Autoliv has completed the spin-off of its electronics segment, Veoneer.
With the completion of the spin-off, Veoneer will today (2 July) start regular trading on the New York Stock Exchange and will begin trading on Nasdaq Stockholm as an independent company.
Prior to the spin-off and as previously announced, Autoliv made cash contributions to Veoneer so it has total cash liquidity of around US$1bn. Autoliv funded the contribution through a mixture of new external funding and existing cash.
The spin-off of Veoneer completes the process started in September last year, when Autoliv announced its plan to spin off its electronics segment, with the intent to create two separate companies capable of addressing two distinct, growing markets with leading product offerings.
"Today we are celebrating that we have created two great companies out of one," said Veoneer chairman, president and CEO and Autoliv chairman, Jan Carlson.
"Each company has strong attributes for individual success, and the separation will allow further focus on each core business to bring enhanced value for customers, stockholders and other stakeholders.
"I look forward to leading Veoneer's future development in the active safety and autonomous driving market, while retaining the role as chairman of Autoliv to provide continuity."
Morgan Stanley acted as financial advisor to Autoliv and Veoneer.