Value declines in the supplier sector continued in the fourth quarter with Polytec, GKN and Plastic Omnium leading the indexs decliners.
Overall, the sectors companies shed 39.72 percent of their shareholder value during the quarter bringing the 2008 performance to a decline of 53.67 percent, according to Automotive News Europe/PricewaterhouseCoopers Transaction Services Shareholder Value Index.
Help from Asia
Kongsburg managed to hold ground in the fourth quarter, shedding just 8 percent of shareholder value compared with the sectors sharper decline.
The firm won three new contracts with Chinese and Japanese customers, giving it new business for 2009. The combined value of the contracts is about 5 million and includes parts such as door module systems and vehicle sunroof systems.
This continues the focus on winning contracts on Asian OEM vehicle platforms, which represent the most stable production demands and growth in the global automotive market, Hans Peter Havdal, president of Automotive Systems at Kongsberg Automotive, said in a statement.
Beru, a supplier of diesel cold-start technologies, ended the quarter in positive territory, the only company in the ANE/PwC index to do so.
Beru was supported by BorgWarner Germanys acquisition: it holds 95 percent of the company and wants to initiate a squeeze-out for the remaining shares. Berus shareholder value increased 0.22 percent in the quarter, bringing the three-year performance to an increase of 10 percent.