Chipmaker Qualcomm Inc. and SSW Partners this month said they had reached an agreement to buy Veneer for $4.5 billion.
see photosVeoneer reported an operating loss of $89 million in the year-ago quarter, compared to a loss of $103 million.
Swedish automotive technology group Veneer on Tuesday reported a modest third quarter loss amid global chip shortages and said it would no longer provide an outlook as it focuses on its emerging mergers. Chipmaker Qualcomm Inc. and SSW Partners this month said they had reached an agreement to buy Veneer for $4.5 billion.
Manufacturers of vision systems, radar and software for advanced driver-assistance systems (ADAS) were hit hard by the outbreak of the pandemic. Demand has improved massively since then, while the auto industry continues to face a shortage of electronic components.
Manufacturers of vision systems, radar and software for advanced driver-assistance systems (ADAS) were hit hard by the outbreak of the pandemic.
Veneer, which competes with companies such as Aptiv, Bosch, Continental and Mobileye, said underlying demand for its products remained very strong, while semiconductor shortages and supply chain constraints continued to impede growth.
“We are managing this situation daily, and doing our best to support our customers in this difficult situation,” Veneer Chief Executive and President Jan Karlsson said in a statement.
Veoneer reported an operating loss of $89 million in the year-ago quarter, compared to a loss of $103 million.
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Qualcomm had in August offered to buy the Sweden-based firm at an 18.4% premium to a bid of about $3.8 billion by Magna, which had already been accepted by Venir’s board.
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