STOCKHOLM, July 2, 2020 /PRNewswire/ -- The automotive
technology company, Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), has
finalized the split of Zenuity, its software and ADAS joint venture
with Volvo Cars. As part of the split, Veoneer received IP licenses
and strengthened its software and systems team with around 200
software engineers joining the Company.
On April 2, Veoneer and Volvo Cars
announced a preliminary agreement to split the software joint
venture Zenuity in order for each company to more effectively drive
their respective strategies. The parties entered into
definitive agreements on July 1. As part of the split,
Veoneer received IP licenses and added around 200 software
engineers, located in Germany, the
US and Sweden, which strengthens
its software and systems team focused on the development and
commercialization of advanced driver assistance system (ADAS)
software for collaborative driving.
As announced earlier, Veoneer expects to achieve annual savings
of around $30 - $40 million as a result of the split. As part of
the transaction, Veoneer receives cash of around $15 million.
"During the next decade, more than 90% of our available market
will be for advanced driver assistance systems and collaborative
driving. I would like to give a warm welcome to the talented people
that are now joining us, they will be key contributors in our
pursuit for leadership in the growing ADAS market", says
Jan Carlson, Chairman, President
& CEO, of Veoneer.
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
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.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/veoneer/r/veoneer-and-volvo-cars-finalize-split-of-software-joint-venture-zenuity,c3146864
The following files are available for download:
https://mb.cision.com/Main/17380/3146864/1273222.pdf
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SOURCE Veoneer