BorgWarner Increases Quarterly Dividend
- SEE ALSO: ALL BORGWARNER ARTICLES
AUBURN HILLS, Mich., November 12, 2008: BorgWarner Inc., a leading provider of highly engineered engine and drivetrain components and systems to vehicle makers worldwide, announced today that the company's board of directors has approved a 9% increase in the quarterly cash dividend to $0.12 per share on all of the company's issued and outstanding common stock. The dividend is payable on February 16, 2009 to shareholders of record on February 2, 2009.
"While the economic crisis has created a very difficult environment for our industry, our strong financial position and confidence in future growth set us apart and enables us to increase returns to our shareholders," said Timothy M. Manganello, chairman and chief executive officer. "This is the seventh consecutive year of dividend increases and over that period the dividend has more than tripled."