Swedish automotive safety supplier Autoliv Inc. announced on Thursday it would be accelerating cost reductions across Europe, with plans to eliminate 8,000 jobs.
The measures include shutting down several European sites, with full implementation of this initiative anticipated to be completed by 2025. "These initiatives will continue to optimize our geographic footprint for a more effective structure. We intend to simplify and consolidate how we operate in all areas," Chief Executive Mikael Bratt explained.
Autoliv is the world's biggest maker of airbags and seatbelts, with more than 60,000 employees in 27 countries. Its market cap exceeds $9 billion, making the company a part of the Fortune 500.
