secwatch.observer — SEC 8-K summary
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Issuer:     BORGWARNER INC (BWA)
CIK:        0000908255
Form:       8-K
Filed at:   2023-07-07T23:59:59+00:00
Accession:  0001104659-23-079180
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BorgWarner completes spin-off of PHINIA; 1 share per 5 BWA shares held
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- Spin-off completed on July 3, 2023; PHINIA now operates Fuel Systems and Aftermarket businesses.
- Holders of BWA received 1 PHINIA share for every 5 shares held on June 23, 2023 record date.
- Post-spin agreements: Separation, Transition Services, Tax, Employee Matters, IP Cross-License.
- PHINIA's cash balance targeted at ~$300M at separation, subject to post-distribution adjustment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/908255/000110465923079180/0001104659-23-079180-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/908255/000110465923079180/tm2320751d1_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-079180

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