Autoliv Inc., a global provider of automotive safety systems, 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.
According to Autoliv, Veoneer’s ambition is to be a leading system supplier for advanced driver assistance systems (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, 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,” said 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 complete during the third quarter of 2018 subject to market, regulatory and certain other conditions, including approval by Autoliv’s board of directors.
