Autoliv Expanding in Passive Safety Market
(Stockholm, April 9, 2010) --- Autoliv Inc. (NYSE: ALV), the worldwide leader in automotive safety, has agreed to acquire Delphi’s Pyrotechnic Safety Switch (PSS) assets in Europe. These assets are expected to generate close to $10 million USD of annualized sales in 2010.
Under the terms of the agreement announced today, Autoliv will acquire certain assets relating to the Delphi PSS business in Europe. The transaction includes intellectual property and physical assets serving customers such as Daimler, Audi and Porsche. In the event of an accident, the pyrotechnic safety switch (PSS) or “battery dis-connect” is activated by the deployment of the airbag. The PSS cuts (isolates) the battery from the vehicle starter and alternator, which helps prevent short circuits and reduces the likelihood of a resulting fire. The PSS technology is based on existing airbag technologies and provides a reliable, fast and safe way to disconnect power in emergency situations. Applications for electric and hybrid vehicles include crash protection of vehicle wiring circuits and associated battery storage systems. This technology can also be applied in most light vehicles and heavy commercial vehicles. “This acquisition supplements our efforts to grow in the passive safety market and in particular supports our focus on improving safety in vehicles using not only traditional combustable engines but alternative fuel technologies such as hybrids or batteries,” stated Jan Carlson, President and CEO of Autoliv. “With the trend towards smaller vehicles and alternative energies in many light vehicles, the demand for products such as the PSS will likely become more important in the future,” added Carlson. This transaction is expected to close by April 30, 2010, subject to regulatory approvals and customary closing conditions. Inquiries: Jan Carlson, President and CEO, Autoliv Inc., Tel +46 (0)8 587 20 600 Gunter Brenner, President Autoliv Europe, Tel + 49 8131 295 1198 Ray Pekar, Director IR and Business Development, Tel +1 519 973 3799