STOCKHOLM, July 13,
2023 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV
) (SSE: ALIVsdb), the worldwide leader in automotive safety
systems, announces its first steps in adjusting its geographic
footprint and aims to close its sites in Elmshorn, Germany and Congleton, United Kingdom.
Autoliv is accelerating its global structural cost reductions,
particularly within its European operations. These initiatives will
simplify its logistics and geographic footprint and significantly
lower its cost base. As previously announced, Autoliv intends to
reduce its total workforce by up to 11%.
"In line with our previous announcement, these are the first
actions in reducing our total workforce and important steps in the
optimization of our geographic footprint. We are confident these
steps will improve our ability to serve our customers with
world-class life-saving products and solutions," said Mikael Bratt, President and CEO of Autoliv.
Closure of Autoliv facility in Elmshorn, Germany
Autoliv aims to close its Elmshorn site in northern Germany and consolidate the technical center
and most of its customer facing activities to its existing facility
in Dachau, Germany by early 2025.
The change would affect more than 500 employees working today in
Elmshorn. Specific measures will be defined in compliance with the
local regulations and within the framework of a dialogue with
elected representatives and the social partners to determine the
most appropriate provisions for the employees concerned.
Closure of Autoliv facility in Congleton, United Kingdom
Autoliv is evaluating a possible closure of its textile weaving
facility for curtain airbags in the United Kingdom. Collective consultation with
elected representatives has begun regarding the potential closure.
A closure of the facility would affect around 250 employees working
in the United Kingdom today, with
the aim to relocate production by the end of 2025. Specific
measures will be defined in compliance with the local regulations
and within the framework of a dialogue with the social partners to
determine the most appropriate provisions for the employees
concerned.
Structural Cost Reduction Accrual
Autoliv expects around $105
million to be accrued in the second quarter of 2023,
primarily driven by the planned reduction of around 1,100 employees
in Germany, the United Kingdom, the
United States, and in Italy
where Autoliv is closing its sales office. These actions should not
impact the Company's adjusted operating margin for the second
quarter or the full year 2023 as the Company considers these
geographic footprint optimization and structural cost reductions
non-recurring costs related to our capacity alignment program.
Additional non-recurring charges are expected in future quarters as
plans materialize.
Inquiries:
Investors & Analysts: Anders
Trapp, Tel +46 (0)8 587 206 71
Investors & Analysts: Henrik
Kaar, Tel +46 (0)8 587 206 14
Media: Gabriella Etemad, Tel +46
(70) 612 64 24
This information is information that Autoliv, Inc. is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the contact
person set out above, at 08:45 AM CET
on July 13, 2023.
About Autoliv
Autoliv, Inc. (NYSE: ALV; Nasdaq Stockholm: ALIV.sdb) is the
worldwide leader in automotive safety systems. Through our group
companies, we develop, manufacture and market protective systems,
such as airbags, seatbelts, and steering wheels for all major
automotive manufacturers in the world as well as mobility safety
solutions, such as pedestrian protection, connected safety services
and safety solutions for riders of powered two wheelers. At
Autoliv, we challenge and re-define the standards of mobility
safety to sustainably deliver leading solutions. In 2022, our
products saved close to 35,000 lives and reduced more than 450,000
injuries.
Our close to 70,000 associates in 27 countries are passionate
about our vision of Saving More Lives and quality is at the heart
of everything we do. We drive innovation, research, and development
at our 14 technical centers, with their 20 test tracks. Sales in
2022 amounted to US $ 8.8 billion.
For more information go to www.autoliv.com.
Safe Harbor Statement
This report contains statements that are not historical facts
but rather forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include those that address activities,
events or developments that Autoliv, Inc. or its management
believes or anticipates may occur in the future. All
forward-looking statements are based upon our current expectations,
various assumptions and data available from third parties. Our
expectations and assumptions are expressed in good faith and we
believe there is a reasonable basis for them. However, there can be
no assurance that such forward-looking statements will materialize
or prove to be correct as forward-looking statements are inherently
subject to known and unknown risks, uncertainties and other factors
which may cause actual future results, performance or achievements
to differ materially from the future results, performance or
achievements expressed in or implied by such forward-looking
statements. Numerous risks, uncertainties and other factors may
cause actual results to differ materially from those set out in the
forward-looking statements, including general economic conditions
and fluctuations in the global automotive market. For any
forward-looking statements contained in this or any other document,
we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995, and we assume no obligation to update publicly or
revise any such statements in light of new information or future
events, except as required by law.
The following files are available for download:
https://mb.cision.com/Main/751/3804370/2186257.pdf
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Autoliv accelerates its
global structural cost reductions.
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SOURCE Autoliv