Autoliv Intensifies Cooperation for Russian Market
Autoliv Intensifies Cooperation for Russian Market (Stockholm, July 6, 1999) -- Autoliv Inc. (NYSE: ALV and SSE: ALIV), the worldwide leader in automotive safety systems, has signed a Memorandum of Understanding with the Estonian Norma Group AS to acquire approximately 50% of the shares in Norma AS - the dominant seat belt supplier to the Russian vehicle industry. A definitive agreement is expected to be concluded before the fall. The Estonian seat belt manufacturer Norma has been one of Autoliv's licensees and is currently a component supplier to Autoliv. "We are interested in expanding our seat belt business in Eastern Europe. Norma, with its long-standing relationships with the Russian car industry, offers such an opportunity", explained Autoliv's President and Chief Executive Officer Lars Westerberg. "As a global company doing business with all major car producers in the world, we should also be able to further develop Norma by better utilizing its production capacity and its capabilities as a component supplier", said Mr. Westerberg. In 1998, Norma had annual sales of EEK 483 million (approx. US$30 million) and slightly more than 1,000 employees. The company's shares will remain listed on the Tallinn Stock Exchange. Automobile production in Russia is this year expected to reach one million light vehicles. Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manu-facturers in the world. The company has 60 wholly-owned subsidiaries and joint ventures with more than 21,000 employees in 28 vehicle- producing countries. In addition, the company has eight tech-nical centers around the world, including 19 test tracks, more than any other automotive safety supplier. Sales in 1998 amounted to close to US $3.5 billion and net income US $188 million. The company's shares are listed on the New York Stock Exchange (NYSE: ALV), its Swedish Depositary Receipts on the Stockholm Stock Exchange (SSE: ALIV) and its stock options on the Chicago Board Options Exchange (CBOE: ALV.) Inquiries: Lars Westerberg, Tel +46-705-91 10 37 Mats Ödman, Dir. Corp. Com., Tel. +46 (8) 58 72 06 23 or mob. +46(708) 32 09 33 Website: www.autoliv.com Autoliv Inc. Autoliv North America, Inc. Klarabergsviadukten 70, Sec. C 1320 Pacific Drive P. O. Box 703 81, Auburn Hills, MI 48326-1569, USA SE-107 24 Stockholm, Sweden Tel +46 (8) 58 72 06 00, Tel +1 (248) 475-0409, Fax +1 (248) 475-9831 Fax +46 (8) 24 44 79 e-mail: mats.odman@autoliv.com e-mail: barry_murphy@autolivasp.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/07/06/19990706BIT00440/bit0001.doc http://www.bit.se/bitonline/1999/07/06/19990706BIT00440/bit0002.pdf