The Swedish-American auto equipment company Autoliv, number one in airbags and seat belts, announced that it will cut 8,000 jobs worldwide, representing 11% of its workforce, to reduce costs against inflation.
These suppressions will occur mainly in Europe, where the group plans to close several plants, the company said in a statement.
“The reduction in forces will impact the people in our offices, our technical centers and our factories, including management positions at all levels,” said Mikael Bratt, the executive director of this company specializing in security equipment. Also, the cuts will begin this year and will last until 2025, the company said.
Autoliv has a presence in Europe, especially in Romania (10,500 jobs), but also in Poland (2,500), Hungary (2,000) and France (2,000), according to a spokeswoman. In Türkiye it employs 3,000 people. Outside Europe, the main countries in which it is implemented are Mexico (15,000 jobs), China (9,000) and Thailand (4,000).
The group has explained that the “challenge” of high inflation affects production costs, which are difficult to pass on to their clients, the car manufacturers.
“We work intensively with our clients to obtain price increases and we will not stop until we have obtained full and fair compensation,” Bratt stressed.
Autoliv’s revenue increased 17% in the first quarter of 2023 to reach $2.5 billion, but its profit fell 11% to $74 million.
Source: Larepublica
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