Swiss automotive supplier Autoneum has agreed to acquire France’s Trèves Group in a deal valued at up to €64m ($72.01m), including an earn-out.
The initial consideration is approximately €40m.
More than 80% of this amount will be paid through newly issued Autoneum Holding shares from its existing capital band, while approximately €7.5m will be paid in cash.
The €24m earn-out will depend on earnings before interest, taxes, depreciation, and amortisation improvements and synergies delivered by 2029.
Autoneum will establish a SFr200m ($245m) senior unsecured term loan, due in December 2029.
The facility will finance Trèves’ ongoing operations, refinance existing bank facilities and support working-capital needs.
Trèves produces automotive acoustic and thermal insulation, interior trim and trunk solutions.
Following completion, Autoneum plans to incorporate Trèves into its existing organisational structure.
In Europe, it expects to optimise the combined manufacturing network and increase internal sourcing through Autoneum’s vertically integrated capabilities.
The combined organisation is expected to generate pro-forma revenue of more than SFr2.9bn in FY2026.
Trèves employs approximately 4,600 people across 26 production sites in 15 countries in Europe, North America, South America, Asia and Africa, and generated around €720m in revenue in FY2025.
The acquisition will add automotive manufacturing hubs in Morocco, Romania and Brazil to Autoneum’s manufacturing footprint and product portfolio.
Autoneum expects recurring annual synergies of more than SFr50m from the third year after closing, mainly from production-footprint optimisation, selling, general and administrative efficiencies, and procurement savings.
It anticipates restructuring costs of around SFr60m in 2027 and 2028, with the transaction expected to become earnings-per-share accretive from 2028.
The transaction is anticipated to close in early Q1 2027, subject to consultation with relevant employee bodies and customary regulatory approvals.
Autoneum CEO Eelco Spoelder said: “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.”
