Autoliv Invests in India - Opens new Engineering and Production Facility
(Stockholm, June 18, 2010) – – – Autoliv, Inc. – the global leader in automotive safety systems – today announced the opening of its new plant in India. The new facility hosts the country’s first safety center and a new airbag and seatbelt assembly unit.
India is among the fastest growing automotive markets in the world. In 2010, light vehicle production in India is expected to reach 3.2 million units, an increase of 31% compared to 2009. This will make India the sixth largest vehicle producing country in the world.
The new plant is located in Bangalore and will support all vehicle manufactures in India with testing and product development. This is Autoliv’s ninth technical center and one of three specializing in small car safety. It is also Autoliv’s second plant for airbag production in the country. Last year, Autoliv became the first company to produce airbags in India.
“We are very proud of our new technical center, the first in India. The new facility plays a critical role in our global effort to improve safety for small cars. As we continue to develop our capabilities in India, the team here will play an increasingly important role in our global organization. " said Suresh Nandagopal, President Autoliv India.
Autoliv has been supplying safety products for the automotive industry in India for 16 years and is today the leading supplier in the country. In addition to the new Bangalore facility, Autoliv has three other facilities in India. Autoliv’s sales in India are expected to grow by 36% this year to over 100 MUSD. Major customers include Maruti-Suzuki, Mahindra, Tata, Toyota, Hyundai, Fiat, Ford, GM and Nissan.
Inquiries:
Henrik Kaar, Director Corp. Communications Tel +46 (0)8-587 20 614
Suresh Nandagopal, President Autoliv India Tel +91 80 2797 1253
About Autoliv
Autoliv Inc., the worldwide leader in automotive safety systems, develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has 80 facilities with approximately 40,000 employees in 29 countries. In addition, the Company has ten technical centers in nine countries around the world, with 21 test tracks, more than any other automotive safety supplier. Sales in 2010 are expected to amount to US $6.6 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the OMX Nordic Exchange in Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.
Safe Harbor Statement
This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). All such statements are based upon our current expectations, various assumptions, and data available from third parties and apply only as of the date of this report. 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 forward-looking statements will materialize or prove to be correct as these assumptions are inherently subject to risks and uncertainties such as without limitation, changes in general industry and market conditions, increased competition, changes in consumer preferences for end products, customer losses, bankruptcies, consolidations or restructuring, divestiture of customer brands, fluctuation in vehicle production schedules for which the Company is a supplier, continued uncertainty in program awards and performance, costs or difficulties related to the integration of any new or acquired businesses or technologies, pricing negotiations with customers, product liability, warranty and recall claims and other litigations, possible adverse results of pending or future litigation or infringement claims, legislative or regulatory changes, dependence on customers and suppliers, as well the risks identified in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2009. Except for the Company’s ongoing obligation to disclose information under the U.S. federal securities laws, the Company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information or future events.. 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 PSLRA.
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