STOCKHOLM, Sweden, Oct. 3, 2002 (PRIMEZONE) -- Autoliv has opened a plant for airbags and seatbelts outside Seoul in Sanchuck, Korea. So far this year, the subsidiary's sales have risen by 30%, and in two years' time, sales are expected to skyrocket to U.S. $150 million, from less than U.S. $40 million this year, partly due to move of production from Autoliv companies in other countries.
The new U.S. $9 million plant is closer to its major customers than the facility Autoliv-Mando rents near Wonju. In addition, existing production in other countries for the Korean market can be moved to Sanchuk to be produced locally. The new plant will also provide much needed additional capacity for Autoliv Mando's burgeoning new business.
Autoliv Mando Corporation currently supplies airbag modules to Hyundai Motors, but with the new plant, AMC plans to supply also Kia Motors, Ssangyong Motors, and GM/Daewoo Motors. AMC's product program will be extended to include other Autoliv products, such as seat belts and electronic components. Currently, the company has 100 employees.
The construction phase just completed encompasses almost 10,000 square meters for manufacturing and crash lab space. The first phase is also comprised of office space for Head Office and Sales & Marketing.
The next phase of construction is planned to start in 2005. This phase will add about 5,000 square meters of manufacturing space and increase the total plant size to about 15,000 square meters. .
Inquiries: Lars Westerberg, President & CEO, Autoliv Inc. Tel. +46 (8) 587 20 600 Gunnar Dahlen, President Autoliv Asia Pacific, Tel. +60 (3) 2713 7666
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 technical centers in nine countries with 19 test tracks, more than any other automotive safety supplier. Sales in 2001 amounted to U.S. $4 billion. 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).
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