STOCKHOLM, July 13 (Reuters) – Swedish automotive safety gear group Autoliv (ALV.N), said on Thursday its planned factory closures would most likely be in Elmshorn, Germany, and Congleton, Britain, as part of its cost cutting.
The company, which counts many of the world’s top automakers among its customers, announced in early June that it intended to cut 11% of its total workforce and shut down several undisclosed factories in Europe.
“These initiatives will simplify its logistics and geographic footprint and significantly lower its cost base” it said in a statement on Thursday.
In the first steps, a total of 1,100 positions will be cut out of the planned 8,000.
From the initial cuts, the company said it expected to accrue around $105 million in the second quarter, but added that would not impact its adjusted operating margin for the quarter or the whole of 2023
Autoliv is among a swathe of companies grappling with high inflation and a faltering global economy, including in the auto industry.
