By Dominic Chopping
STOCKHOLM–Autoliv said Monday that it will cut around 320 jobs at its major plants in France as part of its previously announced cost-cut efforts.
The Swedish maker of airbags and safety belts said in June that it plans to cut up to 8,000 jobs globally as it accelerates global cost reductions and simplifies its logistics and geographic footprint, including the closure of several sites in Europe.
The job reductions announced Monday represent around 20% of its French workforce and the company said it also intends to relocate its steering wheel manufacturing in France to other plants.
These actions in France are expected to generate savings of around $10 million in 2024, reaching around $20 million in 2025 and around $25 million in 2026 when fully implemented, it said.
The company’s adjusted operating margin for the fourth quarter and full year 2023 won’t be impacted.
Autoliv employs around 70,000 people in 27 countries.
Write to Dominic Chopping at [email protected]
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