AUBURN HILLS, Mich., Nov. 22, 2002 (PRIMEZONE) -- Autoliv (NYSE:ALV) (Stockholm:ALIV), the world's largest supplier of automotive safety systems, today announced that it will minimize costs and maximize efficiency by concentrating its North American seat belt production in just three plants. As a result, Autoliv's plant in Indianapolis, Indiana, will be phased out during the next 12 months.
"We are facing increasingly difficult industry conditions," stated Norm Markert, president of Autoliv North America. "The closing of our Indianapolis plant will partially offset the severe pricing pressure from our customers. We regret the need to take this action, and the impact it will have on our people."
The plant currently employs 350 people. It produces a variety of seat belt products, such as buckle assemblies, pyrotechnic pretensioners and shoulder-belt height adjusters. The cost of the phase-out will be charged to the current quarter as a one-time expense of less than $5 million.
Inquiries:
Patrick Jarboe, Director -- Corporate Communications Autoliv North America (248) 475-0407 Al Fabian, Plant Manager -- Indianapolis Seat Belt Facility Autoliv North America (317) 704-3420
Autoliv Inc. develops and manufactures automotive safety systems for allmajor automotive manufacturers in the world. Together with its jointventures Autoliv has close to 80 facilities with almost 30,000 employeesin more than 30 vehicle-producing countries. In addition, the companyhas nine technical centers around the world, including 20 test tracks,more than any other automotive safety supplier. Sales in 2001 amountedto US $4 billion. The Company's shares are listed on the New York StockExchange (NYSE:ALV) and its Swedish Depository Receipts on the OMStockholm Stock Exchange (Stockholm:ALIV).
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