Trèves Group acquired by Autoneum

Autoneum announced on 2 November 2026 an agreement to acquire the whole of Trèves Group, for an upfront consideration of approximately 40 million euros, of which more than four fifths in newly issued Autoneum Holding shares subject to a three-year lock-up and around 7.5 million in cash. An earn-out of up to 24 million euros is payable against EBITDA improvements and synergies realised by 2029. Completion was expected in early 2027, subject to consultation of employee representatives and regulatory approvals. Founded in 1836 and headquartered at Issy-les-Moulineaux, Trèves manufactures the components that control noise and heat inside vehicles: acoustic insulation fitted beneath carpets and within body panels, thermal shielding around engines and batteries, interior trim and boot linings. It operates 26 plants across 15 countries in Europe, North America, South America, Asia and Africa, employs approximately 4,600 people and maintains 150 engineers across eight technical centres. Revenue amounted to €720m for 2025, from more than fifteen vehicle manufacturers. The modest price relative to that revenue reflects the condition of European automotive supply. Volumes have fallen below the levels the industry’s capacity was built for, and suppliers carry plants and fixed costs sized for a market that has not returned. Autoneum expects to incur around 60 million francs of restructuring costs over 2027 and 2028 before recurring synergies exceeding 50 million francs a year from 2029, drawn from consolidating the combined production network, administrative functions and procurement. The combination would generate pro forma revenue above 2.9 billion francs for 2026, with leverage of approximately two times net debt to EBITDA at closing. A new 200 million franc senior unsecured term loan maturing in December 2029 was arranged to fund Trèves’ operations, refinance its existing facilities and cover working capital. Morocco, Romania and Brazil, where Trèves operates and Autoneum does not, were identified among the attractions of the transaction. Fonds Avenir Automobile, a Trèves shareholder since 2009, intended to seek a seat on the Autoneum board.