GKN (OTC:GKNLY) (LONDON:GKN) continues to grow its aerospace portfolio, providing a cyclical differential to the automotive activities. The knee-jerk reactions to recent events (China, VW) suggest that the market continues to fret about GKN’s ability to manage automotive demand falls and destocking. However, the track record from the 2009/10 auto downturn also suggests the company should be better positioned to trade through market disruptions.