Autoliv Inc., a leader in automotive safety systems, today announced that the new electronics spin-off company will be named Veoneer.
Autoliv currently has more than 80 facilities and 70,000 employees in 27 countries, including Autoliv Electronics America in Southfield and Autoliv America in Auburn Hills.
In December 2017, Autoliv’s board of directors decided to continue with the spin-off of its electronics business segment — now known as Veoneer — to create a new, independent publicly traded company during the third quarter of 2018.
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, 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, automation and new mobility,” says 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,” says 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.
Autoliv has 22 technical centers in 10 countries around the world, as well as 19 test tracks.