© Veoneer
General |
Veoneer buys Nissin Kogyo's interests in US VNBS operations
Veoneer has signed a binding agreement with Nissin Kogyo, its joint venture partner in Veoneer Nissin Brake Systems (VNBS), providing for structural changes to the JV and reaching an agreement on the funding of VNBS.
Under the agreement Veoneer will acquire Nissin Kogyo's interests in the US operations of VNBS, referred to as VNBA, for one US dollar, and VNBS will transfer or license the technologies necessary to operate the VNBA business.
The US operations of VNBS, including the transferred or licensed technologies, will thus become a wholly-owned Veoneer business. In return, effective upon closing, Veoneer will release Nissin Kogyo from any obligations to fund VNBA in the future. The VNBS operations in Japan and China will remain a part of the joint venture, with Veoneer owning 51% and Nissin Kogyo owning 49% of the joint venture.
The transaction is expected to close on or around June 28, 2019.
