Autoneum: Acquisition of Trèves Expands Production Network and Technology Portfolio

Autoneum Holding AG, based in Winterthur, Switzerland, has signed an agreement to acquire the French Trèves Group. The initial purchase price is approximately EUR 40 million and may increase by up to EUR 24 million through performance-related payments. The transaction is expected to close at the beginning of the first quarter of 2027, subject to consultation with the relevant Trèves employee representatives and customary regulatory approvals.

Trèves develops and manufactures acoustic and thermal insulation solutions as well as components for vehicle interiors and luggage compartments. The group generated revenue of approximately EUR 720 million in 2025 and employs more than 4,600 people at 26 production sites in 15 countries. Autoneum specializes in acoustic and thermal management for passenger cars and commercial vehicles and operates more than 77 production facilities in 25 countries, employing around 16,400 people. Autoneum expects the combined company to generate pro forma revenue of more than CHF 2.9 billion in the 2026 financial year.

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Purchase Price and Financing
The initial purchase price of approximately EUR 40 million is to be paid primarily through newly issued shares from Autoneum Holding AG's existing capital band. The cash component amounts to approximately EUR 7.5 million, while the newly issued shares will be subject to a three-year lock-up period. An additional purchase price of up to EUR 24 million will depend on EBITDA improvements and synergies realized by 2029. The total consideration is capped at EUR 64 million. Including expected synergies, Autoneum puts the enterprise value-to-EBITDA ratio at approximately 3.1.

A committed, unsecured credit facility of CHF 200 million, maturing in December 2029, is available to finance Trèves' ongoing operations, refinance existing bank debt and provide working capital. Upon completion, Autoneum expects a pro forma net debt-to-EBITDA ratio of approximately 2.0. The company aims to reduce this ratio to below 1.5 in the medium term. A positive contribution to earnings per share is expected from 2028 onwards.

Restructuring and Integration
Autoneum anticipates total restructuring expenses of approximately CHF 60 million in 2027 and 2028. Annual recurring synergies of more than CHF 50 million are expected from 2029 onwards. Planned measures include optimizing the production network, achieving purchasing savings and reducing selling, general and administrative expenses.

Following completion, Trèves is to be integrated into Autoneum's existing group organization. The main priorities will be aligning the European production network, increasing plant utilization and expanding intra-group sourcing through vertically integrated manufacturing. The acquisition will also strengthen Autoneum's presence in countries including Morocco, Romania and Brazil. It is also intended to support investments in sustainable materials and technologies for electric vehicles, although no specific projects have been announced.

Autoneum intends to maintain its existing "Level-Up" strategy. The company has reaffirmed its medium-term profitability targets but plans to review its other medium-term objectives following completion of the transaction. Fonds Avenir Automobile, a co-owner of Trèves, is expected to nominate a candidate for election to Autoneum's Board of Directors at the next Annual General Meeting.

More information: www.autoneum.com/de, www.treves-group.com

Autoneum Management AG, Winterthur, Switzerland

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