Autoliv, the Swedish manufacturer of airbags and safety belts, has announced plans to cut approximately 320 jobs at its major plants in France as part of its ongoing cost-cutting measures. These job reductions represent about 20% of Autoliv’s French workforce. In addition to the job cuts, the company intends to relocate its steering wheel manufacturing in France to other plants.
This move comes after Autoliv’s previous announcement in June to cut up to 8,000 jobs globally as it seeks to accelerate cost reductions and streamline its logistics and geographic footprint. As part of these efforts, the company plans to close several sites in Europe.
Autoliv expects these actions in France to yield savings of around $10 million in 2024. This amount is projected to increase to approximately $20 million in 2025 and approximately $25 million in 2026 once fully implemented. Importantly, these measures will not impact the company’s adjusted operating margin for the fourth quarter and full year of 2023.
With operations in 27 countries, Autoliv currently employs around 70,000 individuals worldwide.
