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Oct. 30, 2019, 8:47 a.m. EDT

BorgWarner sees Q4 loss after paying $172 million to divest asbestos liabilities subsidiary

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By Tomi Kilgore

BorgWarner Inc. /zigman2/quotes/201434123/composite BWA -1.57% said Wednesday it has divested its BorgWarner Morse TEC LLC, a wholly-owned subsidiary that holds asbestos and certain other liabilities, to Enstar Group Ltd. As part of the deal, BorgWarner paid $172 million in cash to Morse TEC. The provider of technology solutions for combustion, hybrid and electric vehicles said it estimates the divestiture will result in an loss in its fourth-quarter financial statements of up to $40 million. The company is still evaluating the accounting for the divestiture. The stock, which is still inactive in premarket trading, has rallied 14.3% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.0073% has climbed 21.1%.

/zigman2/quotes/201434123/composite
US : U.S.: NYSE
$ 43.80
-0.70 -1.57%
Volume: 1.25M
Dec. 13, 2019 6:30p
P/E Ratio
12.01
Dividend Yield
1.55%
Market Cap
$9.04 billion
Rev. per Employee
$351,063
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/zigman2/quotes/210599714/realtime
US : S&P US
3,168.80
+0.23 +0.0073%
Volume: 1.96B
Dec. 13, 2019 5:14p
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