STOCKHOLM, Sweden, July 28, 2003 (PRIMEZONE) -- Autoliv Inc. (NYSE:ALV), the worldwide leader in automotive safety systems -- has agreed to buy the German seat belt company Protektor, which specializes in seat belts for niche markets, such as seat belts for buses, heavy trucks, forklifts, agricultural vehicles and other special-purpose vehicles. Autoliv is the world's largest supplier of seat belts for the original equipment market for passenger cars and other light vehicles. Protektor sells in 20 countries. Exports account for 35% of the company's Euro 10 million in turnover.
"Protektor is a perfect bolt-on acquisition," said Autoliv President and CEO Lars Westerberg. "Its products are identical to ours, because Protektor produces seat belts under an Autoliv license. But Protektor focuses on other customers, which will give us additional sales. Protektor is working with low volumes of tailor-made belts for specialized customers, while Autoliv is servicing the global mass market. Because our businesses are so different, we will keep Protektor as a separate unit and maintain its brand name. In addition, we will merge our spare parts and niche market businesses into Protektor, thereby doubling the unit's sales and creating synergies", declared Westerberg.
Protektor has more than 100 employees and facilities at Lubeck in northern Germany. The company was founded in 1983 by its current owner, Norbert Tandetzke. The company is certified according to ISO 9001, VDA 6.1 and QS 9000.
Inquiries: Lars Westerberg, President and CEO, Autoliv Inc., Tel +46-8-58 72 06 00 Jens Eisfeld, Director Special Market & Service parts, Tel +49- 4121-797-245
Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures Autoliv has 80 facilities with over 30,000 employees in 30 vehicle-producing countries. In addition, the company has technical centers in nine countries around the world, including 20 test tracks, more than any other automotive safety supplier. Sales in 2002 amounted to US $4.4 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the OM Stockholm Stock Exchange (SSE: ALIV)
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