Autoliv Sells OEA Aerospace
Autoliv Sells OEA Aerospace (Stockholm, November 30, 2000) - - Autoliv Inc. (NYSE: ALV) - the worldwide leader in automotive safety systems - announced today that it has agreed to sell substantially all of the assets of OEA Aerospace, Inc., to BFGoodrich - a global supplier of aerospace components, systems and services. The companies expect to complete the cash transaction by year end or early January 2001, pending completion of government reviews. OEA Aerospace, Inc. produces propellant-actuated devices for aerospace and military applications. Located in Fairfield, California, USA, OEA Aerospace employs 250 people and has current annual sales of approximately $35 million. "The OEA Aerospace business has a rich history of innovation in energetic and pyrotechnic materials," said Tom Hartman, president of Autoliv Inflators. "We are pleased to have found a buyer who will continue to invest in the business and build on this strong foundation by supporting ongoing customer initiatives." The divestiture of the aerospace business follows upon the sale of eight other non-core units over the last two years allowing Autoliv to significantly reduce its net debt and operating costs. The sale of the aerospace business will not have a material effect on Autoliv's earnings. Inquiries: Mats Ödman, Dir. Corp. Com., Tel. +46 (8) 58 72 06 23, or mob. +46 (708) 32 09 33 Kathy Whitehead, Manager, Marketing Communications, Tel. (801) 629-9196 Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures Autoliv have 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 1999 amounted to US $3.8 billion and net income US $200 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). ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/11/30/20001130BIT00120/bit0001.doc http://www.bit.se/bitonline/2000/11/30/20001130BIT00120/bit0002.pdf