BorgWarner announces tax-free spin-off of Fuel Systems and Aftermarket segments into separate public company

BORGWARNER INC

Spin-off of Fuel Systems and Aftermarket segments into NewCo; expected completion late 2023, tax-free.
BorgWarner to retain e-Propulsion & Drivetrain and Air Management segments, focusing on EV propulsion.
NewCo 9M22: Fuel Systems rev $1.7B (margin 11.3%), Aftermarket rev ~$1.0B (margin 14.5%).
BorgWarner: >22% of revenue from EVs by 2025; 9M22 Air Management rev ~$5.5B, e-Propulsion rev ~$3.9B.

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