Autoliv announce spin-off company Veoneer
In December 2017, Autoliv's Board of Directors decided to continue with the spin-off of its Electronics business segment "“ now to be named Veoneer "“ creating a new, independent publicly traded company during the third quarter of 2018.
Veoneer's ambition is to be a leading system supplier for ADAS and autonomous driving as well as a market leader in automotive safety electronics products.
When publicly listed, Veoneer's offering will include safety electronics, sensors and software for active safety, advanced driver assistance systems (ADAS) and autonomous driving (AD) as well as advanced brake control solutions.
"Naming the new company Veoneer clearly reflects that this is an independent company focusing on future technologies. We look forward to creating a customer-focused company and creating shareholder value. The Veoneer brand will be a visionary pioneer in automotive electronics, ADAS, automation and new mobility, said Jan Carlson, President, Chairman and CEO of Autoliv.
"Today, we have one of the broadest product portfolios in the market, and the ambition for Veoneer is to stay at the forefront of innovation in the current revolution of the automotive industry. Veoneer is prepared to take on the challenges of automation and human machine interaction as vehicles get increasingly intelligent. This development will greatly improve traffic safety and bring new levels of comfort and convenience to people in need of transportation," continued Jan Carlson.
After the spin-off, Autoliv's current Passive Safety segment will continue to operate under the Autoliv name, with continued listings on the New York Stock Exchange and Nasdaq Stockholm.
The spin-off is expected to be completed during the third quarter of 2018 subject to market, regulatory and certain other conditions, including approval by Autoliv's Board of Directors. There can be no assurance regarding the ultimate timing of the spin-off or that the spin-off will ultimately occur.