Autoliv Buys Japanese Steering Wheel Company

STOCKHOLM May 16, 2003; Dow Jones reports that Autoliv Inc. announced the acquisition of the steering wheel assets of Hiroshima-based Nippon Steering Industries, a joint venture between Autoliv's Japanese unit and privately-held KIW.

The Swedish automotive safety equipment supplier said it has also bought KIW's steering wheel assets.

The financial terms weren't disclosed.

The operations acquired have 100 employees and had almost $20 million) in sales last year, all of which went to Izumi with Mazda as the largest customer.

The acquisition follows a series of Autoliv investments in Japan and the rest of Asia. As recently as April this year, Autoliv acquired the remaining 60% of the shares in its joint venture with NSK, increasing its share of the Japanese seat belt market to more than 20%.

"As a result of these undertakings, we expect to double our consolidated sales in Asia between 2002 and 2005 to over $1 billion dollars," said Autoliv President and Chief Executive Lars Westerberg.