Autoliv Announces Additional Cost Reduction Actions
Autoliv Announces Additional Cost Reduction Actions (Stockholm, August 16, 2001) - - Autoliv Inc. (NYSE: ALV) today announced it is moving its North American airbag cushion cut and sew operations from Ogden, Utah, to its existing plant in Queretaro, Mexico. This move comes as part of the company's previously announced cost efficiency program. "Autoliv is committed to achieving significant cost savings through better utilization of resources," said Autoliv CEO Lars Westerberg. "Airbag cushion cut and sew operations are highly labor intensive. We can therefore reduce manufacturing costs for this process by relocating to our Queretaro facility. In Europe, we have already started to move this kind of production to Poland from Holland and other high cost countries." Autoliv plans to phase cushion production out over the next twelve months at its Ogden, Utah, location beginning with sewing operations in September 2001 and continuing with cutting operations through September 2002. The plant, which currently employs 500 associates, will continue to operate with approximately 40 people in non-production areas such as Research and Development, Marketing, Prototyping and Purchasing. Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures Autoliv has close to 80 facilities with almost 30,000 employees in more than 30 vehicle-producing countries. In addition, the company has eight technical centers around the world, including 19 test tracks, more than any other automotive safety supplier. Sales in 2000 amounted to US $4.1 billion and net income to US $170 million. The company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depositary Receipts on the OM Stockholm Stock Exchange (SSE: ALIV). Inquiries: Roger Tea, Vice President Human Resources, Autoliv ASP, Tel. (801) 625- 9280 Pat Jarboe, Director Investor Relations and Communications, Tel. (248) 475-0407 Kathy Whitehead, Manager, Marketing Communications, Tel. (801) 629-9196 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/16/20010816BIT00330/bit0001.doc http://www.waymaker.net/bitonline/2001/08/16/20010816BIT00330/bit0001.pdf