Veoneer to Focus on Core Electronics Business
Veoneer, Inc. (VNE)
Last veoneer, inc. earnings: 4/27 04:01 pm
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Source: PR Newswire
STOCKHOLM, April 23, 2020 /PRNewswire/ -- The automotive technology company, Veoneer, Inc. (NYSE: VNE) and (SSE: VNE SDB), has, following a strategic review, decided to exit the brake control business and has signed a non-binding agreement with a well-established automotive supplier to divest Veoneer's yet to be launched US brake control programs.Following the strategic review initially launched in April 2019, Veoneer has decided to focus on its core Electronics business and exit the brake control business. Veoneer is a leading autotech company focused on hardware and software in the safety domain. Following this divestiture Veoneer intends to further strengthen this core product offering and continue to build on this leading position.Through this divestiture, Veoneer expects to achieve total reductions of negative cash flow of more than $80 million for 2020 and 2021 as these programs are in an investment and ramp-up phase ahead of major launches. The divestiture to a well-established
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