STOCKHOLM -- Sweden's Autoliv , the world's largest airbag maker, withdrew its 2020 forecast as a result of coronavirus disaster on Wednesday, suspended its dividend and mentioned it had drawn the remaining $600 million from an present credit score line.

The pandemic has compelled shutdowns at automakers internationally and Autoliv solely two weeks in the past introduced a raft of price cuts to cushion the blow from the disruption.

"Immediately we announce a variety of extra actions taken by the corporate to proceed to handle the consequences introduced on by the COVID-19 pandemic," CEO Mikael Bratt mentioned in a press release.

"We are going to proceed to judge the altering surroundings and are ready to do what is important to get us via this humanitarian and financial disaster," he added.

Autoliv mentioned it believed its place was strong by way of each capital and liquidity. "However cancelling the dividend is in the most effective pursuits of the corporate to protect money and keep flexibility given the extremely unsure surroundings," it...