Risk Factors Update Summary
- Announced a new strategy focusing on profitably growing eProducts, expecting over $10 billion in annual eProduct sales by 2027.
- Intended Spin-Off of PHINIA Inc. to separate Fuel Systems and Aftermarket segments.
- Increased workforce unionization to 12.5% in 2023 from 13% in 2022.
- Consolidated net sales outside the U.S. increased to 84% in 2023 from 81% in 2022.
- Sales to Ford and Volkswagen increased to 14% and 11% of consolidated net sales in 2023.
- Sales to top ten customers increased to 68% of sales for the year ended December 31, 2023.
- Potential impact of UAW unionizing other North American OEM plants on business outcomes.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=908255&owner=exclude
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