Autoliv Elects New Board Member

Apr 25, 2001, 01:00 ET from Autoliv Inc.

    CHICAGO, April 25 /PRNewswire/ -- Mr. Tetsuo Sekiya, who is President and
 Chief Executive Officer of NSK Ltd. of Japan -- a leading global bearing
 manufacturer -- has been elected to the Board of Directors of Autoliv Inc.
 (NYSE:   ALV) (SSE: ALIV).  All the three leading car-producing continents
 (i.e., North America, Europe and Asia) will thereby be represented on the
 Board of Autoliv, the world-leading automotive safety company.
     In addition to running NSK, a major supplier to the Japanese vehicle
 industry, Mr. Sekiya is Chairman of the suppliers' council of Isuzu, Vice
 Chairman of the suppliers' council of Toyota and Nissan and Director of the
 suppliers' council of Mitsubishi.  Between 1980 and 1985, Mr. Sekiya headed
 NSK's North American operations in Michigan, USA.  Tetsuo Sekiya was born in
 1934.  He graduated from The Keio University in Economics in 1958.
     The election of Mr. Sekiya follows several steps to increase Autoliv's
 sales in Japan.  In 1998, an airbag assembly plant was acquired in Tsukuba.
 The following year, a technical center with a crash test lab was opened, and
 last year the steering wheel company Izumi was acquired.  Last year Autoliv
 also acquired 40% of NSK's Asian seat belt operations with an option to later
 acquire the remaining 60%, as well as 100% of NSK's North American seat belt
 business.  This year, commercial shipments of airbag inflators have begun from
 a plant Autoliv has built in cooperation with NOF, the leading Japanese
 pyrotechnic company.  As a result of these measures, Autoliv expects its sales
 in Japan to increase from 9% of consolidated sales last year to approximately
 15% within three years.
     Mr. Sekiya was elected by the Autoliv Board to fill the vacancy created
 when Gunnar Bark announced in February that he planned to retire as Chairman
 and Board Member at this Board meeting.  As announced at that time, Mr. S. Jay
 Stewart has been elected to succeed him as Chairman of the Board.  Mr. Sekiya
 was elected for a two-year term expiring at the 2003 Shareholders meeting,
 when Dr. Bark's term should have expired.
 
     Dividend
     At the board meeting today, a dividend of 11 cents per share was declared.
 This dividend is payable on September 6 to all shareholders of record at the
 close of business on August 9.
 
     Report from the Shareholders Meeting
     At the Annual General Meeting of Shareholders that was held today in
 Chicago, shareholders' proxies were received in sufficient quantity to approve
 the proposals that came before the shareholders' meeting.  This means that
 Per-Olof Aronson, Lars Westerberg and Professor Walter Kunerth were
 re-elected directors of the corporation for a regular three-year term, and
 Ernst & Young AB was ratified as Autoliv's independent auditing firm for 2001.
 
 

SOURCE Autoliv Inc.
    CHICAGO, April 25 /PRNewswire/ -- Mr. Tetsuo Sekiya, who is President and
 Chief Executive Officer of NSK Ltd. of Japan -- a leading global bearing
 manufacturer -- has been elected to the Board of Directors of Autoliv Inc.
 (NYSE:   ALV) (SSE: ALIV).  All the three leading car-producing continents
 (i.e., North America, Europe and Asia) will thereby be represented on the
 Board of Autoliv, the world-leading automotive safety company.
     In addition to running NSK, a major supplier to the Japanese vehicle
 industry, Mr. Sekiya is Chairman of the suppliers' council of Isuzu, Vice
 Chairman of the suppliers' council of Toyota and Nissan and Director of the
 suppliers' council of Mitsubishi.  Between 1980 and 1985, Mr. Sekiya headed
 NSK's North American operations in Michigan, USA.  Tetsuo Sekiya was born in
 1934.  He graduated from The Keio University in Economics in 1958.
     The election of Mr. Sekiya follows several steps to increase Autoliv's
 sales in Japan.  In 1998, an airbag assembly plant was acquired in Tsukuba.
 The following year, a technical center with a crash test lab was opened, and
 last year the steering wheel company Izumi was acquired.  Last year Autoliv
 also acquired 40% of NSK's Asian seat belt operations with an option to later
 acquire the remaining 60%, as well as 100% of NSK's North American seat belt
 business.  This year, commercial shipments of airbag inflators have begun from
 a plant Autoliv has built in cooperation with NOF, the leading Japanese
 pyrotechnic company.  As a result of these measures, Autoliv expects its sales
 in Japan to increase from 9% of consolidated sales last year to approximately
 15% within three years.
     Mr. Sekiya was elected by the Autoliv Board to fill the vacancy created
 when Gunnar Bark announced in February that he planned to retire as Chairman
 and Board Member at this Board meeting.  As announced at that time, Mr. S. Jay
 Stewart has been elected to succeed him as Chairman of the Board.  Mr. Sekiya
 was elected for a two-year term expiring at the 2003 Shareholders meeting,
 when Dr. Bark's term should have expired.
 
     Dividend
     At the board meeting today, a dividend of 11 cents per share was declared.
 This dividend is payable on September 6 to all shareholders of record at the
 close of business on August 9.
 
     Report from the Shareholders Meeting
     At the Annual General Meeting of Shareholders that was held today in
 Chicago, shareholders' proxies were received in sufficient quantity to approve
 the proposals that came before the shareholders' meeting.  This means that
 Per-Olof Aronson, Lars Westerberg and Professor Walter Kunerth were
 re-elected directors of the corporation for a regular three-year term, and
 Ernst & Young AB was ratified as Autoliv's independent auditing firm for 2001.
 
 SOURCE  Autoliv Inc.