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 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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BorgWarner's Supply Chain Manager, Kelly Zhu, has received the Women in Manufacturing STEP Ahead Award for exceptional leadership, marking her as one of 100 honored women this year. Zhu's career at BorgWarner began in Ningbo, China, where she progressed from a warehouse supervisor to her current managerial role. Over the years, she has taken on increasing responsibilities and actively participates in training programs to foster employee development. Zhu is also involved in a Junior Achievement program to inspire youth in business and manufacturing. The recognition ceremony occurred on September 24, 2020.
BorgWarner has enhanced its market presence by supplying the B01 turbocharger for the newly launched Volkswagen Nivus crossover. The vehicle's engine, featuring advanced turbo technology, offers an optimal combination of performance, fuel efficiency, and lower emissions tailored for the Brazilian market. With a 1.0-liter EA211 engine producing 126 horsepower and 147 lb-ft of torque, the B01 turbocharger supports a compact design and improved operational efficiency, promising better performance for consumers.
BorgWarner (BWA) announced that as of September 16, 2020, approximately 95.39% of the outstanding 5.00% Senior Notes due 2025 from Delphi Technologies were tendered in a private exchange offer. This equates to $763.1 million of the total $800 million. The transaction allows BorgWarner to adopt amendments to the notes' indenture, subject to conditions including the completion of its acquisition of Delphi Technologies, expected to close around October 5, 2020. The exchange offer expires on October 1, 2020.