- Marks second consecutive year BorgWarner has been
included on the list
- BorgWarner is one of fifteen automotive parts suppliers
named
- Talent attraction and retention, social responsibility and
investment value were factored into rankings
AUBURN
HILLS, Mich., Feb. 5, 2024
/PRNewswire/ -- BorgWarner has been named one of 317 companies
included on Fortune magazine's 2024 World's Most Admired Companies
list. This is the second consecutive year BorgWarner has achieved
the accolade, and it increased its rank within the "motor vehicle
parts" category 6th from to 4th.
"Being named to Fortune's World's Most Admired Companies list
for the second consecutive year is an incredible recognition
for BorgWarner, as it showcases the reputation we've built
both internally and externally through our Charging Forward
strategy and company beliefs," said Frédéric Lissalde, President
and CEO, BorgWarner Inc. "We are proud to be listed among the other
highly respected companies on this esteemed list, including our
peers and customers."
The annual list is compiled based on a corporate reputation
survey executed by Fortune in collaboration with its
partner Korn Ferry, a global organizational consulting firm.
The initial pool included about 1,500 candidates: the 1,000 largest
U.S. companies ranked by revenue, along with non-U.S. companies in
the Fortune Global 500 database that have revenues of $10 billion or more. The number of companies was
then winnowed down to the highest-revenue companies in each
industry, which resulted in a total of 660 in 29 countries. From
there, the top-rated companies were picked through voting by
executives from the companies.
To identify the best-regarded companies across 52
industries, Korn Ferry surveyed top executives and directors
from companies that are eligible to be on the list, as well as
analysts, to rate companies within their own respective industry.
Companies were rated based on nine attributes including: quality of
management and products, social responsibility, investment value
and the ability to attract and retain talent – all key focus areas
for BorgWarner. A company's score must rank in the top half of its
industry survey to be listed.
"Fortune congratulates all of the companies whose competitors
and peers recognize their achievements and voted them onto the 2024
Fortune World's Most Admired Companies list, as well as the top 50
All-Stars, who have been named the best of the best by the broader
business community," said Fortune Editor in Chief Alyson
Shontell.
For more information on the process to identify the World's Most
Admired Companies or to see the complete list, please
visit: https://fortune.com/ranking/worlds-most-admired-companies/
About BorgWarner
For more than 130 years, BorgWarner has been a transformative
global product leader bringing successful mobility innovation to
market. Today, we're accelerating the world's transition to
eMobility – to help build a cleaner, healthier, safer future for
all.
Forward-Looking Statements: 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 and Estimates" 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 under 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:
supply disruptions impacting us or our customers, such as the
current shortage of semiconductor chips that has impacted original
equipment manufacturer ("OEM") customers and their suppliers,
including us; commodity availability and pricing, and an inability
to achieve expected levels of recoverability in commercial
negotiations with customers concerning these costs; competitive
challenges from existing and new competitors including OEM
customers; the challenges associated with rapidly changing
technologies, particularly as they relate to electric vehicles, and
our ability to innovate in response; the difficulty in forecasting
demand for electric vehicles and our electric vehicles revenue
growth; disruptions in the global economy caused by wars, including
the wars in Ukraine and the
Middle East; the ability to
identify targets and consummate acquisitions on acceptable terms;
failure to realize the expected benefits of acquisitions on a
timely basis; the possibility that our recently-completed tax-free
spin-off of our former Fuel Systems and Aftermarket segments into a
separate publicly traded company will not achieve its intended
benefits for us; the failure to promptly and effectively integrate
acquired businesses; the potential for unknown or inestimable
liabilities relating to the acquired businesses; our dependence on
automotive and truck production which is highly cyclical and
subject to disruptions; our reliance on major OEM customers; the
extent, duration, and impact of the recent and any future strikes
involving some of our OEM customers and any actions such OEM
customers take in response; fluctuations in interest rates and
foreign currency exchange rates; 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, or governmental
investigations, including related litigation; future changes in
laws and regulations, including, by way of example, taxes and
tariffs, in the countries in which we operate; impacts from any
potential future acquisition or disposition transactions; and the
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 and/or Quarterly Report on Form 10-Q. 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 release to reflect any change in our expectations or any
change in events, conditions, circumstances, or assumptions
underlying the statements.
PR contact:
Michelle
Collins
Phone: +1 248-754-0449
Email: mediacontact@borgwarner.com
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SOURCE BorgWarner