Veoneer to sell Japan and China operations of Brake System JV to Nissin-Kogyo and Honda Motor for $176m.

Veoneer, a Swedish provider of automotive technology, agreed to sell its 51% stake in Japan and China operations of Brake System JV to Nissin-Kogyo and Honda Motor for $176m. The termination of the VNBS joint venture and the divestiture of the Japanese and Chinese entities are part of Veoneer's previously announced market adjustment initiatives which are aimed at focusing Veoneer on its core businesses and providing an effective cost structure to address the current market and business situation in the company.