Autoliv plans on spinning-off Veoneer – its electronics business, which focuses on driver assistance software, radar products and vision systems.
On Thursday, Autoliv, the world’s biggest maker of airbags and seat belts, stated that Jan Carlson, its chief executive, would be at the helm of Veoneer, its electronics business that it plans on spinning off and list in the third quarter of 2018.
In September 2017, the Swedish company had announced that it would divest its electronics business and create two listed companies: while one would focus on high-tech safety gear the other would focus on advances in self-driving vehicles.
Carlson is expected to take up the role of the CEO at Veoneer on April 1 2018; he will continue to the CEO and chairman of Autoliv until the spin-off is complete.
Autoliv’s Veoneer unit makes advanced driver assistance software, radar products and vision systems.
After the spin-off, Autoliv will retain the Autoliv brand and its airbags and seat belts business which generates the bulk of company earnings.
Once Veoneer has its own identity, Mikael Bratt, the head of Autoliv’s passive safety unit, will become Autoliv’s CEO while Johan Lofvenholm, the current head of Autoliv’s electronics business, would become Veoneer’s chief operating officer.