Autoneum (AUTN) Acquisition presentation summary

Transaction overview

• Agreement signed to acquire Borgers Automotive’s automotive business for an enterprise value of €117 million; Chinese JV business remained under negotiation.

• Closing expected in April 2023, subject to antitrust clearance.

• Initial financing planned through a new credit facility; ~CHF 100 million capital increase planned for long-term refinancing, with Artemis Beteiligungen I AG and PCS Holding AG participating pro rata.

• Renegotiated customer agreements were expected to support sustained profitability from closing and positive EPS contribution from the outset.

Strategic and portfolio fit

• Product portfolio overlap estimated at ~25% of Borgers’ revenue; combined offering strengthens the European position and supports growth beyond Europe.

• Borgers’ truck business adds capabilities in engine compartments, passenger compartments and exterior components, supporting entry into a stronger position in the truck segment.

• Borgers is a European market leader in textile wheelhouse outer liners; its products also include trunk trim, engine-bay components, interior carpet, undershields and seat-back trims.

• Borgers’ vertical integration, process know-how and material expertise complement the existing portfolio; procurement, operations and shared structures offer synergy potential.

Technology and sustainability

• Propylat recycled nonwovens have been produced since 1996, using recycled fibers and production waste; fibers are bonded without additional chemical binders.

• Borgers’ textile wheelhouse outer liners use recycled raw materials; 200 million units had been sold since 1995, and production is waste-free with recyclable materials.

• A textile wheelhouse outer liner made from ocean plastic was presented as the world’s first of its kind; luggage-compartment components can reduce weight by up to 50%.