Autoliv Inc to acquire radar sensors business of Tyco Electronics

Jul 29, 2008 (NORDIC BUSINESS REPORT via COMTEX) -- TELW | Quote | Chart | News | PowerRating -- Swedish automotive safety systems manufacturer Autoliv Inc (NYSE: ALV) (OMX Stockholm: ALIV SDB) said on Tuesday (29 July) that it has agreed to acquire the automotive radar sensors business of Tyco Electronics Ltd (NYSE: TEL | Quote | Chart | News | PowerRating) for USD42m.

The business unit designs and manufactures active radar proximity and attribute sensor systems used in vehicle driver assist and safety applications for the global automotive market, the company said.

Existing customers include BMW and Chrysler along with other non OEM customers, Autoliv said.

The business is based in Lowell, Massachusetts in the US and Schweinfurt in Germany.

The acquisition will enable Autoliv to leverage existing customer relationships and safety system capability to increase its strong market position in automotive safety electronics and immediately become one of the largest suppliers of automotive radar products in the world, the company said.

Autoliv, headquartered in Stockholm, Sweden, manufactures and distributes passenger safety systems for cars.

One British pound (GBP) is worth approximately 1.99 US dollars (USD).

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