Autoliv to cut up to 11% of global workforce, accelerate European restructuring; reiterates 2023 guidance

AUTOLIV INC

Indirect workforce to be reduced by up to 2,000 positions (11% globally, up to 1,000 in Europe); direct headcount cut by ~6,000 (11%).
Plans to close several European sites; first reductions in 2023, fully implemented by 2025 with 1-2 year payback.
Reiterates FY2023 adjusted operating margin of 8.5-9.0% and operating cash flow of ~$900M.
Customer price negotiations progressing, especially in Europe, to offset inflation.
Reaffirms medium-term 12% adjusted operating margin target and growth ambitions.

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