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 has completed the sale of its Water Valley, Mississippi facility to Atar Capital as part of its Project Charging Forward, aiming to divest $3-$4 billion in revenues from its combustion portfolio by 2025. This facility generated approximately $180 million in sales for 2021. The total consideration for the sale amounts to $42 million in cash and notes, with potential earn-out payments of up to $30 million. While the company anticipates incurring a non-material GAAP loss from the sale, this move aligns with BorgWarner’s electrification strategy.
BorgWarner has signed an exclusive licensing agreement with PolyCharge America, securing rights to utilize their NanoLam™ capacitor technology in its inverters. This agreement enables BorgWarner to enhance its inverter offerings by integrating capacitors that are smaller, lighter, and capable of withstanding high temperatures. The NanoLam™ technology, utilizing super-thin polymer dielectric layers, reduces capacitor size and weight by 50% compared to traditional options, thereby increasing energy density and efficiency in high-power applications. This move aligns with BorgWarner's electrification strategy.
Summary not available.
BorgWarner, a leader in sustainable mobility solutions, has joined the Clean Energy Buyers Alliance (CEBA) as a "large energy buyer" member, reinforcing its commitment to environmental sustainability. This membership, effective Oct. 1, 2021, provides BorgWarner access to resources and collaboration opportunities with industry leaders. Dr. Volker Weng emphasized the importance of CEBA's community in the transition to clean energy and the goal of carbon neutrality in operations by 2035. CEBA, comprising over 270 members, aims to catalyze renewable energy projects and support large-scale energy buyers.
BorgWarner Thermal Systems has received an $11.2 million grant to enhance its electric vehicle business in Cadillac, Michigan. The investment includes a $225,000 performance-based grant from the Michigan Economic Development Corporation and will create up to 30 jobs. The Cadillac facility will produce high-voltage coolant heaters (HVCH) crucial for vehicle efficiency in hybrid and electric models, reinforcing Michigan's leadership in advanced manufacturing and electric vehicle innovation.
Summary not available.
BorgWarner Inc. (NYSE: BWA) announced a quarterly cash dividend of $0.17 per share, effective December 15, 2021, for stockholders of record on December 1, 2021. The company, a leader in sustainable mobility solutions, operates in 96 locations across 22 countries with approximately 50,000 employees. This dividend declaration reflects the company's commitment to returning value to shareholders while reinforcing its position in the global automotive market.
BorgWarner has appointed Sara A. Greenstein to its Board of Directors, effective November 9, 2021. Greenstein brings extensive leadership experience, having previously served as President and CEO of Lydall, Inc. and as a Senior Vice President at United States Steel Corporation, managing a $4 billion business unit. Her educational background includes a Bachelor of Science in Business Administration from the University of Illinois and an MBA from the University of Michigan. This addition is expected to strengthen the board with her skills in the production and manufacturing sectors.
BorgWarner's Julie Adkins has received the 2021 Women in Manufacturing STEP Ahead Award, recognizing her leadership in the manufacturing sector. Adkins, who began her career at BorgWarner in 2011, is the fifth consecutive BorgWarner employee to earn this honor. Her contributions include developing a high-performing Program Management Team and streamlining processes within the company. The award emphasizes the role of women in manufacturing, especially post-pandemic, and was presented on November 4, 2021, at the National Building Museum in Washington, D.C.
BorgWarner has secured a significant contract with a major OEM to deliver high voltage silicon carbide (SiC) inverters for battery electric vehicles (BEVs). This marks the company's largest SiC inverter win and the first in North America. The inverters, developed from the Viper family of scalable power modules, offer advantages such as low mass, high efficiency, and scalability. Production is expected to commence in 2024. This win reinforces BorgWarner's commitment to the electric vehicle market and strengthens its longstanding customer relationship.