STOCKHOLM, Aug. 11, 2020 /PRNewswire/ -- The automotive
technology company, Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), has
completed the divestiture of its US brake control business to ZF
Friedrichshafen AG. The parties will collaborate on a transition
plan for a limited period as part of the divestiture
process.
On April 23, Veoneer announced
the signing of an initial agreement to divest the US
brake control business. As communicated earlier, with
the divestiture Veoneer expects to achieve reductions of negative
cash flow for 2020 and 2021. The agreed purchase price is
$1, net.
In early 2019, Veoneer announced a strategic review of its brake
control systems business. In February
2020, Veoneer announced the completion of the divestiture of
the Japan and China operations of its brake system joint
venture.
Veoneer, Inc. is a worldwide leader in
automotive technology. Our purpose is to create trust in mobility.
We design, manufacture and sell state-of-the-art software, hardware
and systems for occupant protection, advanced driving assistance
systems, and collaborative and automated driving to OEMs globally.
Headquartered in Stockholm,
Sweden, Veoneer has 7,600 employees in 13 countries. In
2019, sales amounted to $1.9 billion.
The Company is building on a heritage of close to 70 years of
automotive safety development. In 2018, Veoneer became an
independent, publicly traded company listed on the New York Stock
Exchange (NYSE: VNE) and on the Nasdaq Stockholm (SSE: VNE
SDB).
Safe Harbor Statement: This release contains
statements that are not historical facts but rather forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include those
that address activities, events or developments that Veoneer, Inc.
or its management believes or anticipates may occur in the future.
All forward-looking statements are based upon our current
expectations, various assumptions and/or data available from third
parties. Our expectations and assumptions are expressed in good
faith and we believe there is a reasonable basis for them. However,
there can be no assurance that such forward-looking statements will
materialize or prove to be correct as forward-looking statements
are inherently subject to known and unknown risks, uncertainties
and other factors which may cause actual future results,
performance or achievements to differ materially from the future
results, performance or achievements expressed in or implied by
such forward-looking statements. Numerous risks, uncertainties and
other factors may cause actual results to differ materially from
those set out in the forward-looking statements, including general
economic conditions and fluctuations in the global automotive
market. For any forward-looking statements contained in this or any
other document, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and we assume no obligation to
update publicly or revise any forward-looking statements in light
of new information or future events, except as required by
law.
For more information please contact:
Thomas
Jönsson
EVP Communications & IR
tel +46 (0)8-527-762-27
Ray Pekar
VP Investor
Relations
tel +1 (248)794-4537
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SOURCE Veoneer