Autoliv To Reduce Workforce In France By About 20% - Quick Facts

(RTTNews) - Autoliv, Inc. (ALV) announced its intention to reduce workforce in France by about 20% or approximately 320 employees at its major plants. The reduction is expected to affect 220 indirect employees mainly in production overhead but also within R,D&E and S,G&A. With this, the total announced reductions of direct headcount are around 400 and more than 1,300 for indirect headcount.

As part of the footprint optimization, Autoliv plans to relocate its steering wheel manufacturing in France to other plants, affecting approximately 100 direct employees.

Autoliv noted that the related costs for the headcount reduction will be accrued in the current quarter. This will not impact the adjusted operating margin for the fourth quarter or the full year 2023, the company said.