BorgWarner Announces Divestiture of BorgWarner Morse TEC to Enstar
October 30, 2019
October 30, 2019
AUBURN HILLS, Michigan, Oct. 30 -- BorgWarner issued the following news release:
BorgWarner today announced that it has divested BorgWarner Morse TEC LLC ("Morse TEC"), a wholly-owned subsidiary of the company that holds asbestos and certain other liabilities, to Enstar Holdings (US) LLC, a subsidiary of Enstar Group Limited. In connection with the closing, BorgWarner contributed approximately $172 million in cash to Morse TEC.
"Enstar is a leading player . . .
BorgWarner today announced that it has divested BorgWarner Morse TEC LLC ("Morse TEC"), a wholly-owned subsidiary of the company that holds asbestos and certain other liabilities, to Enstar Holdings (US) LLC, a subsidiary of Enstar Group Limited. In connection with the closing, BorgWarner contributed approximately $172 million in cash to Morse TEC.
"Enstar is a leading player . . .