STOCKHOLM, Nov. 22, 2017 /PRNewswire/ -- Autoliv,
Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in
automotive safety systems, today confirmed that a specific part of
an ongoing investigation by the European Commission had been
concluded for €8.1 million. The Company accrued for the amount in
the third quarter of 2017.
The Company initially communicated in its third quarter earnings
release for 2017 that part of the investigation was likely to be
concluded shortly. The recorded amount (equivalent to approximately
$9.5 million) relates to a discrete
portion of the EC investigation relating to two specific car
manufacturers, while the more significant portion of its
investigation continues. Management does not believe the outcome of
this discrete portion of the EC's investigation provides an
indication of the total probable loss associated with the
continuing portion of the EC's investigation, which the Company
believes will probably materially affect operating results for the
periods in which it becomes estimable.
Autoliv cannot currently estimate when a conclusion of the
remaining, more significant, part of the investigation is likely to
occur.
As previously disclosed, Autoliv has, since July 2011, been the subject of an investigation
of anti-competitive behavior among suppliers of occupant safety
systems in the EU. For further information see Note 16 to the
financial statements in Autoliv's 2016 Annual Report and Note 13 to
the financial statements in Autoliv's 10-Q for the period ended
September 30, 2017.
Inquiries:
Media
Thomas Jönsson
Group Vice President
Corporate Communications
Tel +46(0)8-5872-0627
Investors
Ray Pekar
Vice President Investor Relations Americas
Tel +1-248-794-4537
Anders Trapp
Vice President Investor Relations
Tel +46(0)8-5872-0671
About Autoliv
Autoliv, Inc. is the worldwide leader in automotive safety
systems, and through its subsidiaries develops and manufactures
automotive safety systems for all major automotive manufacturers in
the world. Together with its joint ventures, Autoliv has more than
80 facilities with 70,000 employees in 27 countries. In addition,
the Company has 22 technical centers in ten countries around the
world, with 19 test tracks, more than any other automotive safety
supplier. Sales in 2016 amounted to about US $10.1 billion. The Company's shares are listed on
the New York Stock Exchange (NYSE: ALV) and its Swedish Depository
Receipts on Nasdaq Stockholm (ALIV sdb). For more information about
Autoliv, please visit our company website at:
www.autoliv.com.
Safe Harbor Statement
This release contains statements that are not historical facts
but rather forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include those that address activities,
events or developments that Autoliv, Inc. or its management
believes or anticipates may occur in the future. All
forward-looking statements, including without limitation,
statements related to the Company's strategic review of its
operating structure or the terms, timing or structure of any such
transaction as a result of such review, if any; the outlook for
Passive Safety and Electronics as separate businesses; statements
related to the future performance of the Company or of any such
businesses if any such transaction is completed; other targets
regarding the Company's performance as a single entity;
management's examination of historical operating trends and data,
as well as estimates of future sales, operating margin, cash flow,
effective tax rate or other future operating performance or
financial results, are based upon our current expectations, various
assumptions and/or data available from third parties. Our
expectations and assumptions are expressed in good faith and we
believe there is a reasonable basis for them. However, there can be
no assurance that such forward-looking statements will materialize
or prove to be correct as forward-looking statements are inherently
subject to known and unknown risks, uncertainties and other factors
which may cause actual future results, performance or achievements
to differ materially from the future results, performance or
achievements expressed in or implied by such forward-looking
statements. In some cases, you can identify these statements by
forward-looking words such as "estimates", "expects",
"anticipates", "projects", "plans", "intends", "believes", "may",
"likely", "might", "would", "should", "could", or the negative of
these terms and other comparable terminology, although not all
forward-looking statements contain such words. Because these
forward-looking statements involve risks and uncertainties, the
outcome could differ materially from those set out in the
forward-looking statements for a variety of reasons, including
without limitation, changes in light vehicle production;
fluctuation in vehicle production schedules for which the Company
is a supplier, changes in general industry and market conditions or
regional growth or decline; changes in and the successful execution
of our capacity alignment, restructuring and cost reduction
initiatives and the market reaction thereto; loss of business from
increased competition; higher raw material, fuel and energy costs;
changes in consumer and customer preferences for end products;
customer losses; changes in regulatory conditions; customer
bankruptcies, consolidations, or restructurings; divestiture of
customer brands; unfavorable fluctuations in currencies or interest
rates among the various jurisdictions in which we operate;
component shortages; market acceptance of our new products; costs
or difficulties related to the integration of any new or acquired
businesses and technologies; continued uncertainty in pricing
negotiations with customers; successful integration of acquisitions
and operations of joint ventures; successful implementation of
strategic partnerships and collaborations; our ability to be
awarded new business; product liability, warranty and recall claims
and investigations and other litigation and customer reactions
thereto; (including the resolution of the Toyota recall); higher
expenses for our pension and other postretirement benefits,
including higher funding requirements for our pension plans; work
stoppages or other labor issues; possible adverse results of
pending or future litigation or infringement claims; our ability to
protect our intellectual property rights; negative impacts of
antitrust investigations or other governmental investigations and
associated litigation relating to the conduct of our business; tax
assessments by governmental authorities and changes in our
effective tax rate; dependence on key personnel; legislative or
regulatory changes impacting or limiting our business; political
conditions; dependence on and relationships with customers and
suppliers; the uncertainty as to which strategic alternatives may
be available with respect to the Electronics business, whether any
transaction will be commenced or completed as a result of such
review, and the timing and value of any such transaction; risks
related to the potential separation of the Electronics business;
and other risks and uncertainties identified under the headings
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our Annual
Reports and Quarterly Reports on Forms 10-K and 10-Q and any
amendments thereto. For any forward-looking statements contained in
this or any other document, we claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and we assume no
obligation to update publicly or revise any forward-looking
statements in light of new information or future events, except as
required by law.
This information was brought to you by Cision
http://news.cision.com
http://news.cision.com/autoliv/r/autoliv-confirms-conclusion-of-specific-part-of-ongoing-investigation-with-the-european-commission,c2397220
The following files are available for download:
http://mb.cision.com/Main/751/2397220/755962.pdf
|
PDF
|