Airbag maker Autoliv revs up cost cuts to counter car market slump [Reuters]
Autoliv, Inc. (ALV)
Last autoliv, inc. earnings: 4/24 06:00 am
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Source: Reuters
Airbag maker Autoliv revs up cost cuts to counter car market slump - Reuters 4 Min Read STOCKHOLM (Reuters) - Sweden’s Autoliv ( ALIVsdb.ST ) ( ALV.N ) said it would step up cost cuts as the car safety equipment maker became the latest casualty of a deteriorating auto industry to lower its 2019 sales growth and profit margin expectations. Several carmakers, including top Autoliv customer Daimler ( DAIGn.DE ), and suppliers have rolled out warnings in recent weeks as an expected recovery in demand has not panned out. Autoliv, the world’s largest seatbelts and airbags maker, said it would cut about 1,000 jobs in areas like sales and R&D and sharpen its purchasing process, adding it had already slashed 1,200 production jobs during the second quarter. CEO Mikael Bratt said car production was at its worst since the financial crisis, with demand weakest in China, where the earlier-than-planned introduction of new emission rules had heightened uncertainty, and Western Europe. “We see c
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ALV
Earnings
- 1/26/24 - Beat
ALV
Sec Filings
- 3/28/24 - Form 4
- 3/28/24 - Form 4
- 3/28/24 - Form 4
- ALV's page on the SEC website