The Gloucestershire arm of automotive technology giant BorgWarner, which features in SoGlos's Top 100 Business in Gloucestershire, has rebranded to PHINIA, as the company separates from BorgWarner and launches as an independent entity.
The plant in Stonehouse operated under Delphi Technologies until October 2020 when it was incorporated into the American automotive firm.
The leading fuel systems and aftermarket products business officially completed its spin-off from BorgWarner Technologies on Monday 3 July 2023 and is now trading on the New York Stock Exchange under the ticker symbol 'PHIN'.
The PHINIA name is a deliberate reference to the company's Delphi heritage, with the business's focus being on its core strength of commercial vehicle fuel injection systems.
Brady Ericson is the president and CEO of PHINIA, bringing 30 years of experience and in-depth knowledge of the global commercial vehicle, industrial and automotive markets to the role, having previously headed up three different business units of BorgWarner.
Ericson said: 'Today is a very exciting day as we begin this new chapter as an independent business. 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.
'Our strategy centres 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.'
Ericson is joined by an equally strong executive team which includes vice president and chief financial officer, Chris Gropp, who has over 20 years' experience and was formerly the vice president of finance for fuel systems and aftermarket at BorgWarner.
She added: '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.
'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.'
Its Stonehouse plant celebrated its 30th anniversary on Saturday 22 July 2023 with a family fun day to celebrate the launch of PHINIA.