AUBURN HILLS–Phinia Inc. has been spun out of BorgWarner and is now trading on the New York Stock Exchange as an independent company, under the ticker symbol PHIN.
The new company includes well known fuel systems and aftermarket brands such as Delphi, Delco Remy, and Hartridge.
“Today is a very exciting day as we begin this new chapter as an independent business,” said Phinia president and CEO Brady Ericson. “With our focused strategy, scale, talented workforce, and strong financial resources, this move gives us the freedom to grow our business and create value for our customers, employees, and shareholders. Our customers are looking for quality, efficiency, performance, and reliability, and PHINIA is pleased to be their global partner.”
Ericson has over 30 years of industry experience and brings in-depth knowledge of the global commercial vehicle, industrial and automotive markets and an extensive engineering background. He previously led three different business units of BorgWarner and was BorgWarner’s first chief strategy officer. He is joined by a strong executive team with a track record of success, including Chris Gropp, vice president and CFO. Gropp has spent over 20 years with BorgWarner, and she most recently held the position of vice president of finance for fuel systems and aftermarket.
“We believe that Phinia’s strong margins, cash flow and low leverage position the company to deliver solid total shareholder returns through profitable growth, competitive dividends and opportunistic share repurchases,” said Gropp. “We are committed to our strategic and financial priorities, which include disciplined growth and reinvestment in the business to maintain our product leadership position and to support our customers with components and systems.”
Phinia’s primary focus will be on applications and markets that will benefit the most from the energy density and utility of a fuel–driving the efficiency and performance of today’s products, helping keep efficient vehicles in operation longer, and supporting the transition to carbon-neutral and carbon-free fuels of tomorrow.
“Our strategy centers around developing sustainable solutions for internal combustion engines and leveraging our technology for alternative fuels which we believe will rapidly become a key contributor on our journey to carbon neutrality. Our vision of a sustainable future includes a wide range of solutions including carbon-neutral and carbon-free fuels,” said Ericson.
Working across commercial vehicle and industrial applications (heavy-duty and medium duty trucks, off-highway construction, marine, agricultural and industrial applications), and light vehicles (passenger cars, trucks, vans and sport-utility vehicles), Phinia develops fuel systems and aftermarket parts that keep combustion engines operating at peak performance, as cleanly and efficiently as possible, while at the same time investing in future technologies that will unlock the potential of alternative fuels.
Phinia also announced the appointment of Latondra Newton to its board of directors. She most recently served as senior vice president and chief diversity officer at The Walt Disney Co. Earlier, she had experience with several other companies, including a large auto supplier, as an adviser on talent development, corporate marketing, and diversity, equity, and inclusion.
More at www.phinia.com.