Hella has completed the sale (closing) of the front camera software business, which is based at Berlin subsidiary, Hella Aglaia, including the associated testing and validation area.

Following approval by the relevant antitrust authorities and the fulfilment of further contractual conditions, the business was transferred to the Volkswagen Group's Car.Software Organisation with effect from 1 February, 2021.

Hella says it is generating around EUR120m (US$144m) in pre-tax income from the transaction.

"My special thanks go to all employees in the front camera software business for our journey together and their outstanding commitment over the years," said Hella CEO, Rolf Breidenbach.

"We are pleased we have now been able to successfully conclude the sale process and that, with the Car.Software Organisation, we have found what we consider to be an optimal company to further develop the activities."

The supplier adds the sale of the front camera software business was based on "stringent portfolio management" and that it would have had to make "extraordinarily large investments" combined with a large entrepreneurial risk in order to achieve the internal targets in this area.

"Regardless of the transaction, Hella will continue to invest intensively in key technologies for automated driving, especially in the areas of radar sensor technology and steering electronics," noted a Hella statement.

"At the same time, the remaining activities at Hella Aglaia in the areas of energy management, lighting control and people sensing will continue consistently and the subsidiary will be further strengthened by being responsible for Hella's Global Software House, which was founded last year."

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https://www.hella.com/hella-com/en/press/Company-02-02-2021-19325.html

Original source: https://www.hella.com/hella-com/en/press/Company-02-02-2021-19325.html