Autoliv Inc. (NYSE:ALV)(STO:ALIV), the worldwide leader in automotive safety systems, has received a Supplier of the Year Award during a ceremony at Hyundai Namyang R&D Center in Korea. Hyundai-Kia gave Autoliv the award for "excellence in management and demonstrated leadership in the industry" during 2006, resulting in products with higher quality and performance at lower cost
The award was presented to Autoliv Korea by Mr. Jung-In Park, Deputy Chairman of Hyundai-Kia, on behalf of Mr. Mong-Koo Chung, Chairman of Hyundai-Kia. Autoliv was selected to receive the award from a pool of 316 Hyundai-Kia suppliers and was the only non-Korean supplier to receive the award.
Hyundai-Kia is not only one of Autoliv's larger customers but also one of the fastest growing customers. Autoliv's global sales to Hyundai-Kia have more than doubled since 2001, exceeded $250 million in 2006 and are continuing to grow fast. Recently, Autoliv was awarded new business in terms of frontal airbags, side airbags, steering wheels and electronics for Kia's plant in Slovakia, the Korean vehicle manufacturer's newest plant.
Autoliv's facilities in Korea, the U.S., China, Turkey and India deliver frontal airbags, side airbags, seatbelts, steering wheels and electronics to seven of Hyundai-Kia's plants globally. In addition, Autoliv's tech centers in Korea, China and Europe support Hyundai-Kia with its engineering expertise in automotive safety and with crash testing. The fastest growing product is the curtain airbag for side-impact and rollover protection.
Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has 80 facilities with more than 40,000 associates in some 30 vehicle-producing countries. In addition, the company has technical centers in twelve countries around the world, including 20 test tracks, more than any other automotive safety supplier. Sales in 2006 amounted to US $6.2 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the Stockholm Stock Exchange (SSE: ALIV).
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