<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE FISCAL YEAR ENDED 1996 or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
COMMISSION FILE NUMBER 33-92860
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Borg-Warner Automotive Diversified Transmission Products Corporation,
Muncie Plant, Local 287 Retirement Investment Plan as Amended and
Restated
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Borg-Warner Automotive, Inc.
200 South Michigan Avenue
Chicago, Illinois 60604
REQUIRED INFORMATION
ITEM 4.
Financial Statements for the Years Ended December 31, 1996 and 1995 and
Supplemental Schedule as of December 31, 1996 and Independent Auditors' Report
<PAGE> 2
BORG-WARNER AUTOMOTIVE
DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION,
MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
Financial Statements as of
December 31, 1996 and 1995 and for the
Year Ended December 31, 1996 and
Supplemental Schedule as of
December 31, 1996 and
Independent Auditors' Report
<PAGE> 3
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits,
December 31, 1996 and 1995 2
Statement of Changes in Net Assets Available for Benefits,
Year Ended December 31, 1996 3
Notes to Financial Statements,
Years Ended December 31, 1996 and 1995 4-10
SUPPLEMENTAL SCHEDULE:
Item 27a - Schedule of Assets Held for Investment Purposes,
December 31, 1996 11
(Supplemental schedules not listed are omitted due to the absence of conditions
under which they are required.)
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
Borg-Warner Automotive Diversified Transmission
Products Corporation, Muncie Plant Local 287
Retirement Investment Plan:
We have audited the accompanying statements of net assets available for
benefits of the Borg-Warner Automotive Diversified Transmission Products
Corporation, Muncie Plant Local 287 Retirement Investment Plan (the "Plan") as
of December 31, 1996 and 1995, and the related statement of changes in net
assets available for benefits for the year ended December 31, 1996. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the Plan's financial statements referred to above present
fairly, in all material respects, the net assets available for benefits as of
December 31, 1996 and 1995, and the changes in net assets available for
benefits for the year ended December 31, 1996 in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental schedule of assets
held for investment purposes as of December 31, 1996 is presented for the
purpose of additional analysis and is not a required part of the basic
financial statements but is supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedule
has been subjected to the auditing procedures applied in the audit of the basic
1996 financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
June 16, 1997
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BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996 AND 1995
(IN THOUSANDS)
- --------------------------------------------------------------------------------
1996 1995
ASSETS:
Investment in Master Trust $44,379 $35,881
LIABILITIES:
Other payable (19)
------- -------
NET ASSETS AVAILABLE FOR BENEFITS $44,360 $35,881
======= =======
See notes to financial statements.
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BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1996
(IN THOUSANDS)
- --------------------------------------------------------------------------------
ADDITIONS TO NET ASSETS:
Investment income from Master Trust (Note 4):
Net appreciation in fair value of investments $ 2,543
Interest income 26
Dividend income 2,821
-------
Total investment income 5,390
Contributions from participants (Note 1) 3,414
Contributions from the Company (Note 1) 1,331
-------
Total additions 10,135
DEDUCTIONS FROM NET ASSETS:
Participants' withdrawals 1,603
Transfers to other Borg-Warner Automotive, Inc. Plans 30
Miscellaneous expense 23
-------
Total deductions 1,656
-------
NET INCREASE 8,479
NET ASSETS AVAILABLE FOR BENEFITS - Beginning of year 35,881
-------
NET ASSETS AVAILABLE FOR BENEFITS - End of year $44,360
=======
See notes to financial statements.
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BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1996 AND 1995
1. DESCRIPTION OF PLAN
The following description of the Borg-Warner Automotive Diversified
Transmission Products Corporation, Muncie Plant Local 287 Retirement Savings
Plan (the "Plan") provides only general information. Participants should
refer to the Plan document for a more complete description of the Plan's
provisions.
GENERAL - The Plan is a participating plan under the Borg-Warner Automotive,
Inc. Retirement Savings Master Trust (the "Master Trust"). The plan sponsor
is the Muncie Plant of Borg-Warner Automotive Diversified Transmission
Products Corporation (the "Company"), a subsidiary of Borg-Warner
Automotive, Inc. (the "Corporation").
The Plan was established as a defined contribution plan under Section 401(a)
of the Internal Revenue Code, designed to provide eligible employees of the
Company with systematic savings and tax-advantaged long-term savings for
retirement. The Company has assigned the Retirement Savings Plan Committee
(the "Committee") to oversee the Plan and the Master Trust. The Committee
has appointed Putnam Investor Services, Inc. and Putnam Fiduciary Trust to
perform the administrative, investment, and trustee services for the Plan
and the Master Trust. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
ELIGIBILITY - Hourly employees of the Company, who are covered by the
collective bargaining agreement between the Company and UAW Local 287, may
participate in the Plan if they were employed on September 7, 1989 and have
attained the earlier of (i) seniority as defined in the collective
bargaining agreement, or (ii) one year of vested service with the Company
provided, however, such employee is not a participant in the Borg-Warner
Automotive Diversified Transmission Products Corporation, Muncie Plant
Retirement Savings Plan.
PARTICIPANT'S ACCOUNTS - The following accounts are established for each
participant in the Plan:
Matched Contribution Account - Participants may voluntarily contribute on a
pretax basis from one to six percent of their compensation to this account.
The Company makes contributions equal to 50 percent of such participants'
contributions.
Savings Account - Participants may voluntarily contribute from one to ten
percent of their compensation to this account. No Company contributions are
made to this account.
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MASTER TRUST - Participants may elect to invest their Matched Contribution
Account and Savings Account in one or more of the funds of the Master Trust
maintained by Putnam Fiduciary Trust, other than the Loan Fund and Pending
Account which are not fund elections available to participants. The funds
of the Master Trust are as follows:
Investment Contracts Fund - Invests in investment contracts with either
highly rated insurance companies or major banks and also in short-term
investments which provide liquidity.
Putnam Voyager Fund - Invests a significant portion of its assets in
securities of smaller and newer issuers. The fund may borrow money to
purchase additional portfolio securities. The fund also trades securities
for short-term profits.
Putnam S&P 500 Index Fund - Invests primarily in publicly traded common
stocks either directly or through collective investment trusts having a
similar investment objective. A small portion of the fund's assets is
invested in high-quality money market instruments and financial futures
contracts.
The George Putnam Fund of Boston - Invests in a well-diversified portfolio
of stocks and bonds.
Borg-Warner Automotive, Inc. Stock Fund - Invests in the common stock of
Borg-Warner Automotive, Inc.
Putnam Income Fund - Invests primarily in quality corporate and government
bonds that pay a rate of interest in regularly scheduled payments. The fund
became an eligible investment option of the Master Trust effective October
1, 1995.
Loan Fund - Invests in Plan participant loans. Participant borrowings
increase the fund balance and principal repayments decrease the fund balance
with proceeds reinvested in participant-directed fund investment elections.
The Loan Fund does not share in the dividends, earnings, and gains of the
Master Trust.
Pending Account - Represents (1) forfeitures of nonvested account balances
until applied against future Company contributions, and (2) proceeds from
the sale of assets prior to distribution to the newly elected investment
fund.
Participant interests in each of the funds under the Master Trust are
accounted for in units of value. The following is a summary by fund of the
number of units and net asset value per unit:
DECEMBER 31, 1996
NUMBER NET ASSET
OF VALUE
UNITS PER UNIT
Investment Contracts Fund 4,850,056 $ 1.00
Putnam Voyager Fund 1,010,633 16.27
Putnam S&P 500 Index Fund 314,496 17.01
The George Putnam Fund of Boston 975,761 16.42
Borg-Warner Automotive, Inc. Stock Fund 21,254 38.50
Putnam Income Fund 95,863 7.01
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DECEMBER 31, 1995
NUMBER NET ASSET
OF VALUE
UNITS PER UNIT
Investment Contracts Fund 4,692,593 $ 1.00
Putnam Voyager Fund 832,901 15.34
Putnam S&P 500 Index Fund 293,787 13.88
The George Putnam Fund of Boston 855,413 15.52
Borg-Warner Automotive, Inc. Stock Fund 9,936 32.00
Putnam Income Fund 77,468 7.23
Contributions to, and earnings of, each fund are invested in appropriate
holdings on a timely basis. All purchases of Borg-Warner Automotive, Inc.
stock are made on the open market.
VESTING - Fund assets attributable to voluntary participant contributions
are fully vested at all times. Fund assets attributable to Plant
contributions vest 100 percent upon completion of five years of vested
service or upon permanent disability, death or attaining age 65 provided,
however, the participant is employed by the Company on that date.
WITHDRAWALS - While participants are actively employed, no withdrawals may
be made from the Matched Contribution Account. Withdrawals may be made from
the Savings Account at the participants' option subject to certain
limitations. Upon termination of employment, participants may elect an
immediate or future distribution of the participants' vested account
balances as permitted by the Plan subject to ERISA regulations.
LOANS - Participants may borrow up to 50 percent of their Savings Account
balance with a minimum of $500 and a maximum of $50,000 limited to a single
loan outstanding at any time. Loan terms range from six months to five
years, with interest charged at the rate established by the Trustee for
similar loans on the origination date. No loans are permitted from the
Matched Contribution Account.
PRIORITIES UPON TERMINATION - Although the Company has not expressed any
intent to discontinue the Plan, it has the right to do so at any time,
subject to the provisions set forth in ERISA. In the event of termination,
the interests of the affected participants shall become fully vested. The
Plan assets then remaining shall be used to pay administrative expenses and
benefits equal to the balance in the participants' accounts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS - The Investment Contracts Fund of the Master Trust is stated at
cost plus interest earned to date (i.e., contract value) as reported by the
Trustee. The contract value of the Investment Contracts Fund approximates
the fair value. The average yield for the Investment Contracts Fund was 6.2
percent and 6.9 percent for the years ended December 31, 1996 and 1995,
respectively. The Investment Contracts Fund is fully benefit-responsive.
The loans to participants are valued at cost plus accrued interest which
approximates fair value. Investments in all other funds are stated at
market value as reported by the Trustee.
ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of net assets
available for benefits as of the date of the financial statements, and the
reported amounts of
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changes in net assets available for benefits during the reporting period.
Actual results could differ from those estimates.
MISCELLANEOUS EXPENSES - Transfer taxes and brokerage expenses attributable
to the Master Trust assets are charged to the applicable fund. Any other
expenses incurred in respect of Master Trust income or property are charged
to the accounts of the participants, where applicable, or are paid in such
manner as the Company determines.
PAYMENT OF BENEFITS - Benefits are recorded when paid.
3. TAX STATUS
The Plan obtained a determination letter, dated September 29, 1995, in which
the Internal Revenue Service stated that the Plan, as amended through March
12, 1995, was in compliance with applicable requirements of the Internal
Revenue Code. The Plan's management believes the Plan is currently designed
and being operated in accordance with the applicable rules and regulations
of the Internal Revenue Code; therefore, no provision for income taxes has
been made in the Plan's financial statements.
4. FUND INFORMATION
Carrying value of Plan investments in the Master Trust as of December 31,
1996 and 1995, investment income from the Master Trust, contributions from
participants, contributions from the Company, and participants' withdrawals
are as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1996 1995
<S> <C> <C>
Carrying value of Plan investments in the Master Trust (in thousands):
Investment Contracts Fund $ 4,850 * $4,693 *
Putnam Voyager Fund 16,443 * 12,777 *
Putnam S&P 500 Index Fund 5,350 * 4,078 *
The George Putnam Fund of Boston 16,022 * 13,276 *
Borg-Warner Automotive, Inc. Stock Fund 818 318
Putnam Income Fund 672 560
Loan Fund 223 144
Pending Account 1 35
------- -------
Total $44,379 $35,881
======= =======
*Represents 5% or more of Plan assets
<CAPTION>
<S> <C>
Net appreciation (depreciation) in the carrying value of investments of the Master Trust
for the year ended December 31, 1996 (in thousands):
Putnam Voyager Fund $ 706
Putnam S&P 500 Index Fund 957
The George Putnam Fund of Boston 800
Borg-Warner Automotive, Inc. Stock Fund 101
Putnam Income Fund (21)
-------
Total $ 2,543
=======
</TABLE>
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<PAGE> 11
Interest income from the Master Trust
for the year ended December 31, 1996 (in thousands):
Loan Fund $ 26
-------
Total $ 26
=======
Dividend income from the Master Trust
for the year ended December 31, 1996 (in thousands):
Investment Contracts Fund $ 304
Putnam Voyager Fund 1,020
The George Putnam Fund of Boston 1,439
Borg-Warner Automotive, Inc. Stock Fund 11
Putnam Income Fund 47
-------
Total $ 2,821
=======
Contributions from participants
for the year ended December 31, 1996 (in thousands):
Investment Contracts Fund $ 389
Putnam Voyager Fund 1,263
Putnam S&P 500 Index Fund 454
The George Putnam Fund of Boston 1,184
Borg-Warner Automotive, Inc. Stock Fund 65
Putnam Income Fund 59
-------
Total $ 3,414
=======
Contributions from the Company
for the year ended December 31, 1996 (in thousands):
Investment Contracts Fund $ 159
Putnam Voyager Fund 460
Putnam S&P 500 Index Fund 180
The George Putnam Fund of Boston 487
Borg-Warner Automotive, Inc. Stock Fund 23
Putnam Income Fund 22
-------
Total $ 1,331
=======
Participants' withdrawals
for the year ended December 31, 1996 (in thousands):
Investment Contracts Fund $ 402
Putnam Voyager Fund 345
Putnam S&P 500 Index Fund 119
The George Putnam Fund of Boston 704
Borg-Warner Automotive, Inc. Stock Fund 13
Putnam Income Fund 19
Loan Fund 1
-------
Total $ 1,603
=======
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5. MASTER TRUST
The plans participating in the Master Trust as of December 31, 1996 are the
Borg-Warner Automotive, Inc. Retirement Savings Plan ("BWARSP"), the Ithaca
Retirement Savings Plan ("IRSP"), the Borg-Warner Automotive Diversified
Transmission Products Corporation, Muncie Plant Retirement Savings Plan
("MRSP"), the Borg-Warner Automotive Diversified Transmission Products
Corporation, Muncie Plant Local 287 Retirement Investment Plan ("MRIP"),
the Borg-Warner Automotive Automatic Transmission Systems Corporation,
Sterling Heights Plant Savings Plan ("SHSP"), the Borg-Warner Automotive
Automatic Transmission Systems Corporation, Coldwater Plant Retirement
Savings Plan ("CRSP"), the Borg-Warner Automotive Automatic Transmission
Systems Corporation, Romulus Plant Retirement Savings Plan ("RRSP"), the
Borg-Warner Automotive Automatic Transmission Systems Corporation, Plymouth
Plant Retirement Savings Plan ("PRSP"), the Borg-Warner Automotive
Powertrain Systems Corporation, Seneca Plant Retirement Savings Plan
("SRSP"), the Borg-Warner Automotive Transmission Systems Corporation,
Gallipolis Plant Retirement Savings Plan ("GRSP"), and the Borg-Warner
Automotive Air/Fluid Systems Corporation of Michigan, Warren Savings Plan
("WSP"). During 1996, the Borg-Warner Retirement Savings Plan, Dixon Plant
("DRSP") was renamed as the Borg-Warner Automotive Air/Fluid Systems
Corporation Retirement Savings Plan ("AFSRSP") and the Borg-Warner
Retirement Savings Plan, Blytheville Plant was merged into the AFSRSP.
Each plan's interest in the net assets of the Master Trust as of December
31, 1996 and 1995 is as follows:
<TABLE>
<CAPTION>
PERCENT OF MASTER TRUST NET ASSETS
DECEMBER 31, 1996
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT PUTNAM PUTNAM GEORGE BWA INC. PUTNAM
NAME CONTRACTS VOYAGER S&P 500 PUTNAM STOCK INCOME LOAN PENDING TOTAL
OF PLAN FUND FUND INDEX FUND FUND FUND FUND FUND ACCOUNT PLAN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BWARSP 21.51% 22.04% 9.33% 19.67% 4.01% 1.17% .80% .07% 78.60%
IRSP 1.49 1.40 .58 1.26 .45 .02 .07 .00 5.27
AFSRSP .72 .88 .35 .83 .36 .09 .03 .01 3.27
MRSP .07 .36 .15 .40 .08 .00 .04 .00 1.10
MRIP 1.20 4.06 1.32 3.96 .20 .17 .05 .00 10.96
SHSP .02 .06 .03 .07 .04 .00 .01 .00 .23
CRSP .01 .03 .02 .03 .01 .00 .00 .00 .10
RRSP .01 .14 .05 .07 .06 .01 .01 .00 .35
PRSP .01 .01 .01 .01 .00 .00 .00 .00 .04
SRSP .00 .00 .00 .00 .00 .00 .00 .00 .00
GRSP .01 .02 .01 .01 .00 .01 .00 .00 .06
WSP .00 .01 .01 .00 .00 .00 .00 .00 .02
----- ----- ----- ----- ---- ---- ---- ---- ------
Total 25.05% 29.01% 11.86% 26.31% 5.21% 1.47% 1.01% .08% 100.00%
===== ===== ===== ===== ==== ==== ==== ==== ======
<CAPTION>
PERCENT OF MASTER TRUST NET ASSETS
DECEMBER 31, 1995
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT PUTNAM PUTNAM GEORGE BWA INC. PUTNAM
NAME CONTRACTS VOYAGER S&P 500 PUTNAM STOCK INCOME LOAN PENDING TOTAL
OF PLAN FUND FUND INDEX FUND FUND FUND FUND FUND ACCOUNT PLAN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BWARSP 26.94% 20.70% 8.10% 19.68% 3.37% .77% .73% .11% 80.40%
IRSP 1.72 1.28 .48 1.20 .42 .01 .06 .00 5.17
DRSP .50 .42 .08 .37 .13 .00 .01 .00 1.51
BRSP .23 .21 .09 .23 .08 .00 .01 .00 .85
MRSP .09 .31 .13 .32 .07 .00 .04 .00 .96
MRIP 1.41 3.84 1.23 3.99 .10 .17 .04 .01 10.79
SHSP .02 .02 .01 .03 .02 .00 .00 .00 .10
CRSP .01 .02 .02 .02 .01 .00 .00 .00 .08
RRSP .01 .03 .01 .02 .03 .00 .00 .00 .10
PRSP .01 .01 .01 .01 .00 .00 .00 .00 .04
----- ----- ----- ----- ---- ---- ---- ---- ------
Total 30.94% 26.84% 10.16% 25.87% 4.23% .95% .89% .12% 100.00%
===== ===== ===== ===== ==== ==== ==== ==== ======
</TABLE>
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<PAGE> 13
The net assets of the Master Trust are allocated to each plan based on the
above percentages. Investments in the Master Trust at December 31, 1996 and
1995 and components of investment income for the Master Trust for the year
ended December 31, 1996 are summarized in Note 6.
6. MASTER TRUST INFORMATION
The following tables present the carrying value of investments of the Master
Trust as of December 31, 1996 and 1995 and the components of investment
income for the Master Trust for the year ended December 31, 1996:
<TABLE>
<CAPTION>
DECEMBER 31
1996 1995
<S> <C> <C>
Carrying value of investments (in thousands):
Investment Contracts Fund $101,350 $102,880
Putnam Voyager Fund 117,378 89,247
Putnam S&P 500 Index Fund 48,014 33,768
The George Putnam Fund of Boston 106,454 86,070
Borg-Warner Automotive, Inc. Stock Fund 21,087 14,053
Putnam Income Fund 5,934 3,204
Loan Fund 4,067 2,971
Pending Account 341 422
-------- --------
Total $404,625 $332,615
======== ========
YEAR ENDED DECEMBER 31, 1996
-----------------------------------------------------------
NET APPRECIATION
(DEPRECIATION)
IN CARRYING VALUE DIVIDEND INTEREST
OF INVESTMENTS INCOME INCOME
<S> <C> <C> <C>
Investment income (in thousands):
Investment Contracts Fund $ 6,304
Putnam Voyager Fund $ 4,602 7,307
Putnam S&P 500 Index Fund 8,274
The George Putnam Fund of Boston 5,158 9,429
Borg-Warner Automotive, Inc. Stock Fund 3,193 299
Putnam Income Fund (106) 296
Loan Fund $291
Pending Account 7
------- ------- ----
Total $21,121 $23,642 $291
======= ======= ====
</TABLE>
******
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<PAGE> 14
SCHEDULE
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
(IN THOUSANDS)
- --------------------------------------------------------------------------------
FAIR
DESCRIPTION COST VALUE
INVESTMENT IN MASTER TRUST $42,335 $44,379
======= =======
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<PAGE> 15
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN AS AMENDED AND RESTATED
Date: June 28, 1997 SIGNATURE TITLE
By:/s/ ROBIN J. ADAMS Retirement Savings Plan Committee
-------------- Member
Robin J. Adams
WILLIAM C. CLINE Retirement Savings Plan Committee
---------------- Member
William C. Cline
GERALDINE KINSELLA Retirement Savings Plan Committee
------------------ Member
Geraldine Kinsella
REGIS J. TRENDA Retirement Savings Plan Committee
------------------ Member
Regis J. Trenda
<PAGE> 16
EXHIBIT INDEX
Exhibit Number Page
(23.1) Consent of Deloitte & Touche LLP
<PAGE> 1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-92860 on Form S-8 of Borg-Warner Automotive, Inc. of our report dated June
16, 1997, appearing in this annual report on Form 11-K of the Borg-Warner
Automotive Diversified Transmissions Products Corporation, Muncie Plant Local
287 Retirement Investment Plan for the year ended December 31, 1996.
DELOITTE & TOUCHE LLP
Chicago, Illinois
June 25, 1997
