PHINIA Inc. began trading today as an independent company on the New York Stock Exchange under the ticker symbol "PHIN." The company, which completed its spin-off from BorgWarner (NYSE:BWA) on July 3, has leading fuel systems and aftermarket businesses and well-known brands such as Delphi, Delco Remy® and Hartridge. The company's mission is to provide high-quality innovative systems and components to original and aftermarket customers for commercial vehicles, light vehicles and industrial applications, while leveraging advanced fuel technologies as a way to help achieve carbon neutrality.
Brady Ericson, President and CEO of PHINIA, said: "Today is an exciting day as we begin a new chapter of growth as an independent company. With a more focused strategy, scale, talented workforce and strong financial resources, We will be able to develop our business independently and create value for our customers, employees and shareholders. Our customers are looking for high-quality, efficient and reliable solutions with high performance, and PHINIA is happy to be their global partner."
With over 30 years of industry experience, Ericson has an in-depth understanding of the global commercial vehicle, industrial and automotive markets and an extensive engineering background. He has led three different business units at BorgWarner and served as BorgWarner's first Chief Strategy Officer. He is supported by a strong executive team with a proven track record, including Vice President and Chief Financial Officer Chris Gropp. Gropp has been with BorgWarner for more than 20 years, most recently as BorgWarner's Vice President of Finance for Fuel Systems and Aftermarket.
Gropp said: "We believe that, with strong margins, cash flow and low leverage, PHINIA can deliver strong total returns to shareholders through profitable growth, a competitive dividend and opportunistic share repurchases. We are committed to Achieve the company's strategic and financial priorities, including growth in line and reinvest in the business to maintain product leadership and support customers with parts and systems."
PHINIA's main targets are those applications and markets that can gain the most from the fuel's energy density and utility. The company is committed to driving the efficiency and performance of today's products, helping high-efficiency vehicles run longer, and supporting the transition to carbon neutrality in the future and carbon-free fuel transition.
Ericson said: "Our strategy revolves around developing sustainable combustion engine solutions and leveraging our alternative fuel technologies, which we believe will quickly play an important role in the company's journey to carbon neutrality. Our vision is to help build A sustainable future, for which we have launched a wide range of solutions, including carbon-neutral and carbon-free fuels."
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About PHINIA
PHINIA is a market-leading independent provider of quality solutions and components with over 100 years of manufacturing expertise, industry relationships and a strong portfolio of brands including Delphi, Delco Remy® and Hartridge. Headquartered in Auburn Hills, Michigan, USA, PHINIA employs 12,900 people in 44 locations in 20 countries.
We specialize in commercial vehicle and industrial applications (heavy- and medium-duty trucks, off-highway construction, marine, agricultural and industrial applications, as well as light buses, trucks, vans and sport utility vehicles), developing fuel systems and aftermarket parts Operate at peak performance possible cleanly and efficiently, while investing in future technologies that unlock the potential of alternative fuels.
By meeting today's market demands for increased efficiency and sustainability, while developing innovative products and solutions for a cleaner future, we are the partner of choice for a wide variety of industrial and aftermarket customers, driving our collective journey towards carbon neutrality and A carbon-free tomorrow.
(Delco Remy® is a registered trademark of General Motors corporation and licensed to BorgWarner PDS (Anderson) LLC)
PHINIA President and CEO Brady Ericson (Photo: Business Wire)