Veoneer

American Industrial Partners Capital Fund VII to Acquire Veoneer's Restraint Control Systems Business

Retrieved on: 
Wednesday, December 6, 2023
Acquisition, LLP, Investment, Magna International, Morgan Stanley, SSW, Ropes & Gray, Active safety, AIP, QCOM, Growth, Qualcomm, Veoneer

The transaction with American Industrial Partners Capital Fund VII ("AIP Fund VII") completes Veoneer's and SSW's strategy of finding the right long-term homes for Veoneer's three original lines of business: Arriver™ Software, now owned by Qualcomm; Active Safety, now owned by Magna International; and Restraint Control Systems, to be acquired by AIP Fund VII.

Key Points: 
  • The transaction with American Industrial Partners Capital Fund VII ("AIP Fund VII") completes Veoneer's and SSW's strategy of finding the right long-term homes for Veoneer's three original lines of business: Arriver™ Software, now owned by Qualcomm; Active Safety, now owned by Magna International; and Restraint Control Systems, to be acquired by AIP Fund VII.
  • AIP invests in industrial businesses with a long track record of partnering with and growing businesses across industrial end markets, including several investments in the automotive sector.
  • The combination of AIP's process for investing behind operational capabilities and Veoneer's industry-leading position, products, and competence in Restraint Control Systems creates a strong platform for long-term, sustainable growth for Veoneer, its customers, products and people.
  • In April 2022, SSW acquired Veoneer in an all-cash transaction representing a total equity value of $4.6 billion.

American Industrial Partners Capital Fund VII to Acquire Veoneer's Restraint Control Systems Business

Retrieved on: 
Wednesday, December 6, 2023
Acquisition, LLP, Investment, Magna International, Morgan Stanley, SSW, Ropes & Gray, Active safety, AIP, QCOM, Growth, Qualcomm, Veoneer

The transaction with American Industrial Partners Capital Fund VII ("AIP Fund VII") completes Veoneer's and SSW's strategy of finding the right long-term homes for Veoneer's three original lines of business: Arriver™ Software, now owned by Qualcomm; Active Safety, now owned by Magna International; and Restraint Control Systems, to be acquired by AIP Fund VII.

Key Points: 
  • The transaction with American Industrial Partners Capital Fund VII ("AIP Fund VII") completes Veoneer's and SSW's strategy of finding the right long-term homes for Veoneer's three original lines of business: Arriver™ Software, now owned by Qualcomm; Active Safety, now owned by Magna International; and Restraint Control Systems, to be acquired by AIP Fund VII.
  • AIP invests in industrial businesses with a long track record of partnering with and growing businesses across industrial end markets, including several investments in the automotive sector.
  • The combination of AIP's process for investing behind operational capabilities and Veoneer's industry-leading position, products, and competence in Restraint Control Systems creates a strong platform for long-term, sustainable growth for Veoneer, its customers, products and people.
  • In April 2022, SSW acquired Veoneer in an all-cash transaction representing a total equity value of $4.6 billion.

Mats Backman new Chief Financial Officer and member of the Volvo Group Executive Board

Retrieved on: 
Thursday, June 29, 2023
Volvo, Autoliv, EUR, Sandvik, Nasdaq Stockholm, SEK, Veoneer, Management, Automotive industry

GOTHENBURG, Sweden, June 29, 2023 /PRNewswire/ -- Mats Backman has been appointed as Chief Financial Officer and a new member of Volvo Group's Executive Board.

Key Points: 
  • GOTHENBURG, Sweden, June 29, 2023 /PRNewswire/ -- Mats Backman has been appointed as Chief Financial Officer and a new member of Volvo Group's Executive Board.
  • He will succeed Jan Ytterberg, who as previously communicated, will continue as Volvo Group senior advisor.
  • He has been the Chief Financial Officer for several well-known companies such as Sandvik, Autoliv and Veoneer.
  • The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets.

Magna Completes Acquisition of Veoneer Active Safety Business

Retrieved on: 
Thursday, June 1, 2023
Acquisition, Veoneer, Electronics, Engineering

AURORA, Ontario, June 01, 2023 (GLOBE NEWSWIRE) -- Magna strengthens its active safety business with the completion of its acquisition of Veoneer Active Safety from SSW Partners.

Key Points: 
  • AURORA, Ontario, June 01, 2023 (GLOBE NEWSWIRE) -- Magna strengthens its active safety business with the completion of its acquisition of Veoneer Active Safety from SSW Partners.
  • “Adding experienced talent and complementary capabilities to our strong foundation in active safety is core to our strategy of bringing more horsepower to this growing market,” said Magna CEO Swamy Kotagiri.
  • Magna will also benefit from an expanded geographic footprint and customer reach in key automotive regions around the world with nine facilities and 30 engineering/sales locations dedicated to active safety.
  • “On behalf of Magna, I want to welcome the Veoneer Active Safety team,” Kotagiri added.

Arbe Announces Q1 2023 Financial Results

Retrieved on: 
Wednesday, May 17, 2023
Valeo, Imaging radar, Marketing, Veoneer, Tier 1, Perception, Research, TEL, Radar, Growth, Entrepreneurship, R, Callers, OEM, Safety, Mobile phone, Video game, Instrumentation, Weifu Fangkai Cup

TEL AVIV, Israel, May 17, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (NASDAQ: ARBE) ("Arbe"), a global leader in perception radar solutions, today announced financial results for its first quarter, which ended March 31, 2023.

Key Points: 
  • TEL AVIV, Israel, May 17, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (NASDAQ: ARBE) ("Arbe"), a global leader in perception radar solutions, today announced financial results for its first quarter, which ended March 31, 2023.
  • Gross margin for Q1 2023 was 11%, compared to 56.1% in Q1 2022, mainly related to economy of scale.
  • The decrease in operating expenses was primarily driven by a decrease in general and administrative expenses from $2.1 million in Q1 2022 to $1.6 million in Q1 2023 and a decrease in sales and marketing expenses from $1.2 million in Q1 2022 to $0.9 million in Q1 2023.
  • Net loss in Q1 2023 included $0.7 million of financial income, mainly related to favorable exchange rates and interest from deposits.

Magna Announces Senior Notes Offerings

Retrieved on: 
Wednesday, March 8, 2023
Sale, BNP Paribas, J.P. Morgan & Co., Veoneer, Prospectus, TD, ING Group, Acquisition, BofA Securities, RBC Capital Markets, Security (finance), Merrill (company), Ontario Securities Commission, EDGAR, Bank, Euro

Magna intends to use the net proceeds from the Euro senior notes for general corporate purposes, which may include the repayment of its existing indebtedness.

Key Points: 
  • Magna intends to use the net proceeds from the Euro senior notes for general corporate purposes, which may include the repayment of its existing indebtedness.
  • The offering of U.S. dollar senior notes is expected to close on March 21, 2023 and the offering of Euro senior notes is expected to close on March 17, 2023, in each case, subject to customary closing conditions.
  • The U.S. dollar senior notes and Euro senior notes will be offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”) and a short form base shelf prospectus and prospectus supplements filed with the Ontario Securities Commission.
  • The U.S. dollar senior notes and Euro senior notes are not being qualified for distribution in Canada but the U.S. dollar senior notes will be offered in Canada on a private placement basis to certain accredited investors as defined under Canadian securities laws.

Magna Announces CAD Senior Notes Offering

Retrieved on: 
Wednesday, March 8, 2023
MGA, Sale, Scotiabank, NOT, CAD, Veoneer, NEWS, Prospectus, TD, TSX, Acquisition, NYSE, Magna, TD Securities, RBC Capital Markets, AURORA, WIRE, FOR, Security (finance)

AURORA, Ontario, March 07, 2023 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced that it has entered into an agency agreement providing for the issuance, by way of private placement in each of the provinces of Canada, of CAD$350 million aggregate principal amount of senior unsecured notes due 2031. The notes will bear interest at an annual rate of 4.95% and will mature on January 31, 2031. The offering is expected to close on March 10, 2023, subject to customary closing conditions.

Key Points: 
  • The notes will bear interest at an annual rate of 4.95% and will mature on January 31, 2031.
  • The offering is expected to close on March 10, 2023, subject to customary closing conditions.
  • However, the completion of this offering is not contingent upon the completion of the Veoneer Acquisition.
  • RBC Capital Markets, Scotiabank and TD Securities are acting as joint bookrunners for the offering.

Arbe Announces Q4 and Full Year 2022 Financial Results

Retrieved on: 
Thursday, March 2, 2023
Rab, Radio, Safety, EBITDA, Perception, Engineering, Telecommunications, Veoneer, Valeo, CES, ADAS, Radar, Level 2, GlobalFoundries, Certification, Entrepreneurship, Weather, Investment, Webcast, Transport, RFI, TEL, Growth, Tier 1, RFQ, AEC, Renewable energy, Fine chemical, Instrumentation, Video game, Cryptocurrency

TEL AVIV, Israel, March 2, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (NASDAQ: ARBE) ("Arbe"), a global leader in Perception Radar Solutions, today announced financial results for its fourth quarter and full year, that ended on December 31, 2022.

Key Points: 
  • TEL AVIV, Israel, March 2, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (NASDAQ: ARBE) ("Arbe"), a global leader in Perception Radar Solutions, today announced financial results for its fourth quarter and full year, that ended on December 31, 2022.
  • In Q4, Arbe reached an important milestone, completing the chipset mass production line with Global Foundries in Vermont USA.
  • Q4 2022 a negative gross margin of 45.8%, compared to a positive gross margin of 37.7% in Q4 2021.
  • 2022 Net loss included financial income of $7.2 million compared to $24.8 million of financial expenses in 2021.

Ericsson Nomination Committee´s proposal for board of directors. Jan Carlson proposed as new Chairman

Retrieved on: 
Wednesday, January 11, 2023
Motorola, Partnership, Absolute Software Corporation, Good Technology, Ericsson, Centre of Geographic Sciences, Annual general meeting, College of Arts and Sciences, AB, Committee, Investor AB, Metso, Culture, Annual, TietoEVRY, College, AMF, Jonas, Stockholm School of Economics, Management, Veoneer, Cevian Capital, Economics, Science, Nordea

Ronnie was elected to the Ericsson board of directors as Chairman in 2018 and will continue to serve as Chairman for the remainder of his term.

Key Points: 
  • Ronnie was elected to the Ericsson board of directors as Chairman in 2018 and will continue to serve as Chairman for the remainder of his term.
  • The Nomination Committee hence proposes that, the current board member, Jan Carlson be elected by the Annual General Meeting 2023 as new Chairman of the Ericsson Board.
  • It is the Nomination Committee's assessment that each of the proposed board members, with their respective experiences, adds valuable expertise and experience to the Board.
  • Jan Carlson has a long career both as CEO and Chairman, as well as good knowledge of Ericsson after serving many years on the board.

Magna to Acquire Veoneer Active Safety Business

Retrieved on: 
Tuesday, December 20, 2022
Sidley Austin, Veoneer, EBITDA, TSX, Electronics, ADAS, Acquisition, NYSE, Advanced driver-assistance systems, Radar, Engineering, MGA, AURORA, Magna International, Citigroup, Bank, Renewable energy

The combined business is projected to generate approximately $3 billion in sales in 2024, positioning Magna's ADAS business as a global leader.

Key Points: 
  • The combined business is projected to generate approximately $3 billion in sales in 2024, positioning Magna's ADAS business as a global leader.
  • I am excited to welcome Veoneer Active Safety’s talented employees into our global Magna family.''
  • Veoneer Active Safety sales are projected to be approximately $1.1 billion in 2022 and growing to approximately $1.9 billion in 2024.
  • Magna will hold a conference call for interested analysts and Magna shareholders to review the acquisition today at 8:00 a.m.