Autoliv announces U.S. expansion plans In addition to the recently announced new propellant factory in China, Autoliv announced it is adding a sixth processing facility at its Promontory, Utah location to meet growing demand for airbag gas generant. The new facility in Promontory will add 20% more capacity to Autolivís existing global gas generant production capabilities. Capital investment is expected to cost approximately $13M. The company also announced plans to expand its Tremonton, Utah facility to keep pace with market growth for initiators and micro gas generators used in its airbag and seatbelt products. The majority of floor space added in this $5M expansion is slated for new production lines which could supply up to 30% more capacity when the space is fully utilized. Current plans call for just two new lines to be completed in 2013 adding 10% more initiator capacity, the company said.
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Autoliv downgraded to Neutral from Buy at BofA/Merrill BofA/Merrill downgraded Autoliv to Neutral and lowered its price target to $120 from $128. The firm said China headwinds were worse than feared and will be difficult to return to outperformance given lower Global JV brand's lower volume growth and negative mix.