Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb) the worldwide leader in automotive safety systems, today announced the completion of the spin-off of its electronics segment, Veoneer, Inc.
With the completion of the spin-off, Veoneer, Inc. will today begin regular way trading on the New York Stock Exchange and will begin trading on Nasdaq Stockholm as an independent company.
Prior to the spin-off and as previously announced, Autoliv made cash contributions to Veoneer so that Veoneer has total cash liquidity of approximately $1 billion. Autoliv funded the contribution through a mixture of new external funding and existing cash.
The spin-off of Veoneer completes the process that started in September last year when Autoliv announced its plan to spin off its electronics segment, with the intent to create two separate companies capable of addressing two distinct, growing markets with leading product offerings.
“Today we are celebrating that we have created two great companies out of one. Each company has strong attributes for individual success, and the separation will allow further focus on each core business to bring enhanced value for customers, stockholders and other stakeholders”, said Jan Carlson, Chairman, President and CEO of Veoneer and Chairman of Autoliv. “I look forward to leading Veoneer’s future development in the active safety and autonomous driving market, while retaining the role as Chairman of Autoliv to provide continuity,” he continued.
“I am proud to be a part of the continued journey of Autoliv. We are the global market and technology leader in automotive safety with people who are passionate about our vision of saving more lives. With our broad, strong product portfolio and with the capabilities we have in the organization, I look forward to Autoliv further driving innovation into the future,” said Mikael Bratt, President and CEO of Autoliv.
Morgan Stanley acted as financial advisor to Autoliv and Veoneer.