STOCKHOLM, Sweden, Sept. 11, 2002 (PRIMEZONE) -- Autoliv Inc. (NYSE:ALV) - the worldwide leader in automotive safety systems - will commence operations in Northern China in accordance with a business license recently granted by the Chinese authorities. A new company will be formed as a joint venture between Autoliv (59%) and Maw Hung Industrial Corporation (41%) in the city of Changchun.
At the beginning of next year, this joint venture will acquire the existing assets and business of Changchun Engley (formerly Harbin Engley). This existing business supplies mainly seat belts. Autoliv's new company, however, will also offer airbags and a range of sophisticated safety system solutions to the rapidly developing automotive market in China. Initial contracts are for the supply of the Audi A6, the Volkswagen Jetta A2 and for local Chinese vehicle manufacturers.
The new company will be called Autoliv (Changchun) Maw Hung Vehicle Safety Systems Co., Ltd., and be designated by the initials ACC.
This venture will bring the total number of Autoliv companies in China to six.
The Chinese passenger car market will exceed one million vehicles this year and is expected double within the next four years.
Inquiries:
Lars Westerberg, President and CEO, Autoliv Inc., Tel +46-8-58 72 06 00 Gunnar Dahlen, President, Autoliv Asia Pacific, Tel +66-2-659 8511
Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures Autoliv has close to 80 facilities with some 32,000 employees in more than 30 vehicle-producing countries. In addition, the company has technical centres with 20 test tracks in nine countries worldwide, more than any other automotive safety supplier. Sales in 2001 amounted to U.S. $4 billion. The Company's shares are listed on the New York Stock Exchange (NYSE:ALV) and its Swedish Depository Receipts on the OM Stockholm Stock Exchange (Stockholm:ALIV).
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