Autoliv Provides Update on Planned Veoneer Spin-off
Autoliv Provides Update on Planned Veoneer Spin-off
STOCKHOLM, May 21, 2018 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems announces that Veoneer, its electronics segment, has filed an amendment to its Registration Statement on Form 10 in connection with its planned spin-off from Autoliv.
Veoneer, Inc. has filed an amendment to its Registration Statement on Form 10 with the U.S. Securities and Exchange Commission (SEC) in connection with its planned spin-off from Autoliv. The amendment includes unaudited pro forma condensed combined financial statements which illustrate the financial impacts of the spin-off and related transactions, financial information of Veoneer for the first quarter of 2018 and information regarding certain expected directors of Veoneer following completion of the spin-off.
The amendment to the Form 10 further specifies that related to the spin-off, Autoliv intends to provide total cash liquidity of approximately $1 billion (funded through a mixture of new external funding and existing cash). Autoliv's Board had previously instructed management to assess Veoneer's total cash liquidity needs of up to $1.2 billion.
The unaudited pro forma condensed combined financial statements have been derived from the historical combined financial statements and the unaudited condensed combined interim financial statements of Veoneer with adjustments meant to give effect to the spin-off and related transactions.
The unaudited pro forma condensed combined financial statements are for informational purposes only and do not purport to represent what Veoneer's financial position and results of operations actually would have been had the spin-off and related transactions occurred on the dates indicated, or to project Veoneer's financial performance for any future period.
A copy of the registration statement is available for review at www.sec.gov under the name Veoneer, Inc. https://www.sec.gov/Archives/edgar/data/1733186/000119312518168532/0001193125-18-168532-index.htm
Trading in Veoneer common stock and Swedish Depository Receipts is anticipated to begin in the early part of the third quarter of 2018 with listings on the New York Stock Exchange and Nasdaq Stockholm, respectively.
Inquiries:
Media:
Thomas Jönsson
Corporate Communications
Tel +46 (0)8 5872-0627
Investors & Analysts:
Anders Trapp
Investor Relations
Tel +46 (0)8-58-72-06-71
Investors & Analysts:
Ray Pekar
Investor Relations
Tel, +1 (248) 794-4537
About Autoliv
Autoliv, Inc. is the worldwide leader in automotive safety systems, and through its subsidiaries develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 72,000 employees in 27 countries. In addition, the Company has 23 technical centers in nine countries around the world, with 19 test tracks, more than any other automotive safety supplier. Sales in 2017 amounted to about US $10.4 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.
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 Autoliv, Inc. or its management believes or anticipates may occur in the future, including those related to the intended spin-off of Autoliv's Electronics business, the timing of such spin-off, whether the spin-off is ultimately consummated, the timing and amount of the capital injection into Veoneer and the expected performance of Autoliv and Veoneer following completion of the spin-off. 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.
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SOURCE Autoliv
