BorgWarner Wins Major Contract to Supply Transfer Cases to Kia Motor Company
BorgWarner Wins Major Contract to Supply Transfer Cases to Kia Motor Company
CHICAGO, July 9 BorgWarner TorqTransfer Systems has won a major contract to supply four-wheel drive transfer case systems to Kia Motor Company of Korea. The transfer cases will be applied to Kia's new sport- utility vehicle, which is scheduled to launch in January of 2002. Kia Motor Company is part of the Hyundai Motor Company, which is also a major customer of BorgWarner TorqTransfer Systems in Korea. Both Kia and Hyundai are experiencing significant growth. "We are delighted to begin this relationship with Kia, and look forward to exceeding our new customer's expectations for leading-edge four-wheel drive technology," said Tim Manganello, BorgWarner TorqTransfer Systems president. The transfer cases will be manufactured and assembled at the BorgWarner TorqTransfer Systems facility in Margam, Port Talbot, UK. BorgWarner TorqTransfer Systems is the leading independent global designer and producer of torque distribution and management systems -- transfer cases, InterActive Torque Management (ITM) devices -- for four-wheel drive vehicles for the sport-utility, light truck and crossover vehicle markets. These systems enhance driver security, driveability and handling. Chicago-based BorgWarner is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide. The company operates manufacturing and technical facilities in 46 locations in 13 countries. Customers include Ford, DaimlerChrysler, General Motors, Toyota, Caterpillar, Navistar International and VW Group. The Internet address for BorgWarner is http://www.bwauto.com . For additional information, contact BorgWarner Corporate Communications at (312) 322-8500. Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward- looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign automotive production, the continued use of outside suppliers by original equipment manufacturers, fluctuations in demand for vehicles containing the Company's products, general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Cautionary Statements filed as Exhibit 99.1 to the Form 10-K for the fiscal year ended December 31, 2000.