AUBURN HILLS, Mich.,
Oct. 2, 2020 /PRNewswire/ --
BorgWarner Inc. (NYSE: BWA) today announced it has completed its
acquisition of Delphi Technologies. The combination of BorgWarner
and Delphi Technologies is expected to strengthen BorgWarner's
electronics and power electronics products, capabilities and scale,
creating a leader in electrified propulsion systems that BorgWarner
believes is well-positioned to take advantage of future propulsion
migration.
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"We are pleased to complete our acquisition of Delphi
Technologies," said Frédéric Lissalde, President and CEO,
BorgWarner. "Through this combination, BorgWarner is even
better positioned with a more comprehensive portfolio of
industry-leading propulsion products and systems across combustion,
hybrid and electric vehicles. We expect that the combination
will also strengthen our commercial vehicle and aftermarket
businesses. We welcome Delphi Technologies' colleagues around the
world to the BorgWarner team and are excited about the
opportunities we have together to address market trends towards
electrification. I am proud of our global workforce, including our
integration planning teams, for driving the business forward as we
managed through the pandemic and laying a strong foundation for a
seamless integration. I have great confidence that we will realize
what we believe are significant benefits of this combination for
our shareholders, customers and suppliers."
Compelling Strategic and Financial Benefits:
Bringing BorgWarner and Delphi Technologies together is expected
to:
- Strengthen BorgWarner's electronics and power electronics
products, capabilities and scale, creating a leader in electrified
propulsion systems that BorgWarner believes is well-positioned to
take advantage of future propulsion migration. Delphi
Technologies brings industry leading power electronics technology
and talent, with an established production, supply and customer
base. The combined company will offer customers a suite of
integrated and standalone offerings of power electronics products
(including high voltage inverters, converters, on-board chargers
and battery management systems) and capabilities (including
software, systems integration and thermal management).
- Enhance BorgWarner's combustion, commercial vehicle and
aftermarket businesses. Delphi Technologies' breadth of
combustion propulsion products complements BorgWarner's innovative
portfolio, which is focused on clean technologies to increase
efficiency and performance of modern combustion vehicles. Adding
Delphi Technologies' commercial vehicle and aftermarket business
results in more balance across light vehicles, commercial vehicles
and the aftermarket.
Global aftermarket customers will continue to benefit from an
extensive portfolio of BorgWarner and Delphi Technologies
OE-quality aftermarket parts, services, diagnostic tools and test
equipment. As a brand of BorgWarner, Delphi Technologies
Aftermarket will maintain its brand identity, and customers across
the world will be able to rely on their trusted contacts for sales
and customer service support.
The completion of the transaction follows approval by Delphi
Technologies' shareholders, receipt of required regulatory
approvals, the satisfaction of certain conditions relating to
indebtedness of Delphi Technologies, and the satisfaction or waiver
of customary closing conditions. In connection with the close of
this transaction, Delphi Technologies common stock will cease to be
traded on the New York Stock Exchange.
Conference Call and Presentation Materials
At 9:30 a.m. ET on Thursday, October 8,
2020, a brief conference call with additional details on the
acquisition will be webcast at:
http://www.borgwarner.com/en/Investors/default.aspx.
Additionally, an acquisition presentation will be available at
http://www.borgwarner.com/en/Investors/default.aspx.
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a global product leader in clean
and efficient technology solutions for combustion, hybrid and
electric vehicles. Building on its original equipment expertise,
BorgWarner also brings market leading product and service solutions
to the global aftermarket. With manufacturing and technical
facilities in 99 locations in 24 countries, the company employs
approximately 48,000 worldwide. For more information, please visit
borgwarner.com.
Statements in this news release (this "Release") may contain
forward-looking statements as contemplated by the 1995 Private
Securities Litigation Reform Act that are based on management's
current outlook, expectations, estimates and projections. Words
such as "anticipates," "believes," "continues," "could,"
"designed," "effect," "estimates," "evaluates," "expects,"
"forecasts," "goal," "guidance," "initiative," "intends," "may,"
"outlook," "plans," "potential," "predicts," "project," "pursue,"
"seek," "should," "target," "when," "will," "would," and variations
of such words and similar expressions are intended to identify such
forward-looking statements. Further, all statements, other
than statements of historical fact contained or incorporated by
reference in this Release that we expect or anticipate will or may
occur in the future regarding our financial position, business
strategy and measures to implement that strategy, including changes
to operations, competitive strengths, goals, expansion and growth
of our business and operations, plans, references to future success
and other such matters, are forward-looking statements. Accounting
estimates, such as those described under the heading "Critical
Accounting Policies" in Item 7 of our most recently-filed Annual
Report on Form 10-K ("Form 10-K"), are inherently
forward-looking. All forward-looking statements are based on
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe
are appropriate in the circumstances. Forward-looking
statements are not guarantees of performance, and the Company's
actual results may differ materially from those expressed,
projected or implied in or by the forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this Release.
Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our
control, that could cause actual results to differ materially from
those expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others,
include: failure to realize the expected benefits of the
acquisition of Delphi Technologies; failure to promptly and
effectively integrate Delphi Technologies' businesses; the
potential for unknown or inestimable liabilities relating to the
acquired business; our dependence on automotive and truck
production, both of which are highly cyclical; our reliance on
major OEM customers; commodities availability and pricing; supply
disruptions; fluctuations in interest rates and foreign currency
exchange rates; availability of credit; our dependence on key
management; our dependence on information systems; the uncertainty
of the global economic environment; the outcome of existing or any
future legal proceedings, including litigation with respect to
various claims; future changes in laws and regulations, including,
by way of example, tariffs, in the countries in which we operate;
and other risks noted in reports that we file with the Securities
and Exchange Commission, including Item 1A, "Risk Factors" in our
most recently-filed Form 10-K. We do not undertake any obligation
to update or announce publicly any updates to or revisions to any
of the forward-looking statements in this presentation to reflect
any change in our expectations or any change in events, conditions,
circumstances, or assumptions underlying the statements.
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SOURCE BorgWarner