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.
Inquiries:
Thomas Jönsson
Group Vice President Communications
Tel +46 (0)8 58 72 06 27
About Autoliv
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.
CONTACT:
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