The acquisition of Valeo's former wiring systems division (now LWSF) on 2 January 2008 helped Leoni boosted sales 23% to EUR2.9bn in the 2008 financial year, which it described as "a period marked by an unprecedented reversal in the economy", but the Nuremburg-based auto wiring harness specialist posted significantly lower earnings before interest and taxes (EBIT) of EUR55.7m (2007: EUR138.1m) and sharply reduced net income of EUR5.2m (EUR86.2m).