Winterthur, January 9, 2023
Last Friday evening, Autoneum signed an agreement to acquire the automotive business of Borgers. The transaction is expected to close in April 2023 following antitrust clearance. The enterprise value paid amounts to EUR 117 million. The transaction will initially be fi-nanced through a new credit facility which is available in addition to the syndicated loan of CHF 350 million renewed in October 2022. A capital increase in the amount of approximately CHF 100 million is planned for the long-term refinancing of the acquisition. Autoneum’s two largest shareholders, Artemis Beteiligungen I AG and PCS Holding AG, have agreed to par-ticipate in the capital increase in proportion to their current shareholdings. Even taking into account the aforementioned capital increase, the transaction will generate a positive earn-ings per share contribution from the outset.
Borgers specialises in textile acoustics protection, insulation and trim for automobiles. The product and customer range of Borgers is to a great extent complementary to the product and customer portfolio of Autoneum. Borgers’ wheel arch liner and trunk liner product lines as well as their truck business optimally complement the product range of Autoneum. Especially in the field of textile wheel arch liners, Borgers is the market leader in Europe. In addition, Borgers’ product range is distinguished by sustainable and fully recyclable products. In fiscal year 2021, the Borgers Automo-tive Group generated revenue of EUR 610 million with around 4700 employees. Thanks to Autoneum’s global presence, the Borgers product portfolio adds to the sales potential for profitable growth in the medium term outside Europe.
Autoneum is acquiring Borgers from insolvency and has agreed new pricing and delivery terms with its customers. These will ensure sustained profitability and the further development of product and process technologies in both the short and long term.
Matthias Holzammer, Chief Executive Officer of Autoneum, said: “The acquisition of Borgers is based on a sound and convincing industrial logic. The technologies and product portfolios of the two companies complement each other ideally. At its headquarters in Bocholt, Germany, Borgers has a high level of competence in the field of materials and product development with a technical center as well as highly qualified and committed employees. For this reason, we intend to integrate Borgers into our existing global product development and customer strategy. We consider the Bocholt location as a technical center of competence for the product solutions wheel arch liners, trunk systems as well as for product and process development of textile carrier materials based on needlepunch technology. Ensuring a high-quality supply of the relevant components to customers is a top priority, both in the short and long term.”
Hans-Peter Schwald, Chairman of the Board of Autoneum Holding Ltd, added: “With the acquisition of Borgers, Autoneum is further extending its global market leadership in sustainable and light-weight acoustic and thermal management solutions for vehicles. This is an important strategic step in the development of Autoneum.”
Autoneum is globally leading in acoustic and thermal management for vehicles. The Company develops and produces multifunctional, lightweight components and systems for interior floor and engine bay as well as the underbody. Customers include almost all automobile manufacturers in Europe, North & South America, Asia and Africa. Autoneum operates 53 production facilities and employs around 11 720 people in 24 coun-tries. The Company with its headquarters in Winterthur, Switzerland, is listed on the SIX Swiss Exchange (ticker symbol AUTN).