Autoliv Strengthens Position in South Africa -- Increases Holding in Partially Owned Company
9 July 1997Autoliv Strengthens Position in South Africa -- Increases Holding in Partially Owned Company
STOCKHOLM, July 9 -- Autoliv Inc. , a worldwide leader in automotive safety, has increased its holding in Autoflug S.A. (Pty) Ltd. in Johannesburg, South Africa, to 49 percent by acquiring 23 percent of the shares from the other partner, Automotive Manufacturing Investments Ltd. Autoliv acquired its initial holding in the joint venture in 1991. Autoflug produces seat belts for Toyota, BMW, Ford, Nissan, Fiat, Honda, Mazda and Mercedes-Benz. The company has 200 employees and US$13 million in sales. The vehicle production in South Africa this year is expected to amount to 330,000 automobiles, including 150,000 trucks. Autoliv Inc. manufactures airbags for driver, passenger and side-impact applications, inflatable knee bolsters, seat belts and seat belt pretensioners, steering wheels, seat components, child seats and electronics for virtually all major automotive manufacturers in the world. Autoliv Inc. has more than 50 wholly-owned subsidiaries or joint ventures with 15,000 employees in 25 vehicle-producing countries worldwide. In addition, the Company has more research and development centers in the world, including 14 test tracks, than any other automotive safety supplier. The company's shares are listed on the New York Stock Exchange , its Swedish depository receipts on the Stockholm Stock Exchange (SSE: ALIV) and its stock option on the Chicago Board Option Exchange (CBOE: ALV). SOURCE Autoliv Inc.