Autoliv withdraws 2020 forecast, suspends dividend due to coronavirus impact

STOCKHOLM (Reuters) – Sweden’s Autoliv , the world’s biggest airbag maker, on Wednesday withdrew its 2020 forecast due to the coronavirus crisis, suspended its dividend and said it had drawn the remaining $600 million from its existing credit line.

“Today we announce a number of additional actions taken by the company to continue to manage the effects brought on by the COVID-19 pandemic,” CEO Mikael Bratt said in a statement.

Autoliv said it believed it has a robust position in terms of both capital and liquidity.

“But cancelling the dividend is in the best interests of the company to preserve cash and maintain flexibility given the highly uncertain environment,” it said.

(Reporting by Johannes Hellstrom, editing by Anna Ringstrom)