Autoliv’s new spin-off electronic company to be called Veoneer

by Autocar Pro News Desk , 22 May 2018


Sweden-based Autoliv, one of the global leaders in automotive safety systems announces that Veoneer, its electronics segment, has filed an amendment to its registration statement on Form 10 in connection with its planned spin-off from Autoliv.

Veoneer has filed the with the U.S. Securities and Exchange Commission (SEC) in connection with its planned spin-off from Autoliv. The amendment includes unaudited pro forma condensed combined financial statements which illustrate the financial impacts of the spin-off and related transactions, financial information of Veoneer for the first quarter of 2018 and information regarding certain expected directors of Veoneer following completion of the spin-off.

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.

The amendment to the Form 10 further specifies that related to the spin-off, Autoliv intends to provide total cash liquidity of approximately $1 billion (Rs 6,800 crore) (funded through a mixture of new external funding and existing cash). Autoliv’s Board had previously instructed management to assess Veoneer’s total cash liquidity needs of up to $1.2 billion (Rs 8,159 crore).

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Veoneer develops, manufactures and markets active safety systems, restraint control systems, and brake systems.

The unaudited pro forma condensed combined financial statements have been derived from the historical combined financial statements and the unaudited condensed combined interim financial statements of Veoneer with adjustments meant to give effect to the spin-off and related transactions.

Jan Carlson, president, chairman and CEO of Autoliv said, "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.” He further adds, “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." 

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.