Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, provides an update on the European Commission’s investigation of suppliers of occupant safety systems.
As previously disclosed, since June 2011, Autoliv has been subject to an investigation of anti-competitive behavior among suppliers of occupant safety systems in the European Union (the “EC investigation”). Autoliv has been cooperating with the EC investigation. The EC previously concluded a discrete portion of its investigation in November 2017 and imposed a fine on the Company that was paid during the first quarter of 2018.
Management now has reason to believe that the EC will seek to impose a fine in connection with the remaining portion of the EC investigation. According to management’s best estimation and based on the advice of our legal counsel, the Company will accrue $210 million in the fourth quarter of 2018 in connection with the remaining portion of the EC investigation. Any such fine from the EC will likely not be tax deductible. The Company believes that a fine could be issued during the first half of 2019, although this may be delayed. The fine would be payable within 90 days after the investigation is ultimately resolved and be denominated in euros.
Corporate Communications: Stina Thorman, Tel +46 (0)8 587 206 50
Investors & Analysts: Anders Trapp, Investor Relations, Tel +46 (0)8 587 206 71
Investors & Analysts: Henrik Kaar, Investor Relations, Tel +46 (0)8 587 206 14
This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 8.00 am CET on December 6, 2018.