BorgWarner Board Authorizes Repurchase of 5 Million Shares
AUBURN HILLS, Mich., April 30 - BorgWarner Inc. (NYSE: BWA) today announced that its board of directors has authorized the purchase of up to 5 million shares of the company's common stock. The new authorization was made in anticipation of exhausting the limited number of shares that remain available under the previous program authorized in 2000. The company has maintained share repurchase programs since 1997.
The shares will be purchased in the open market at prevailing prices and
at times and amounts to be determined by management as market conditions and
its capital position warrant. Purchased shares will be placed in treasury and
may subsequently be reissued for general corporate purposes.
Auburn Hills, Michigan-based BorgWarner Inc. (NYSE: BWA) is a product
leader in highly engineered components and systems for vehicle powertrain
applications worldwide. The FORTUNE 500 company operates manufacturing and
technical facilities in 64 locations in 17 countries. Customers include
VW/Audi, Ford, Toyota, Renault/Nissan, General Motors, Hyundai/Kia, Daimler,
Chrysler, Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet address for
BorgWarner is: www.borgwarner.com .
CONTACT: Mary Brevard of BorgWarner Inc., +1-248-754-0881/
Web site: www.borgwarner.com /
