Mutares Closes Two Acquisitions in 48 Hours as Chemicals Segment Takes Shape
Published on 09/02/2026 at 15:54 | Editorial boerse-global.de
The Munich-based holding company is putting its buyout strategy into overdrive. Mutares confirmed the completion of its acquisition of TREPEL Airport Equipment and MAFI Transport-Systeme from NDW Maschinenbau Holding on Wednesday — arriving just one day after the company announced the closing of its AmeriTerpenes deal with Symrise. For shareholders watching the equity story unfold, the message is clear: the deal pipeline remains wide open, even if the share price has yet to reflect the activity.
Infrastructure & Defense Gains a New Pillar
TREPEL and MAFI bring combined revenue of roughly €150 million and a workforce of around 410 employees. The two businesses operate across more than 115 countries, with the service arm contributing approximately 12 percent of total sales. Mutares has slotted the acquisition into its Infrastructure & Defense segment, a division that is gaining strategic weight as European governments ramp up spending on defense and infrastructure projects.
The back-to-back closings underscore the breadth of Mutares' current acquisition pipeline. The AmeriTerpenes transaction, a carve-out of Symrise's terpene operations with production facilities in Jacksonville, Florida, and Colonels Island, Georgia, has been folded into the newly formed Chemicals & Materials segment. Neither party disclosed financial terms, though Symrise has indicated it expects a non-cash divestiture loss in the mid-double-digit millions for the current fiscal year.
A Portfolio Taking Shape at Unusual Speed
AmeriTerpenes is just one piece of a wider chemical build-out. In early August, Mutares completed what it describes as the largest acquisition in its corporate history — the purchase of SABIC's Engineering Thermoplastics business, which has been rebranded as NexPoint Materials. Days later, the company added Magna's Car-Top-Systems operations to its existing HILO Group in the automotive space.
Should investors sell immediately? Or is it worth buying Mutares?
That flurry of activity is beginning to show up in the financials. First-half results revealed group revenue up 9 percent to €3.4 billion, while adjusted EBITDA swung from minus €89 million to plus €67 million. Management has reaffirmed its full-year guidance, targeting a holding net result between €108 million and €132 million and group revenue in the range of €7.9 billion to €9.1 billion.
Exits Provide the Counterweight
Acquisitions tell only half the story. Mutares has been equally active on the divestiture front, having already parted ways with Kalzip, the inTime Group, and Peugeot Motocycles during the first half. The largest exit on the table is the agreed sale of NEM Energy Group to Hyundai Heavy Industries Power Systems, with completion anticipated in the third quarter.
The company has also struck a deal with Stellantis to take over its Free2move carsharing business, which operates across 14 European and US cities. That transaction is expected to close by year-end, with the merger control review having been underway for roughly three weeks.
Market Remains Unconvinced — For Now
Despite the operational momentum, investors have yet to reward the shares. The stock closed at €25.40 on Tuesday, sitting 28 percent below its 52-week high of €35.15 reached in mid-January. Over the past week, the shares have slipped 2.1 percent, and on a monthly basis the decline stands at 6 percent. Year-to-date, the stock is down around 16 percent.
Technical indicators suggest the selling may be nearing exhaustion, with the relative strength index hovering near 30 — a level that often signals oversold conditions and, potentially, room for a rebound. But with limited visibility on integration costs and the financial impact of the recent deals, the market appears to be registering the news rather than rewarding it.
Mutares has pledged a minimum dividend of €2.00 per share for fiscal 2025, a commitment made at the July annual general meeting. Whether the combination of rapid-fire acquisitions, portfolio pruning, and a confirmed outlook will be enough to restore investor confidence may well hinge on the upcoming completion announcements for NEM Energy and Free2move.
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