Autoliv starts subassemblies in Tunisia
12/29/1999 4:00 AM EST
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: