MAGNA to acquire Veoneer's Active Safety Business

asoret — Wed, 21 Dec 2022 08:37:33 +0000

MAGNA to acquire Veoneer's Active Safety Business asoret Dec 21 2022

Dec 21 2022

Dear Business Partner,

On December 20, 2022, Veoneer signed an agreement with one of the world’s largest automotive suppliers, Magna International Inc., pursuant to which Magna will acquire Veoneer’s Active Safety business.

Active Safety
Veoneer sees Magna as a very solid and suitable long-term home for the Active Safety business, as our products and capabilities are highly complementary. Magna’s strong support in infrastructure and build-to-print solutions will back up our technical expertise in ADAS systems. Jointly, we will be able to offer a stronger and broader ADAS portfolio to our customers. We strongly believe that our suppliers, customers and ultimately consumers will benefit from the combined businesses.

Upon the completion of the transaction, Veoneer’s Active Safety business will be integrated into Magna’s electronics operating unit. The transaction with Magna is expected to close near mid-year 2023, subject to approval of applicable regulatory authorities and other customary closing conditions. Until the closing of the Magna-Active Safety transaction, Veoneer continues to run as it has prior to today’s announcement.

Restraint Control Systems
We are progressing the process of finding the right long-term home for Veoneer’s Restraint Control Systems (“RCS”) business. The RCS business has highly competitive products, is well-capitalized and has a strong operational leadership team. This will ensure uninterrupted operations and customer deliveries throughout the process of separating Active Safety and Restraint Control Systems, the closing of both transactions, and beyond. It is imperative for us to have your continued support with securing our component supply, especially with the upcoming operational separation.

The short message is that through the sale process and beyond, Veoneer’s Active Safety and Restraint Control Systems businesses will have solid financials, operational capabilities, full customer focus and will execute on deliveries, new launches and production ramp-ups, while targeting new business from existing and new customers.

Please reach out to your normal contact in the coming days and weeks if you have feedback or with any questions you might have related to these transactions.

We hope you share our excitement for the future and, as we count on continued collaboration, thank you.

Best regards,

Håkan Söderlund
SVP Sourcing

On December 20,2022, Magna, Veoneer and SSW Partners announced that they have entered a definitive agreement under which Magna will acquire Veoneer’s Active Safety Business.
The below letter from Veoneer's SVP Sourcing is explaining what it means for Veoneer.

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2022

Veoneer acquired by SSW Partners

asoret — Tue, 26 Apr 2022 15:03:35 +0000

Veoneer acquired by SSW Partners asoret Apr 26 2022

Apr 01 2022

On April 1, 2022, Veoneer announced that SSW Partners successfully completed the acquisition of Veoneer, Inc. Effective April 1, Jacob Svanberg has been appointed Veoneer’ s new CEO.

Pursuant of the acquisition, Veoneer has changed the US legal entity name from Veoneer US, Inc. to Veoneer US, LLC. The name change came into effect on April 1, 2022 and shall not impact our ongoing cooperation and agreed terms will continue in full force and effect under Veoneer US, LCC, as for our other Veoneer legal entities.

SSW Partners will work closely with Veoneer’ s management to ensure the pursuit of Veoneer’ s business plan and to lead the process in identifying strong, long-term strategic owners for Veoneer’ s Restraint Control Systems and Active Safety businesses. In the interim, Veoneer remains well capitalized to continue executing its strategy and staying focused on delivering best-in-class innovation, products, and services to its customers. This year, our products are part of more than 125 scheduled vehicle launches.

On April 4, Qualcomm completed the acquisition of the Arriver software business from SSW Partners. Veoneer and Qualcomm have signed a new strategic collaboration agreement that ensures the continuation of service and support for our customers on-going projects and programs and details a strong future collaboration on roadmap alignment and technology cooperation in the development for Advanced Driver Assistance Systems. Veoneer and Qualcomm will further engage in joint go-to-market activities including on-the-road demonstrations of combined Qualcomm/Arriver- Veoneer advanced ADAS solutions for L2+ and beyond.

It is important to note that under the new ownership, we expect to operate with no planned changes other than those announced.

For our customers, partners and affiliates this means business as usual, uninterrupted service, including full access to Veoneer’ s broad product portfolio and system integration knowledge.

If you have any questions regarding Veoneer’ s way forward and the continued relationship between our companies (not covered by the press releases), don’t hesitate to contact your lead buyer.

New ownership and ... business as usual !

Learn more about the acquisition of Veoneer by SSW Partners, the legal entity name change for Veoneer US, Inc, the next steps for Veoneer & Arriver, and the impacts of these changes on daily business.

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2022