BorgWarner Continues Evolution; Gains Access to Global Startups through Investment in Autotech Ventures

AUBURN HILLS, Mich., April 3, 2017 /PRNewswire/ -- BorgWarner, a global leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles, has taken another step in the company's evolution through a $10 million investment in Autotech Ventures.

Through this new investment, BorgWarner's Chief Strategy Officer, Brady Ericson, sees investment opportunities that apply to propulsion technologies and mobility areas outside of BorgWarner's current product portfolio.

"While we remain focused on providing industry-leading propulsion technologies, we expect this partnership to provide global access to new technologies and services, inside and outside of our core product strengths," said Ericson. "As with all of our recent investments, this contributes to our larger strategy to maintain a product portfolio that supports a cleaner, more energy-efficient world."

A key factor in the decision to invest in Autotech Ventures is the fund's ability to help BorgWarner easily adapt to the changing demands of the industry. While trends from electrification and autonomy continue to evolve, BorgWarner's recent business moves are defining its position in the future automotive landscape.

"Over the last year and a half, we have taken great strides in the evolution of our company," said James R. Verrier, President and Chief Executive Officer, BorgWarner. "In 2015, we acquired a leading electrical components maker in Remy, strengthening our position in electrified technologies. We earned a number of hybrid and electric customer contracts in 2016 and this continues in 2017, while commercializing new technologies, including our eBooster^® electrically driven compressor and eGearDrive^® transmission. All of these advancements are helping us develop the future of clean, efficient propulsion technologies."

As the company's technology portfolio has evolved, its staffing needs have also changed. BorgWarner has tripled its in-house power electronics engineering team since 2013, and the company plans to double that staff by 2021.

Through its investment in Autotech Ventures, BorgWarner has been able to review hundreds of global startups involved in the future of ground transportation. In addition to the companies BorgWarner expects to invest in with Autotech Ventures, the automotive product leader plans to independently invest, collaborate and support a handful of start-up businesses. Ericson sees a spectrum of opportunities for BorgWarner when working with these start-ups, ranging from being a supplier, partner, buyer or an investor.

"Industry priorities continue to change," said Ericson. "To be successful, we need to keep our fingers on the pulse of product trends and collaborate with innovative players across the world."

About BorgWarner

BorgWarner Inc. BWA is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. With manufacturing and technical facilities in 62 locations in 17 countries, the company employs approximately 27,000 worldwide. For more information, please visit borgwarner.com.

Statements contained in this press 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," "initiative," "intends," "outlook," "plans," "potential," "project," "pursue," "seek," "should," "target," "when," "would," variations of such words and similar expressions are intended to identify such forward-looking statements. 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. Such risks and uncertainties include: fluctuations in domestic or foreign vehicle production, the continued use by original equipment manufacturers of outside suppliers, fluctuations in demand for vehicles containing our products, changes in general economic conditions, as well as other risks noted reports that we file with the Securities and Exchange Commission, including the Risk Factors identified in our most recently filed Annual Report on Form 10-K. We do not undertake any obligation to update or announce publicly any updates to or revision to any of the forward-looking statements.

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SOURCE BorgWarner