Autoliv Sells Non-core Business
Autoliv Sells Non-core Business (Stockholm, March 23, 2001) - - Autoliv Inc. (NYSE: ALV) - the worldwide leader in automotive safety systems - announced today that it has sold its machined parts business in Ogden, Utah. The operation manufactures steel components for airbag inflators. This divestiture follows upon the sale and closure over the last two years of eight other non-core units with a total of more than 1,300 employees. In addition to reducing operating cost, these transactions and the sales of two properties have released $60 million that was tied up in these assets. The sale of the machined parts business will not have a material effect on Autoliv's earnings. The divested machined parts business had annual sales of approximately $11 million and 60 employees. The assets have been sold to several companies. "This operation is not strategic to Autoliv's long-term business plan," said Lars Westerberg, President and Chief Executive Officer of Autoliv, Inc. "By outsourcing these parts we should be able to reduce our cost for components". 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). Inquiries: Lars Westerberg, President and CEO, 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 Roger Tea, Vice President Human Resources of Autoliv ASP, Tel. (801) 625- 9280 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/03/23/20010323BIT00170/bit0002.doc http://www.bit.se/bitonline/2001/03/23/20010323BIT00170/bit0002.pdf