Automotive safety systems provider Autoliv Inc ALV said it plans to reduce an additional 300 indirect employees as part of the announced cost reduction framework.
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.
On June 8, 2023, Autoliv announced its intention to reduce up to 2,000 indirect employees.
On July 13, 2023, the company detailed initiatives, including intended reductions of 1,100 indirect and direct employees.
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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