SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported:
February 25, 2000
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AUTOLIV, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
001-12933 (51-037854)
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(Commission File Number) (IRS Employer Identification No.)
World Trade Center
Klarabergsviadukten 70
S-107 24 Stockholm
Sweden
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(Address of principal executive offices)
46 (8) 587 20 600
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Registrant's Telephone Number, Including Area Code
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(Former Name or Former Address, if Changed Since Last Report)
Item 2. Acquisition or Disposition of Assets.
On February 25, 2000, Autoliv, Inc. (the "Company") issued a
press release, which is attached hereto as Exhibit 99.1 and is
hereby incorporated by reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits.
99.1. Press release, dated February 25, 2000, issued by
the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Date: February 25, 2000 AUTOLIV, INC.
By: /s/ Joergen Svensson
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Joergen Svensson
Vice President - Legal
Affairs, General Counsel
and Secretary
EXHIBIT INDEX
Exhibit
Number Description
99.1. Press release, dated February 25, 2000, issued by the
Company.
EXHIBIT 99.1
AUTOLIV
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P R E S S R E L E A S E
Autoliv Becomes Global Leader in Seat Belts
(Stockholm, Feb. 25, 2000) Autoliv Inc. (NYSE: ALV and SSE: ALIV) -
the world wide leader in automotive safety systems - has signed a memorandum
of understanding to acquire the seat belt operations of NSK, the Japanese
ballbearing company. The acquisition will give Autoliv over 20% of the
Japanese seat belt market, strengthen Autoliv's seat belt position in North
America and make Autoliv the global sales leader also in seat belts, after
having become the worlds largest company for airbags. Since Japan is the only
major market where we have not had a significant seat belt presence, this
acquisition fills an important gap, explained Mr. Lars Westerberg, President
and Chief Executive Officer of Autoliv Inc.
- - As the car manufacturers make mergers and become more global, it is becoming
increasingly important to have technical support and manufacturing
capabilities all over the world.
- - This acquisition is yet another example on how committed we are to
strengthen our relationships with the Japanese market. In 1998, we acquired
an airbag assembly plant. Last year, we opened a technical center North of
Tokyo. This year, we have already acquired Japans second largest steering
wheel company from Izumi and we are just starting production in our Japanese
plant for airbag inflators. This, in combination with NSK's seat belts, should
make Autoliv an excellent supplier and partner for the Japanese car industry
and for other car companies who want to strengthen their business in Japan
and operate globally.
- - This is an opportunity we have been trying to create for many years,
concludes Mr. Westerberg.
NSK's seat belt business have operations in Japan, USA, Mexico and Thailand.
The North American operations, which have sales of $70 million, will be
acquired as of April 1. These operations consist of a plant in Tijuana,
Mexico, and a technical center in Bloomfield Hills, Michigan. The remaining
portion of NSK's seat belt business, which has sales of approximately $250
million, will be acquired in three steps, starting with 40% on April 1, 2000,
followed by 30% two years later and ending with the remaining 30% on April 1,
2003. This means that this part of the acquisition will not be consolidated
until April 2002.
- - Thanks to this stepwise transition we will continue to have strong
cooperation with NSK and that should safeguard that NSK's seat belt customers
continue to get the highest level of service and support, explained
Mr. Westerberg.
The final price for the acquisitions will depend on the performance of the
business but the price is expected to exceed $72 million on a debt-free basis.
The acquired businesses have combined sales in excess of $300 million and more
than 1.350 employees. The acquisition is expected to have no significant
impact on Autoliv's earnings for 2000 and 2001.
A definitive agreement is intended to be signed during the second quarter.
For illustrations and further information:
Lars Westerberg, President&CEO, Autoliv Inc., Tel +46 58 72 06 20
Curt Sorensen, President Autoliv Japan, Tel +81 (45) 475-3503
Mats Odman, Dir. Corp. Comm., Tel +46 (8) 587 20 623 or +46(708)32 09 33
Barry Murphy, Director Investor Relations, Tel. +1 (248) 475-0409
