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Autoliv accelerates its global structural cost reductions; aims to close sites in Elmshorn, Germany and Congleton, United Kingdom
"In line with our previous announcement, these are the first actions in reducing our total workforce and important steps in the optimization of our geographic footprint. We are confident these steps will improve our ability to serve our customers with world-class life-saving products and solutions," said Mikael Bratt , President and CEO of Autoliv.
Autoliv aims to close its Elmshorn site in northern Germany and consolidate the technical center and most of its customer facing activities to its existing facility in Dachau, Germany by early 2025. The change would affect more than 500 employees working today in Elmshorn. Specific measures will be defined in compliance with the local regulations and within the framework of a dialogue with elected representatives and the social partners to determine the most appropriate provisions for the employees concerned.
Autoliv is evaluating a possible closure of its textile weaving facility for curtain airbags in the United Kingdom . Collective consultation with elected representatives has begun regarding the potential closure. A closure of the facility would affect around 250 employees working in the United Kingdom today, with the aim to relocate production by the end of 2025. Specific measures will be defined in compliance with the local regulations and within the framework of a dialogue with the social partners to determine the most appropriate provisions for the employees concerned.
Autoliv expects around $105 million to be accrued in the second quarter of 2023, primarily driven by the planned reduction of around 1,100 employees in Germany , the United Kingdom , the United States , and in Italy where Autoliv is closing its sales office. These actions should not impact the Company's adjusted operating margin for the second quarter or the full year 2023 as the Company considers these geographic footprint optimization and structural cost reductions non-recurring costs related to our capacity alignment program. Additional non-recurring charges are expected in future quarters as plans materialize.
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This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 08:45 AM CET on July 13 , 2023.
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