Autoliv names electronics spinoff: 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. The goal of the company 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.
"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 Carlson.
After the spinoff, 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 spinoff 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.