Autoliv, the world-wide leader in automotive safety, today announced a new operating structure in order to more effectively manage its business operations.
During the last five years Autoliv has grown significantly. The new operating structure announced today creates an organization that will fit the current scope and size of Autoliv and allow for further growth of the Company. It will also strengthen the implementation of the Company's core strategies.
The new operating structure will be introduced in phases and will, when finalized, create two business segments: Passive Safety and Electronics.
The Passive Safety product organization, effective September 1, will be responsible for all regional operations with respect to all our passive safety products, including airbag and seatbelt products.
The Electronics product organization, effective September 1, will include Autoliv's active safety products. Beginning January 1, 2015, passive safety electronics will be transitioned from Passive Safety to the new Electronics product organization.
This new operating structure reflects the increased importance of Autoliv's electronics related business. The heads of Passive Safety and of Electronics will report directly to the CEO.
As a result of the changes to Autoliv's operating structure, beginning in January 2015, Autoliv will have two operating segments and two reportable segments for financial reporting purposes. Commencing with Autoliv's quarterly report on Form 10-Q for the period ending March 31, 2015, the Company will report its results under two segments - Passive Safety and Electronics.
Additionally, as of September 1, two new global functional units, Sales & Engineering and Product & Process Development, will be created to further support Autoliv's operating segments and the execution of its core strategies.
The heads of the Sales & Engineering and of Product & Process Development will report directly to the CEO.
"Today we take the next step in the development of our Company. Over the last five years, we have experienced significant growth and we are making these changes in order to more effectively manage the current scope of our business as well as to allow for our future growth. In addition, the creation of a more global, integrated organization will help us deliver on our core strategies, with quality as our number one priority," said Jan Carlson, Chairman, President and CEO of Autoliv.