The spinoff from Autoliv Inc. has been completed and Veoneer Inc. is now an independent, publicly traded company, with listings on NYSE and Nasdaq Stockholm. Regular trading in Veoneer started on July 2. The start of Veoneer as a public company was celebrated with bell-ringing ceremonies at both stock exchanges.
“Veoneer is the most focused active safety and autonomous driving company in the market. We have a unique combination of automotive-grade experience and cutting-edge technology that makes us a sustainable leader in our industry,” said Jan Carlson, chairman, president and CEO of Veoneer.
Veoneer is a growing technology company, focused on active safety, advanced driver assistance systems, autonomous driving and automotive safety electronics. The company’s purpose is to create trust in mobility.
In 2017, the company (as the Electronics business segment of Autoliv) had a turnover of $2.3 billion. Veoneer currently has around 7,600 associates out of which roughly half are in RD&E. Veoneer’s customers are nearly all the top automotive manufacturers in the world.
As previously announced, as of the spinoff, Veoneer has approximately $1 billion in cash liquidity.
Veoneer will begin “regular way” trading on the New York Stock Exchange under the symbol “VNE” and on Nasdaq Stockholm under the symbol “VNE SDB” today. The Autoliv board previously approved a pro rata distribution of all the stock of Veoneer to Autoliv stockholders in a 1 to 1 ratio.
Veoneer has decided to choose Sweden as its home member state, pursuant to Article 2.1 (i) of the Transparency Directive (2004/109/EC), due to the listing of its Swedish Depositary Receipts on Nasdaq Stockholm.
Morgan Stanley acted as financial adviser to Autoliv and Veoneer.
