Autoliv starts subassemblies in Tunisia
Autoliv Starts Subassemblies in Tunisia (Stockholm, Dec. 29, 1999) - Autoliv Inc. (NYSE: ALV and SSE: ALIV) - the world-wide leader in automotive safety systems - has completed the first phase in localizing some of its steering wheel operations to Tunisia. This part of the plan includes two production plants in El Fahs and Ennadour, southwest of Tunis, for leather-wrapping of steering wheels. Construction of a third plant, which will be dedicated to foaming of steering wheels, is also under way. As a consequence, Autoliv will employ close to 1,000 people in Tunisia as early as within one year. - The localization to Tunisia is an important part in Autoliv's cost reduction program explained Mr. Lars Westerberg, President and Chief Executive Officer of Autoliv Inc. Autoliv entered the steering wheel business in 1995 by acquiring the French company Isodelta, a leading European steering wheel manufacturer. Subsequently, steering wheel production has begun in the United States and will soon start in Brazil, Malaysia and Turkey. In addition, Autoliv recently agreed to acquire Izumi, the second largest steering wheel company in Japan. Currently, Autoliv sells steering wheels to BMW, Ford, General Motors, Mitsubishi, Peugeot, Citroën, Renault, Saab,Volvo and Volkswagen. Autoliv's goal in entering the steering wheel business was to offer steering wheels with integrated driver airbags, in addition to traditional airbag modules. - We have had a seamless start-up in Tunisia and our Autoliv employees there have done an excellent job in cooperation with our staff at Isodelta, Lars Westerberg added. 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 & CEO, Autoliv Inc., Tel +46 (8) 58 72 06 20 Mats Ödman, Dir. Corp. Comm., Tel +46 (8) 587 20 623 or +46(708)32 09 33 Barry Murphy, Director Investor Relations, Tel. +1 (248) 475-0409 Website: www.autoliv.com Autoliv, Inc. Autoliv North America Klarabergsviadukten 70, Sec.E 1320 Pacific Drive P. O. Box 703 81, SE-107 24 Auburn Hills, MI Stockholm, Sweden 48326-1569, USA Tel +46 (8) 58 72 06 23 Tel +1 (248) 475-0409 Fax +46 (8) 411 70 25 Fax +1 (248) 475-9838 e-mail: e-mail: mats.odman@autoliv.com 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/1999/12/29/19991229BIT00130/bit0001.doc http://www.bit.se/bitonline/1999/12/29/19991229BIT00130/bit0002.pdf