Sweden's Autoliv to cut 6,000 jobs

Autoliv is speeding up cost cuts, mainly in Europe, expecting to cut 6,000 jobs or 11% of its workforce, the world's biggest maker of airbags and seatbelts said on Thursday.

Autoliv is speeding up cost cuts, mainly in Europe, expecting to cut 6,000 jobs or 11% of its workforce, the world's biggest maker of airbags and seatbelts said on Thursday. The Swedish group said in a statement the measures across its operations included the closure of several sites in Europe, and it expected the new initiatives to be fully implemented by 2025.

"These initiatives will continue to optimize our geographic footprint for a more effective structure," CEO Mikael Bratt said. "We intend to simplify and consolidate how we operate in all areas." Autoliv reiterated its full-year profitability outlook given in April.

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