Autoliv to Buy Back Stock
9 May 2000
STOCKHOLM, Sweden - Autoliv Inc., a leading manufacturer of automotive safety systems -- today announced that its Board of Directors has approved a stock repurchase program authorizing the repurchase by the company of up to ten million shares of its outstanding common stock. Autoliv has approximately 102 million shares of common stock outstanding. Purchases will be made from time to time as market and business conditions warrant, in open market, negotiated or block transactions. "We believe that market conditions have created an attractive opportunity to repurchase Autoliv shares. It should be an efficient way to utilize Autoliv's strong cash flow to enhance our company's earnings per share," said Mr. Lars Westerberg, President and Chief Executive Officer. Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. The company has 60 wholly-owned subsidiaries and joint ventures with more than 24,000 employees in 29 vehicle-producing countries. In addition, the company has eight technical centers around the world, including 19 test tracks, more than any other automotive safety supplier. Sales in 1999 amounted to close to US $3.8 billion and net income US $200 million. The company's shares are listed on the New York Stock Exchange , its Swedish Depositary Receipts on the Stockholm Stock Exchange and its stock options on the Chicago Board Options Exchange.