Autoneum to Acquire Trèves Group Montag, 02. November 2026 - 08:02

Ad hoc announcement pursuant to Art. 53 LR

• Value-generating acquisition for Autoneum, expanding its technology portfolio and geographic footprint and enhancing long-term competitiveness in a transforming automotive industry

• Pro-forma revenue of the combined organization expected to exceed CHF 2.9 billion in 2026

• Annual run-rate synergies of more than CHF 50 million expected from the third year after closing

• Upfront consideration of about EUR 40 million, plus a potential earn-out of up to EUR 24 million¹

• Over 80% of the upfront consideration to be settled through newly issued shares from the existing capital band of Autoneum Holding Ltd, with the remainder in cash

• Closing expected in early Q1 2027, subject to consultation of the relevant employee bodies of the Trèves Group and customary regulatory approvals 

Under the terms of the agreement, Autoneum will acquire Trèves Group, a leading supplier of automotive acoustic, thermal insulation, interior trim and trunk solutions with approximately 4’600 employees and annual revenue of approximately EUR 720 million in FY2025. The company operates 26 production sites in 15 countries across Europe, North America, South America, Asia and Africa and serves a broad range of global automotive manufacturers.

The acquisition will complement Autoneum's existing manufacturing footprint and product portfolio while creating opportunities to realize operational and procurement synergies. The transaction is expected to create a combined organization with pro-forma revenue of more than CHF 2.9 billion in FY2026. Pro-forma leverage at closing is projected at approximately 2.0x net debt/EBITDA, declining to below 1.5x in the medium term. This deleveraging profile is expected to be achieved through timely synergy realization, disciplined restructuring and strong cash generation. The combination is expected to become EPS-accretive from 2028.

In addition to the upfront consideration of approximately EUR 40 million, an earn-out of up to EUR 24 million may be payable, depending on EBITDA improvements and synergies realized by 2029. Total consideration, including the earn-out, is capped at EUR 64 million and is based on an attractive EV/EBITDA multiple of approximately 3.1x post synergies.

The upfront consideration of EUR 40 million payable at closing will consist of newly issued Autoneum shares from the capital band of Autoneum Holding Ltd and approximately EUR 7.5 million in cash. The shares will be subject to a three-year lock-up period. A new underwritten credit facility (senior unsecured term loan) of CHF 200 million, maturing in December 2029, will finance Trèves’ ongoing business operations, including the refinancing of existing bank financing and working capital requirements.

The acquisition rationale is underpinned by cost synergies. Total restructuring costs of around CHF 60 million are expected to be incurred in 2027 and 2028. Recurring annual synergies are expected to exceed CHF 50 million by 2029, primarily from footprint optimization, SG&A efficiencies, and procurement savings. The broader platform will strengthen Autoneum’s competitiveness, support OEM global platforms, and fund continued investment in innovations, electric vehicle-related technologies and sustainable materials.  

"As a family-owned business, Trèves brings a strong heritage, recognized expertise in automotive acoustics and thermal management, and longstanding relationships with leading automotive manufacturers,” said Eelco Spoelder, Chief Executive Officer of Autoneum. "Thanks to this acquisition, we will become an even stronger company with the scale and capabilities needed to succeed in a changing automotive market. It provides substantial opportunities to enhance efficiency, strengthen customer relationships and deliver sustainable earnings growth."

The acquisition will not materially change Autoneum's strategic direction but will support the ongoing execution of its Level Up strategy by strengthening competitiveness, enhancing scale and increasing operational efficiency. The Group confirms its mid-term profitability targets and will assess all other mid-term targets following completion of the acquisition.

Following closing, Autoneum intends to integrate the acquired business into its existing organizational structure while continuing to support customers, suppliers and employees throughout the transition process. In Europe, where the two companies have a significant manufacturing presence, the acquisition is expected to create opportunities to optimize the combined production network, capture operational best practices, and improve efficiency over time. In addition, Autoneum expects to leverage its vertically integrated manufacturing capabilities to increase internal sourcing opportunities and enhance capacity utilization across the combined footprint. In addition, the transaction will strengthen Autoneum's presence by adding attractive automotive manufacturing hubs, notably Morocco and Romania as well as within Brazil.  

"We are particularly pleased that Fonds Avenir Automobile, one of the Trèves owners will apply to get a representative elected to the Board of Autoneum Holding Ltd at the next Annual Shareholder Meeting, demonstrating confidence in the future prospects of the combined company," said Hans-Peter Schwald, Chairman of Autoneum. "This aligns the interests of both parties and reflects our shared commitment to realizing the full potential of the combined business." 

Autoneum will provide further information on the planned acquisition during a webcast on November 2, 2026, at 11:00 a.m. CET. The webcast can be accessed via this link https://stream.swisscom.ch/autoneum/20261102/.

The presentation from the webcast is available at Investors.

1The final value of consideration and earn-out paid is calculated based on the share price at transfer date, which may differ from the 90-day average share price used to calculate the number of shares.