Autoliv says cutting cost to limit coronavirus impact, draws $500 mln from credit

Autoliv takes measures to mitigate the potential effects of the corona virus (covid-19) pandemic and draws $500m from credit.says coronavirus (covid-19) outbreak will likely lead to a negative effect on company's operations due to how outbreak is affecting automotive industry in general.says extent of such negative impact remains to be seen. autoliv has tapped $500 million from its revolving credit facility to pay down existing short-term debt and for general corporate purposes.says we are taking cost reduction actions to mitigate impacts and autoliv will adjust its production in accordance with development of demand situation.says it cannot be excluded that temporary autoliv plant closures may become necessary.says management focus is currently on strategic planning for various scenarios, which includes potential there is a significant decline in light vehicle demand.says at this point, it is impossible to predict overall operational and financial impact this pandemic will have on autoliv.says additionally, today we have drawn down $500 million of our existing committed $1.1 billion revolving credit facility.says availability of facility is not subject to any financial covenants nor is any other substantial financing of autoliv subject to any financial covenants.says based on our most recent information from our customers, media and other sources, we estimate that 63 customer plants in europe will close or have already closed.
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