Autoliv says its top three shareholders, Cevian Capital, Alecta and AMF, have each individually agreed with Autoliv and Veoneer to remain as major owners of Veoneer for a period of time after the spin-off.
Under each of the agreements, the three shareholders, who together represent more than 20% of Autoliv's outstanding shares, have each committed to hold more than 80% of the shares of Veoneer it receives in the spin-off, for a period of nine months after the spin-off, which is planned to be completed on June 29, 2018.
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"We are very proud that our top three shareholders are showing this strong support of Veoneer's strategy. This strong vote of confidence in Veoneer is a major milestone in the launch of the new company," said Jan Carlson, Chairman, President and CEO of Autoliv (from June 29, 2018, President and CEO of Veoneer).
Earlier this week, Autoliv said Veoneer has been selected by one of the world's leading automakers as a partner to develop and produce mono vision camera systems comprised of camera hardware, software and algorithms. The first deliveries for series production are planned for 2022.
Veoneer's mono vision system is designed to meet or exceed the market standards set by NHTSA and European NCAP for 5-star safety ratings. Autoliv/Veoneer says it is the only supplier capable of meeting 5-star safety ratings with hardware, software and detection algorithms fully developed in-house, using a single mono vision camera system.
Autoliv will today hold an Investor Day in Stockholm. During the Investor Day members of management of Autoliv and Veoneer will outline corporate strategy, operational strengths, technologies and innovation roadmaps and financial plans for their respective companies as stand-alone companies.
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By GlobalData"The strategy is to build two companies focused on and dedicated to their respective markets, which we believe will unlock substantial additional value. I look forward to seeing both companies prosper on their own," said Jan Carlson, Chairman, President and CEO of Autoliv (from June 29, President and CEO of Veoneer).
The event will be webcast. All presentations from management at the Investor Day will be made available on www.autoliv.com under Investors – Presentations & Transcripts from 08.00 CET on May 31, 2018.
Autoliv and Veoneer will also host an Investor Day on June 4, 2018 in New York. The presentations used at the Investor Day in Sweden will be used for the Investor Day in New York.
