities to train engineers in eProduct development. Additionally, BorgWarner earned two bronze awards for its comprehensive onboarding program and employee well-being initiatives.
These accolades highlight BorgWarner's commitment to employee growth, skill development, and overall well-being as the company navigates the evolving mobility landscape. The awards recognize the company's efforts in creating a positive work environment, fostering employee engagement, and driving outstanding business results through innovative HCM strategies.
BorgWarner has been recognized on the Forbes list of America's Best-In-State Employers 2024 for the third consecutive year. This prestigious award, presented by Forbes and Statista Inc., is based on an independent survey of over 160,000 employees from companies with at least 500 employees in the U.S. The ranking considered around 4.4 million employer evaluations over a three-year period.
The evaluation process included both personal recommendations from employees and public evaluations from industry professionals. Tania Wingfield, Chief Human Resources Officer at BorgWarner, expressed pride in the recognition, highlighting the company's commitment to employee well-being and creating an innovative workforce.
This achievement underscores BorgWarner's consistent performance as a top employer in Michigan and its dedication to supporting employees and communities during industry transitions.
BorgWarner has been awarded two prestigious PR Daily Social Media & Digital Awards for its outstanding campaigns on LinkedIn and Twitter/X. The company's Charging Forward campaign on LinkedIn aimed to attract top talent in the automotive industry, resulting in a 38% increase in visits to BorgWarner's Careers webpage. On Twitter/X, the Borg-Warner Trophy Speaks to Racing Fans campaign created a community for Indianapolis 500 enthusiasts, leading to a 7.5% growth in followers and 44% more engagements compared to the previous year.
These successful social media strategies have significantly boosted BorgWarner's online presence and engagement with potential recruits and racing fans alike. The recognition from PR Daily highlights the company's innovative approach to digital communications and its ability to effectively connect with diverse audiences in the automotive and racing sectors.
BorgWarner Inc. (NYSE: BWA) has announced the final results of its cash tender offers for its 3.375% Senior Notes due 2025 and 5.000% Senior Notes due 2025. The tender offers expired on August 13, 2024, at 5:00 p.m., New York City time. For the 3.375% Notes, $50,975,000 or 13.26% of the outstanding amount was tendered. For the 5.000% Notes, $64,918,000 or 14.32% of the outstanding amount was tendered.
BorgWarner expects to accept all validly tendered notes for payment, with the settlement scheduled for August 16, 2024. The completion of the tender offers remains subject to certain conditions, including a financing condition. BofA Securities, Citigroup Global Markets, and Wells Fargo Securities served as dealer managers for the offers.
BorgWarner Inc. (NYSE: BWA) has announced the pricing of its cash tender offers for its outstanding 3.375% Senior Notes due 2025 and 5.000% Senior Notes due 2025. The tender offers will expire at 5:00 p.m., New York City time, on August 13, 2024, unless extended or terminated earlier. The tender offer consideration for the 3.375% Notes is $992.38 per $1,000 principal amount, while for the 5.000% Notes it's $1,006.66 per $1,000 principal amount.
The company expects the settlement date to be August 16, 2024. Holders whose Notes are purchased will receive accrued and unpaid interest. The tender offers are subject to certain conditions, including a financing condition, but not a minimum tender condition. BofA Securities, Citigroup Global Markets, and Wells Fargo Securities are acting as dealer managers for the tender offers.
BorgWarner Inc. (NYSE: BWA) has priced a public offering of $1 billion in Senior Notes, split equally between 4.950% Notes due 2029 and 5.400% Notes due 2034. The company expects to receive approximately $987 million in net proceeds after deducting underwriting discounts and offering expenses. BorgWarner plans to use the proceeds to repurchase its 3.375% and 5.000% Senior Notes due in 2025, with any remaining funds allocated for general corporate purposes. The offering is expected to close on August 16, 2024, subject to customary closing conditions. BofA Securities, Citigroup Global Markets, and Wells Fargo Securities are serving as joint book-running managers for the offering.
BorgWarner Inc. (NYSE: BWA) has announced cash tender offers for its senior notes. The company is offering to purchase any and all of its outstanding 3.375% Senior Notes due 2025 and 5.000% Senior Notes due 2025. The tender offers will expire at 5:00 p.m., New York City time, on August 13, 2024, unless extended or terminated earlier.
The consideration for each $1,000 principal amount of Notes will be determined based on a fixed spread plus the applicable yield to maturity on the U.S. Treasury Reference Security. The maximum consideration is capped at $1,000 for the 3.375% Notes and $1,010 for the 5.000% Notes. BorgWarner expects the Settlement Date to occur on August 16, 2024.
The tender offers are subject to certain conditions, including a financing condition. BofA Securities, Citigroup Global Markets, and Wells Fargo Securities are acting as dealer managers for the tender offers.
BorgWarner has secured contracts to supply its electric cross differential (eXD) to three major OEMs: GAC Motor, a Global East Asian OEM, and a Global OEM based in Europe. The eXD technology will be used in battery electric vehicles (BEVs) ranging from sports cars to premium sedans and hatchbacks. Production for GAC Motor is already underway, with others starting in 2026.
The eXD, part of BorgWarner's electric torque management system (eTMS) portfolio, improves vehicle traction, handling, and stability by intelligently controlling wheel torque. It addresses challenges in EV performance caused by high motor torque. The technology is applicable to all architectures and offers customizable performance characteristics. BorgWarner's eXD also enhances driving safety and optimizes energy consumption in difficult driving conditions.
BorgWarner, a global leader in sustainable mobility solutions, has secured contracts to supply exhaust gas recirculation (EGR) coolers to a major North American commercial vehicle customer. The company will provide two variations of its durable EGR cooler, featuring proprietary compact floating core (CFC) and compact monoblock architecture. These technologies offer high reliability, extended product life, and optimized internal design requiring less coolant flow from the engine.
The contracts highlight BorgWarner's strong customer relationships and technological leadership in the market. Production is set to begin in Q4 2027, with implementation across various commercial vehicle applications. The EGR coolers support increased fuel economy needs and help meet stringent emission requirements worldwide.
BorgWarner, a global leader in sustainable mobility solutions, has secured a contract to supply its high-voltage eFan system for a major global OEM's heavy- and medium-duty battery electric vehicles (BEVs) in North America. This marks BorgWarner's largest eFan business win in the region, with production starting in Q4 2027. The eFan system, comprising a fan, e-motor, and integrated high-voltage inverter, can reach up to 10 kW power and 40 Nm torque. It offers best-in-class noise, vibration, and harshness (NVH) performance, operates in temperatures from -40°C to 80°C, and supports voltage ranges of 550V-850V. The system's modular design allows for scalability, and its liquid-cooled components ensure long-term reliability.