Saturday, September 30, 2023

Autoliv to cut 8,000 jobs to cut costs against inflation

Swedish-American automotive equipment company autolivThe number one in airbags and seat belts, announced this Thursday the elimination of 8,000 positions in the world to reduce costs by 11% of its troops. inflation,

These job cuts will relate “particularly to Europe”, where the group “intends to close a number of plants”, Autoliv said in a statement.

The company said the reductions would begin this year and last through 2025.

In Europe, the group is present in Romania (10,500 jobs), but also in Poland (2,500), Hungary (2,000) and France (2,000), according to a spokesman. It employs 3,000 people in Türkiye.

Outside Europe, the main countries where these have been implemented are Mexico (15,000 jobs), China (9,000) and Thailand (4,000).

“The reduction in forces will affect people at all levels in our offices, our technical centers and our factories, including management positions,” said Mikael Bratt, executive director of a company specializing in security equipment.

The group clarified that it is facing the “challenge” of high inflation, which affects production costs, which it finds difficult to pass on to its customers, car makers.

We work diligently with our customers to obtain the most value increases and will not stop until we have received full and fair compensation, said Bratt.

Autoliv’s revenue for the first quarter of 2023 rose 17% to $2.5 billion, but its profit fell 11% to $74 million.

World Nation News Desk
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