Autoliv Divests Non-Core Subsidiary
STOCKHOLM--(BUSINESS WIRE)-- Regulatory News:
Autoliv, Inc. (NYSE:ALV)(STO:ALIVSDB) today announced that the Company has sold its subsidiary Autoliv Mekan AB to Verktygs Allians i Hässleholm AB, a privately held company.
This subsidiary with sales of SEK 260 million (US $37 million) manufactures primarily seat components for seats in Volvo vehicles. The subsidiary has close to 200 employees and is located in Hässleholm, Sweden.
In a comment to the divestiture the Autoliv (ALV) CEO, Mr. Jan Carlson, said We are glad to have found an owner to Autoliv Mekan in its own industry. This should generate synergies between our former subsidiary and the new owner and could provide new customer groups for Autoliv Mekan.
Mr. Lars Thunberg, who is the owner of Verktygs Allians i Hässleholm AB, said Autoliv Mekan is a fine company that has great potential to expand in the automotive market. In our group of companies Mekan will be provided a new environment which will offer both cost synergies and possibilities to grow sales. This bodes well for the companys long-term prospects.
The name of Autoliv Mekan will be changed to its original name Läreda Mekan.
About Verktygs Allians
Verktygs Allians i Hässleholm AB was formed as a holding company for companies operating in the tooling and production engineering sectors. The company provides various tooling and production solutions in Sweden and combines plastics, sheet metal and injection-molded components in finished products with better material and functional characteristics. The company has 130 employees and sales of SEK 220 million (U.S.$30 million). Vertygs Allians operates at three locations in Sweden and two in China.
Autoliv, Inc., the worldwide leader in automotive safety systems, develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 80 facilities with nearly 50,000 employees in 29 countries. In addition, the Company has ten technical centers in nine countries around the world, with 21 test tracks, more than any other automotive safety supplier. Sales in 2011 grew by 15% to US $8.2 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the OMX Nordic Exchange in Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.
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Mats Ödman, Vice President Corporate Communications
Tel +46-708-32 09 33
Lars Thunberg, Chairman of the Board, Verktygs Allians
Tel. +46-701-43 30 40
Source: AutolivCopyright Business Wire 2012