Autoliv builds plant in Korea
Autoliv Builds Plant in Korea (Stockholm, Nov. 23, 2001) has begun construction of a new plant that will produce airbags and seatbelts for the Korean automotive manufacturers. The need for this US $8,5 million investment stems from demand for local service on existing business as well as from new contracts for Autoliv Mando Corporation. The new plant will replace Autoliv-Mando's existing, rented facility in Moonmak Korea, and also be closer to the major car producers. The new site is located in Sanchuck Korea (60 km south of Seoul). Construction of phase 1, which has just started, will be completed in August next year This phase encompasses almost 10,000 square meter for a facility that will house Head Office, Sales & Marketing, R & D, Testing (including crash sled track), and Manufacturing activities. The next phase of the construction is planned to start in 2005. This phase will add about 5,000 square meters and increase the total plant size to about 15,000 square meters. Autoliv Mando Corporation is currently supplying airbag modules to Hyundai Motors and Renault Samsung Motors. With the new plant, Autoliv Mando Corporation plans to supply also Kia Motors, Ssangyong Motors, and GM/Daewoo Motors, and extend its product program to include also seat belts and electronic components. Current sales for Autoliv-Mando is about US $40 million and is expected to exceed US $150 p.a. million within three years. The company currently has 100 employees. Inquiries: Lars Westerberg, President & CEO, Autoliv Inc. Tel. +46 (8) 587 20 600 Gunnar Dahlèn, President Autoliv Asia Pacific, Tel. +60 (3) 2713 7666 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). ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/11/23/20011123BIT00130/bit0002.doc http://www.waymaker.net/bitonline/2001/11/23/20011123BIT00130/bit0002.pdf