Kongsberg Automotive is reportedly eyeing divestment of some business areas as it comes under pressure on dividend and results from a group of shareholders.
Reuters reported that Chief Executive Hans Peter Havdal told a presentation to investors that the company is seeking to "optimise" its product offering and that it is asking for patience.
The report said the current plan for the company includes divesting its 'light duty cables' business unit in 2016, and to phase out 'head- and armrests products'.
The company's product line also includes seat heaters, gear shifts and fluid transfer systems used in trucks, cars and "off-highway" vehicles such as dump trucks.
The company's latest financial results disappointed some investors. Kongsberg Automotive's revenues for the third quarter of 2015 was up 2.6% to EUR234.5m (US$267.68m) compared with EUR228.6m in the third quarter of 2014. However, EBITDA was down 3.41% to EUR22.7m from EUR23.5m. Its EBIT declined 12.88% to EUR11.5m from EUR13.2m in the same period in 2014. Its loss before taxes narrowed to $5.5m compared to a profit of $10.7m. The company's loss for the period was EUR3.7m compared to a profit of EUR7.1m.