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BRIEF-Autoliv and Volvo Cars sign final agreement to form joint venture
January 3, 2017 / 7:40 AM / 10 months ago

BRIEF-Autoliv and Volvo Cars sign final agreement to form joint venture

Jan 3 (Reuters) - Autoliv

* Autoliv and Volvo Cars sign final agreement to form joint venture

* Says as part of agreement announced today, at time of closing Autoliv will make a total investment of around 1.1 billion SEK ($120.6 mln) into joint venture

* Says Volvo Cars will also contribute certain assets to joint venture

* As previously announced, Autoliv and Volvo Cars will own joint venture 50/50

* The joint venture, named Zenuity, will create a new entrant in the growing global market for autonomous driving software systems

* Headquartered in Gothenburg, Sweden and with additional operations in Munich, Germany, and Detroit, USA, the initial workforce of around 200 people will come from Autoliv and Volvo Cars

* The company is expected to grow to over 600 employees in the medium term

* Operations are expected to start during the first half of 2017, after approvals from relevant competition authorities in several countries have been obtained and other customary closing conditions have been satisfied Source text for Eikon: Further company coverage: ($1 = 9.1188 Swedish crowns) (Reporting by Stockholm Newsroom)

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