The automotive technology company, Veoneer, Inc., 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.
SOURCE: Veoneer
