(Stockholm, April 15, 2010) - - - Autoliv Inc. - the global leader in automotive safety systems - today announced that it had successfully exceeded the 90% threshold required to make its 51% owned Estonian subsidiary AS Norma wholly owned.
At the close of the offer period yesterday, shareholders representing 42.7% of all shares in the Estonian company had accepted the offer. This corresponds to 87.2% of the Norma shares that Autoliv did not own. Following the settlement Autoliv will hold 93.7% in Norma. Remaining minority shareholders that did not submit their acceptances by yesterday, will according to Estonian law be given an opportunity to accept the offer, before compulsory sale proceedings will commence.
The price of the 49% of the Norma shares, previously not owned by Autoliv, is approximately $50 million.
"We are glad that our offer has been well received by the other shareholders", commented Jan Carlson, the CEO of Autoliv.
"When we have acquired also the remaining shares, we will be able to continue implementing our plans to invest and further develop the Estonian company", added Mr. Carlson.
The CEO of Norma, Peep Siimon, said, "Autoliv's acquisition of Norma is very positive and will contribute to an accelerated positive development of our Company. Being a full member of the Autoliv Group enables us access to the latest technology and a larger customer base which will support the outlook for our employees".
Inquiries: Jan Carlson, President and CEO, Autoliv Inc., Tel +46-(0)8-587 20 600 Peep Siimon, CEO, Norma, Tel +372 6500 444. Mats Ödman, Vice President Corp. Comm., Autoliv Inc., Tel +46-(0)708-32 09 33About Norma
Norma is the leading supplier of automotive safety products for the Russian market and an important component supplier to Autoliv. Last year, it had sales of Â50 million and 600 employees. The Norma shares are listed on the Tallinn Stock Exchange.
About Autoliv
Autoliv Inc., the worldwide leader in automotive safety systems, develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has 80 facilities with approximately 38,000 associates in 29 countries. In addition, the Company has ten technical centers in nine countries around the world, with 21 test tracks, more than any other automotive safety supplier. Sales in 2009 amounted to US $5.1 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the OMX Nordic Exchange in Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.
Safe Harbor Statement
This press 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 (PSLRA). All such statements are based upon our current expectations, various assumptions, and data available from third parties and apply only as of the date of this report. Our expectations and assumptions are express¬ed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that forward-looking statements will materialize or prove to be correct as these assumptions are inherently subject to risks and uncertainties such as without limitation, changes in general industry and market conditions, increased competition, changes in consumer preferences for end products, customer losses, bankruptcies, consolidations or restructuring, divestiture of customer brands, fluctuation in vehicle production schedules for which the Company is a supplier, continued uncertainty in program awards and performance, costs or difficulties related to the integration of any new or acquired businesses or technologies, pricing negotiations with customers, product liability, warranty and recall claims and other litigations, possible adverse results of pending or future litigation or infringement claims, legislative or regulatory changes, dependence on customers and suppliers, as well the risks identified in Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2009. Except for the Company's ongoing obligation to disclose information under the U.S. federal securities laws, the Company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information or future events.. For any forward-looking statements con¬tained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the PSLRA.