Autoliv advances its indirect headcount reductions

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Autoliv announces reduction in global headcount

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• Autoliv, Inc. is implementing initiatives to reduce its global headcount, including downsizing 300 indirect employees in various countries such as China, Japan, Sweden, and the United States. The company will also close an office in the Netherlands. This is in addition to the previously announced reductions of up to 2,000 indirect employees. The majority of these reductions are expected to take place before the end of 2023.

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STOCKHOLM, Oct. 5, 2023 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV) and (SSE: ALIVsdb), the worldwide leader in automotive safety systems, today provides an update on its ongoing initiatives to reduce its global headcount, including downsizings of 300 indirect employees in China, Japan, Sweden, the United States, and the closure of an office in the Netherlands.

Autoliv continues to adapt and reduce its total workforce and optimize its geographic footprint. On June 8, 2023, Autoliv announced its intention to reduce up to 2,000 indirect employees. On July 13, 2023, Autoliv detailed initiatives including intended reductions of 1,100 indirect and direct employees. Today, the Company announces an additional 300 indirect employees that will leave Autoliv as part of the announced cost reduction framework. The majority of these new reductions is expected to leave the Company before year-end 2023.

The related accruals for the 300 indirect employees are expected to be immaterial and will be accounted for in the third and fourth quarters of 2023. Additional non-recurring charges are expected in future quarters as Autoliv continues to advance its global headcount and structural cost reductions.

Inquiries: 

Media: Gabriella Etemad, Tel +46 (70) 612 64 24
Investors & Analysts: Anders Trapp, Tel +46 (0)8 587 206 71
Investors & Analysts: Henrik Kaar, Tel +46 (0)8 587 206 14

The following files are available for download:

https://mb.cision.com/Main/751/3847812/2338966.pdf

Press release as PDF

 

View original content:https://www.prnewswire.com/news-releases/autoliv-advances-its-indirect-headcount-reductions-301948030.html

SOURCE Autoliv

FAQ

What is Autoliv's plan to reduce its global headcount?

Autoliv is downsizing 300 indirect employees in various countries and closing an office in the Netherlands.

How many indirect employees will be affected by the reductions?

A total of 300 indirect employees will be affected.

When will the majority of the reductions take place?

The majority of the reductions are expected to take place before the end of 2023.

What were the previously announced reductions?

Autoliv had previously announced plans to reduce up to 2,000 indirect employees.