In 2025 Autoneum acquired the following companies:
Company | Stake in % | Closing Date | ||
|---|---|---|---|---|
Jiangsu Huanyu Group | 70.0 | February 28, 2025 | ||
Chengdu Yiqi-Sihuan Group | 100.0 | November 28, 2025 |
On February 28, 2025 Autoneum acquired a majority stake of 70% in the Chinese automotive supplier Jiangsu Huanyu Group. As a result, Business Group Asia secures access to all major Chinese manufacturers such as BYD, BAIC and GAC, which significantly contributes to the ability to increase its annual revenue.
On November 28, 2025 Autoneum acquired all shares of Chengdu Yiqi-Sihuan Group, an automotive supplier for acoustic and thermal management in China. The acquisition of Chengdu Yiqi-Sihuan Group enables the Group to continue and complete its customer base in a key market.
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition, valued at their fair value.
CHF million | Jiangsu Huanyu Group | Chengdu Yiqi-Sihuan Group | Total amounts recognized as of the acquisition date | |||
|---|---|---|---|---|---|---|
Tangible assets | 49.1 | 10.1 | 59.2 | |||
Intangible assets | 19.2 | 5.7 | 25.0 | |||
Inventories | 31.6 | 1.8 | 33.4 | |||
Trade receivables1 | 48.4 | 3.4 | 51.9 | |||
Cash and cash equivalents | 8.8 | 1.5 | 10.4 | |||
Other current and non-current assets | 1.8 | 3.6 | 5.4 | |||
Income tax assets and liabilities, net | –10.6 | –1.4 | –12.0 | |||
Current and non-current financial liabilities | –37.3 | –9.4 | –46.7 | |||
Trade payables | –54.4 | –7.0 | –61.4 | |||
Other current and non-current liabilities | –3.1 | –7.7 | –10.8 | |||
Total underlying net assets acquired | 53.6 | 0.8 | 54.4 | |||
Total underlying net assets acquired | 53.6 | 0.8 | 54.4 | |||
Goodwill2 | 37.4 | 2.9 | 40.3 | |||
Non-controlling interests measured at fair value | –27.3 | – | –27.3 | |||
Total consideration | 63.7 | 3.7 | 67.4 | |||
Deferred consideration | –0.6 | –0.3 | –0.9 | |||
Contingent consideration | –1.7 | – | –1.7 | |||
Consideration paid in cash | 61.3 | 3.4 | 64.7 | |||
Cash and cash equivalents acquired | –8.8 | –1.5 | –10.4 | |||
Investments in subsidiary or business, net of cash acquired | 52.5 | 1.8 | 54.4 |
1Trade receivables comprise gross contractual amounts due of CHF 54.1 million, of which CHF 2.2 million was expected to be uncollectable at the date of acquisition.
2Full goodwill method has been applied for the acquisition of Jiangsu Huanyu Group.
For Jiangsu Huanyu Group, the table disclosed in the condensed consolidated half-year financial statements 2025 was provisional in nature with regards to the assets acquired and liabilities assumed. Total underlying net assets acquired have been decreased by CHF 3.3 million, mainly related to trade receivables, trade payables and other current and non-current liabilities, compared to the condensed consolidated half-year financial statements 2025.
The assets acquired and liabilities assumed of Chengdu Yiqi-Sihuan Group will be further reviewed during the measurement period of twelve months and therefore have been measured on a provisional basis at the date of acquisition, as the Group has not yet completed the detailed valuation processes required to finalize the purchase price allocation.
The total consideration for Jiangsu Huanyu Group of CHF 63.7 million represents the acquired stake of 70%, of which CHF 0.6 million corresponds to a deferred consideration and CHF 1.7 million corresponds to a contingent consideration, both due in 2028, and represents its fair value at the date of acquisition. The contingent consideration is based on the acquiree’s EBITDA for the period 2025-2027 and corresponds to the contractually agreed capped maximum amount.
The total consideration for Chengdu Yiqi-Sihuan Group of CHF 3.7 million represents the acquired stake of 100%, of which CHF 0.3 million corresponds to a deferred consideration due in 2028 and represents its fair value at the date of acquisition.
The Group has chosen to recognize the non-controlling interests at its fair value for Jiangsu Huanyu Group. The fair value of the non-controlling interests in Jiangsu Huanyu Group was estimated with a proportionate value implied by the total consideration for the acquired stake of 70%. Autoneum entered into a forward contract to acquire the non-controlling interests in 2028 (refer to note 30).
The Group incurred acquisition-related costs for both acquisitions of CHF 2.9 million on legal fees and due diligence costs. CHF 1.1 million of these costs were recognized as other expenses in profit or loss in the current period, while CHF 1.8 million were recognized as other expenses in profit or loss in the financial year 2024.
In a business combination, the determination of the fair value of the identifiable assets acquired, particularly intangibles, requires estimations which are based on all available information and in some cases on assumptions with respect to the timing and amount of future revenue and expenses associated with an asset. The purchase consideration is allocated to the underlying assets acquired and liabilities assumed based on their estimated fair value at the date of acquisition. The remaining difference is reported as goodwill or bargain purchase gain. As a result, the purchase price allocation impacts reported assets and liabilities, as well as future net result due to the impact on future depreciation, amortization and impairment charges. The purchase price allocation is subject to a maximum adjustment period of twelve months.
Goodwill is attributable mainly to the skills and technical talent of the workforce of the acquired companies, and the synergies expected to be achieved from integrating the acquired business into the Group's existing standard business. None of the goodwill recognized is expected to be deductible for income tax purposes.
Since the acquisition date, the consolidated revenue of the acquired Jiangsu Huanyu Group amounts to CHF 140.6 million, while the net result of the acquiree amounts to CHF 6.5 million. For Chengdu Yiqi-Sihuan Group, the consolidated revenue since the acquisition date amounts to CHF 2.4 million, with no impact on the net result.
If the acquisitions had taken place on January 1, 2025, the consolidated revenue of Autoneum would have amounted to CHF 2'331.9 million and the consolidated net result would have amounted to CHF 80.6 million, for the twelve months ending December 31, 2025.
In 2025, Borgers (Shanghai) Trading Co. Ltd., Shanghai, was liquidated and the business was overtaken by Autoneum (Shanghai) Management Co., Ltd., Shanghai.