The downsizing includes indirect employees in China, Japan, Sweden, and the U.S., and the closure of an office in the Netherlands.
Most of these new reductions are expected to leave the company before year-end 2023.
The related accruals for the 300 indirect employees are expected to be immaterial and will be accounted for in the third and fourth quarters of 2023.
The company expects additional non-recurring charges in future quarters as it continues to advance its global headcount and structural cost reductions.
Price Action: ALV shares closed higher by 1.09% at $93.78 on Wednesday.
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