vne-20200811
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2020
 
Veoneer, Inc.
(Exact name of registrant as specified in its charter) 
Delaware 001-38471 82-3720890
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
Klarabergsviadukten 70, Section C, 6th Floor SE-111 64
Box 13089, SE-10302
Stockholm, Sweden

(Address and Zip Code of principal executive offices)

+46 8 527 762 00
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, :schemaRef xlink:type="simple" xlink:href="vne-20200811.xsd">00017331862020-08-112020-08-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2020
 
Veoneer, Inc.
(Exact name of registrant as specified in its charter) 
Delaware 001-38471 82-3720890
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
Klarabergsviadukten 70, Section C, 6th Floor SE-111 64
Box 13089, SE-10302
Stockholm, Sweden

(Address and Zip Code of principal executive offices)

+46 8 527 762 00
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par valueVNENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 




Item 8.01 Other Events.

On August 11, 2020, Veoneer, Inc. (the “Company”) completed the divesture of its U.S. brake systems business to ZF Friedrichshafen AG. The Company previously announced the signing of a non-binding agreement to divest its U.S. brake systems business on April 23, 2020.

On August 11, 2020, the Company issued a press release announcing the closing of the sale. A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) EXHIBITS

104Cover Page Interactive Data File (embedded within the Inline XBRL document).





EXHIBIT INDEX

Exhibit No.
Description
VNENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 




Item 8.01 Other Events.

On August 11, 2020, Veoneer, Inc. (the “Company”) completed the divesture of its U.S. brake systems business to ZF Friedrichshafen AG. The Company previously announced the signing of a non-binding agreement to divest its U.S. brake systems business on April 23, 2020.

On August 11, 2020, the Company issued a press release announcing the closing of the sale. A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) EXHIBITS

104Cover Page Interactive Data File (embedded within the Inline XBRL document).





EXHIBIT INDEX

Exhibit No.
Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
VEONEER, INC.
   
By: /s/ Lars A. Sjöbring
Name: Lars A. Sjöbring
Title: 
Executive Vice President, Legal Affairs,
General Counsel and Secretary
 
Date:  August 12, 2020


Document
 Exhibit 99.1


Veoneer completes divestiture of US brake control business

Stockholm, Sweden, August 11, 2020: The automotive technology company, Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), has completed the divestiture of its US brake control business to ZF Friedrichshafen AG. The parties will collaborate on a transition plan for a limited period as part of the divestiture process.

On April 23, Veoneer announced the signing of an initial agreement to divest the US brake control business. As communicated earlier, with the divestiture Veoneer expects to achieve reductions of negative cash flow for 2020 and 2021. The agreed purchase price is $1, net.

In early 2019, Veoneer announced a strategic review of its brake control systems business. In February 2020, Veoneer announced the completion of the divestiture of the Japan and China operations of its brake system joint venture.

For more information please contact:
Thomas Jönsson, EVP Communications & IR, tel +46 (0)8 527 762 27
Ray Pekar, VP Investor Relations, tel +1 (248) 794-4537

Veoneer, Inc. is a worldwide leader in automotive technology. Our purpose is to create trust in mobility. We design, manufacture and sell state-of-the-art software, hardware and systems for occupant protection, advanced driving assistance systems, and collaborative and automated driving to OEMs globally. Headquartered in Stockholm, Sweden, Veoneer has 7,600 employees in 13 countries. In 2019, sales amounted to $1.9 billion. The Company is building on a heritage of close to 70 years of automotive safety development. In 2018, Veoneer became an independent, publicly traded company listed on the New York Stock Exchange (NYSE: VNE) and on the Nasdaq Stockholm (SSE: VNE SDB).

Safe Harbor Statement: This release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Veoneer, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

v3.20.2
Cover Cover
Aug. 11, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 11, 2020
Entity Registrant Name Veoneer, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38471
Entity Tax Identification Number 82-3720890
Entity Address, Address Line One Klarabergsviadukten 70, Section C
Entity Address, Address Line Two 6th Floor SE-111 64
Entity Address, Address Line Three Box 13089
Entity Address, Postal Zip Code SE-10302
Entity Address, City or Town Stockholm
Entity Address, Country SE
City Area Code +46
Local Phone Number 8 527 762 00
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $1.00 par value
Trading Symbol VNE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001733186