Autoliv, the Swedish manufacturer of automotive safety equipment, is ramping up efforts to complete a full takeover of Estonia’s Norma. Autoliv expects to increase its share in the seat belt producer to more than 90% with the backing of institutional investors. Those investors control a combined 26.4% of Norma, with Autoliv currently holding 51%.
Autoliv claims its offer of EEK 92.31 per share to minority shareholders has garnered irrevocable commitments from many, even though complaints were raised about the price being too low. The company has promised to invest up to €10 million in Norma over the next few years if they are able to complete the takeover.
A.S. Norma (www.norma.ee)
The history of A.S. Norma dates back to 1891 when it was established as a manufacturer of quality metal stamped products. Norma entered the automotive market in 1973 and is now a leading producer of its core product, car safety belts. The company also produces several other car safety systems and offers product assembly, electroplating, sheet metal stamping, and plastic injection molding.
Norma is both ISO/TS 16949:2002 and ISO 14001:2004 certified, and has been listed on the Tallinn Stock Exchange since 1994.
Autoliv (www.autoliv.com)
Stockholm-based Autoliv is a manufacturer of automotive safety systems including airbags and related equipment, seat belts, child safety seats, steering systems, head restraint systems, and night vision equipment. Autoliv’s customers are located throughout Asia, Europe, and the U.S. The company employs more than 35,000 across all divisions and reported 2008 profits of US 165 million on revenues of US 6.473 billion.
March 27, 2010
Central & Eastern Europe, Estonia