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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 announced the upcoming launch of its High Voltage Hairpin (HVH) 320 electric motor, designed for hybrid and electric commercial vehicles. Set for production in 2024, the HVH 320 features 800-volt capabilities and aims to fulfill the needs of a major European OEM. The motor boasts up to 97% peak efficiency and 400kW of power, supporting a common electric drivetrain. Additionally, it achieves a torque output of up to 1270 Nm and includes advanced features like regenerative braking. This innovation enhances BorgWarner’s portfolio in clean propulsion technologies.
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BorgWarner Inc. (NYSE: BWA) announced a quarterly cash dividend of $0.17 per share on November 11, 2020. The dividend will be paid on December 15, 2020, to shareholders recorded on December 1, 2020. This reflects BorgWarner's commitment to returning value to its investors. BorgWarner is a leader in clean and efficient technology solutions for various vehicle types and operates in 99 locations across 24 countries, employing approximately 48,000 people worldwide.
BorgWarner reported third-quarter 2020 net sales of $2,534 million, up 2% year-over-year, despite lower industry production volumes. Net earnings were $111 million or $0.53 per diluted share, down from $194 million or $0.94 per diluted share in Q3 2019. Adjusted earnings per diluted share fell to $0.88. The company anticipates fourth-quarter sales between $3.46 billion and $3.61 billion, driven by the Delphi Technologies acquisition. For the full year, net sales are expected to be $9.7 billion to $9.85 billion, reflecting a decline due to COVID-19 disruptions.
BorgWarner is collaborating with Michigan Technological University and four industry partners on a new project to reduce energy consumption through advanced vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. Funded by the U.S. Department of Energy with $1.99 million, this 27-month initiative aims to enhance energy optimization across various vehicle types. The project will capitalize on BorgWarner's propulsion expertise, with extensive vehicle testing planned at the American Center for Mobility in Ypsilanti, Michigan.
BorgWarner Inc. (NYSE: BWA) reported that approximately $776.3 million of the 5.000% Senior Notes due 2025 from Delphi Technologies were accepted in a recent exchange offer, representing 97.04% of the total outstanding. The offer was part of BorgWarner's acquisition strategy for Delphi Technologies and was completed on October 1, 2020. Eligible holders who tendered their notes by the early deadline received BorgWarner Notes and cash consideration. The amendments to the indenture are effective, and the new notes will have similar terms to the original DT Notes.
BorgWarner Inc. announced the appointment of Nelda J. Connors and David S. Haffner to its Board of Directors as of October 2, 2020. Connors, founder of Pine Grove Holdings, brings extensive expertise in operations and financial management, while Haffner, former CEO of Leggett & Platt, contributes significant experience in manufacturing operations and compensation strategy. Their appointments follow BorgWarner's recent acquisition of Delphi Technologies, solidifying the board's focus on advancing clean and efficient technology solutions for automotive applications.
BorgWarner Inc. (NYSE: BWA) has successfully completed its acquisition of Delphi Technologies as of Oct. 2, 2020. This strategic move aims to enhance BorgWarner's capabilities in electrified propulsion systems, building a stronger portfolio in electronics and power electronics products. The integration is expected to boost BorgWarner's combustion, commercial vehicle, and aftermarket sectors. Following shareholder approval and regulatory clearances, Delphi's stock will no longer be traded on the NYSE. The leadership expects significant benefits for shareholders and a seamless transition amidst pandemic challenges.
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