Stockholm, Sweden– Swedish-American car safety equipment maker Autoliv said Thursday that it would cut its global staff by up to 11 percent, or 8,000 positions, as it accelerated its efforts to reduce costs.
The company said the cuts would be made globally but “particularly within its European operations” and 6,000 would be “direct positions” while 2,000 would be “indirect positions.”
“We intend to simplify and consolidate how we operate in all areas. The headcount reduction will affect people based in our offices, technical centers, and plants, including leadership positions at all levels,” Autoliv chief executive Mikael Bratt said in a statement.
Autoliv, a world-leading producer of products such as seatbelts and airbags, also said it was continuing to negotiate with its costumers to “secure pricing that reflects the extraordinary inflation and corrects structural price gaps.”
In April, the company announced it was building a new factory in Vietnam, set up to produce airbag cushions and fabric, where it expected to employ up to 2,000 people.
For the first quarter of 2023, the company’s net sales grew by 17 percent to $2.5 billion, while its net profit fell by 11 percent to $74 million.