Autoliv Completes Deal with Norma.
Published:
19 October 1999 y., Tuesday
Autoliv Inc. (NYSE: ALV - news) and (SSE: ALIV), the worldwide leader in automotive safety systems, has reached a definitive agreement with the Estonian Norma Group AS to acquire 49.5% of the shares in Norma AS -- the dominant seat belt supplier to the Russian vehicle industry. The agreement also gives Autoliv the right to acquire another 1.5% of the Norma shares.The Estonian seat belt manufacturer Norma has been one of Autoliv_s Licensees and is currently a component supplier to Autoliv.``With its long-standing relationships with the Russian car industry, Norma offers a unique opportunity to expand our seat belt business in Eastern Europe and as the industry_s technology leader we can contribute by offering Norma_s customers new safety technologies Norma is lacking,' explained Autoliv_s President and Chief Executive Officer Lars Westerberg.``Norma will also provide yet another possibility for us to move production to low labor-cost countries. The transaction therefore provides several advantages and, together with Norma_s management, we will explore how we can further develop Norma by, for instance, transfer production and technologies to Estonia,' said Mr. Westerberg. In 1998, Norma had annual sales of EEK 483 million (approx. US$30 million) and slightly more than 1,000 employees. The company_s shares will remain listed on the Tallinn Stock Exchange. Automobile production in Russia is this year expected to reach one million light vehicles.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 22,000 employees in 28 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 1998 amounted to close to US $3.5 billion and net income US $188 million. The company_s shares are listed on the New York Stock Exchange (NYSE: ALV - news), its Swedish Depositary Receipts on the Stockholm Stock Exchange (SSE: ALIV) and its stock options on the Chicago Board Options Exchange (CBOE:
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The President of the Spanish Government, José Luis Rodríguez Zapatero, will meet this Monday with the German Chancellor, Angela Merkel, to analyse the future EU economic and employment strategy EU2020 before the Twenty-seven approve its basic lines at the Spring European Council.
more »
The planned overhaul of the EU common fisheries policy should take better account of the huge differences across European fleets and fisheries, give greater responsibility to fishing regions, address the problem of fleet overcapacity and improve the traditional quota system, according to a non-binding report adopted by Parliament on Thursday.
more »
The EMU framework and economic governance within the eurozone need to be revamped.
more »
Young people should be a priority in EU action next year, it emerged on Tuesday, as the Budgets Committee started work on the EU's 2011 budget.
more »
European Investment Bank (EIB) support for EU regional policy is crucial for tackling the economic crisis, EIB President Philippe Maystadt told the Regional Development Committee on Monday.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania could get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Tuesday.
more »
Today, 22 February, the EU Council of Agriculture and Fishing in Brussels, under the chairmanship of the Spanish Minister, Elena Espinosa, will analyse the impact of the economic crisis on the Greek agricultural sector, which has experienced a drop in prices and income, with small farms that pose an obstacle for the producer for negotiating with large distribution chains.
more »
Municipal policies to tackle the crisis and their application at EU level will be discussed during the three days of the summit entitled, “Networked Local Governments for a New Europe”, which will bring together representatives from 260 cities in Barcelona.
more »
The EBRD is promoting energy efficiency and renewable energy projects in Moldova, helping the economy to reduce its energy intensity with a new €20 million credit line for on-lending to local private companies.
more »
The EBRD is lending $1.2 million to Salkyn, one of the largest ice cream producers in Turkmenistan, to help the company expand its distribution network and build up its brand.
more »