BorgWarner Expands Timing System Business in India with Buy-out of Joint Venture
BorgWarner Engine Timing System Sales in India Expected to Show Strong Growth
AUBURN HILLS, Mich., December 10, 2008: With its engine timing system sales in India expected to show strong growth in the future, BorgWarner Morse TEC has completed the acquisition of its joint venture with Murugappa Group's Tube Investments of India (TII) located in Chennai, India. In 2001, BorgWarner Morse TEC partnered with TII to manufacture silent chains for the Indian automotive and two-wheeler markets, producing over four million silent chains since then. The purchase of the joint venture reflects BorgWarner's commitment to the Indian market as well as its customers in the region, including Hyundai, Mahindra & Mahindra, Maruti Suzuki and Tata.
The growth in the Indian passenger car market offers BorgWarner exciting opportunities for its engine timing system products. BorgWarner will continue to invest in this business, positioning the company to satisfy further growth in the automotive and two-wheeler segments. "We would like to thank our former partner, TII, and Murugappa Group, for their guidance and cooperation in this venture and wish them well in their future endeavors," said Alfred Weber, President and General Manager, BorgWarner Morse TEC.
BorgWarner Morse TEC manufactures engine timing systems that are quiet, durable, precise and cost effective. Engines equipped with BorgWarner variable cam timing (VCT) technology operate independently of oil pressure to deliver more horsepower, better performance, and improved fuel economy over traditional cam phasing devices in the marketplace today. HY-VO(R) chain systems, which are available for both front wheel drive transmissions, 4WD transfer cases and hybrid power drives, transmit power between shafts efficiently, quietly and economically with considerable weight savings over gear technology.
Auburn Hills, Michigan-based BorgWarner Inc. 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: BORGWARNER .