UPDATE 2-Sweden's Veoneer to sell $500 million of bonds, equity to boost working capital [Reuters]
Veoneer, Inc. (VNE)
Last veoneer, inc. earnings: 4/27 04:01 pm
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Source: Reuters
Sweden's Veoneer to sell $500 million of bonds, equity to boost working capital - Reuters 3 Min Read (Reuters) - Swedish auto tech company Veoneer plans to shore up its working capital by $500 million through the sale of bonds and shares, as it waits for a strong order book to translate into a pick up in earnings. A weak car market and high research, development and engineering costs have led to slower sales and larger-than-expected losses for the maker of radars, vision systems and advanced driver assistance and autonomous drive software. In spite of a $19 billion order book, the auto industry’s long lead-times before sales are completed have forced the company to raise fresh capital. Veoneer, which competes with the likes of Aptiv, Continental and Bosch, said in April it would seek up to $500 million to help it cope with a downturn in the vehicle market and fund new product development, but did not give further details. The company, which supplies Daimler, Volkswagen, Ford and Honda
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