Majority listing of Daimler Truck to accelerate into zero-emissions and software-driven future, company says.
Garrett Motion Inc. today marks its first day as an independent company following its successful tax-free spinoff from Honeywell.
The company further announced additional members expected to serve on the Veoneer board of directors following completion of the spin-off.
The separation is expected to be completed by the end of 2018 or early 2019, and shares of Magneti Marelli are expected to be listed on the Milan stock exchange.
Johnson Controls expects to complete its assessment of strategic alternatives over the next several months. To assist the company in its review, Johnson Controls has retained Centerview Partners as financial advisers.
The spinoff of the electronics business is progressing according to schedule and is expected to be completed during the third quarter of 2018.
The new company, a spinoff from Delphi Automotive, builds upon the strength of its heritage of providing advanced vehicle propulsion solutions through combustion systems, electrification products and software and controls for global automotive, commercial vehicle and aftermarket customers. Liam Butterworth (pictured) was named CEO.