STOCKHOLM, Feb. 19, 2018 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced that the new electronics spin-off company will be named 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, automotion 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.
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Autoliv, Inc. is the worldwide leader in automotive safety systems, and through its subsidiaries develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 80 facilities with 70,000 employees in 27 countries. In addition, the Company has 22 technical centers in ten countries around the world, with 19 test tracks, more than any other automotive safety supplier. Sales in 2016 amounted to about US $10.1 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.
Safe Harbor Statement This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates in the future. All forward-looking statements are based upon our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.
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