Autoliv Opens New Plant In Turkey
Autoliv Opens New Plant In Turkey (Stockholm, Dec. 1, 1999) -- Autoliv Inc. (NYSE: ALV and SSE: ALIV), a worldwide leader in automotive safety, has opened a new plant in Turkey which will produce seat belts, airbags and steering wheels for both the Turkish market and the other markets in Europe. The need for this US $10 million investment stems from demand for new products, as well as from additional contracts for Autoliv's existing products. The new plant, which replaces Autoliv's existing, rented facility in Turkey, is closer to the major car producers. It is located in the Gebze Industrial Zone (90 km from the Istanbul International airport). This phase in the expansion of the new plant include a 12,000 square meter (approx. 130,000 sq. ft) production and office building on the 25,000 sq. meter site. Autoliv Cankor in Turkey is currently supplying Renault, Ford, Hyundai, Tofas- Fiat and some commercial vehicle producers in Turkey, as well as exporting to European producers. A couple of years ago, the Company was also awarded additional contracts by Renault and Ford for new vehicles, which triggered the investment in the new production facility. Annual light vehicle production in Turkey is expected to grow by 50% from 350,000 last year to 450,000 by the year 2001, since major vehicle producers have decided to use their Turkish plants for export to the European Union countries. Autoliv started operations in Turkey in 1993 by forming a 50/50 joint venture. The company has since become a wholly-owned subsidiary with sales expanding from approximately US $7million to budgeted US $30 million next year. The number of employees has trebled from less than 100 to 300. 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 22,000 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, President & C.E.O., Tel. +46 (8) 58 72 06 20, 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. E 1320 Pacific Drive P. O. Box 703 81, SE-107 24 Stockholm, Sweden Auburn Hills, MI 48326- 1569, USA Tel +46 (8) 58 72 06 23, Fax +46 (8) 24 44 79 Tel +1 (248) 475-0409, Fax +1 (248) 475-9831 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/1999/12/01/19991201BIT00430/bit0001.doc http://www.bit.se/bitonline/1999/12/01/19991201BIT00430/bit0002.pdf