Cicor closes the acquisition of Phoenix Mecano Digital Elektronik and Phoenix Mecano Digital Tunisie
January 23, 2023 at 11:35 am IST
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Cicor Technologies Ltd / Key word(s): Mergers & Acquisitions
Cicor closes the acquisition of Phoenix Mecano Digital Elektronik and Phoenix Mecano Digital Tunisie
23-Jan-2023 / 07:01 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Bronschhofen, January 23, 2023 - Cicor Group (SIX Swiss Exchange: CICN)announces today that the acquisition of 100% of the shares of Phoenix Mecano Digital Elektronik GmbH (PMDE) with two sites in Thuringia (Germany) and Phoenix Mecano Digital Tunisie S.a.r.l. with a site located in Borj-Cedria (Tunisia), as announced on November 15, 2022, has been closed.
The sites acquired from Phoenix Mecano AG (SIX Swiss Exchange: PM) have an excellent customer base, including several leading European companies in Cicor's target market of medical technology. The three sites have generated total sales of more than EUR 30 million in the financial year 2022 and expect a significant growth in 2023 as well. The EBITDA margin is expected to be at a level comparable to that of the Cicor Group.
With this acquisition, customers of the Phoenix Mecano sites will be offered Cicor’s comprehensive range of competencies in the areas of development, manufacturing, supply chain management, global presence and synergies in material procurement. Cicor will benefit from the Tunisia site, which is attractive due to its geographical proximity, availability of skilled employees and competitive cost structures.
The German sites will be integrated in the organizational unit "Cicor Deutschland", which is part of the Electronic Manufacturing Services (EMS) Division. The Tunisian site will become part of the global production network of the EMS Division.
Contact
Cicor Management AG
Gebenloostrasse 15
CH-9552 Bronschhofen
The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to manufacturing and supply chain management. Cicor’s approximately 2,500 employees at 15 locations are serving leaders from the medical, industrial and aerospace & defence industries. Cicor creates value to its customers through the combination of customer-specific development solutions, high-tech components, as well as electronic device manufacturing. The shares of Cicor Technologies Ltd. are traded at the SIX Swiss Exchange (CICN). For further information please visit the website www.cicor.com.
Cicor Technologies Ltd is a Switzerland based company engaged in the electrical engineering and electronics sector. The Company operates though four divisions: Cicor Printed Circuit Boards; Cicor Microelectronics; Cicor Electronic Solutions, and Asia division. The Cicor Printed Circuit Boards (PCB) division develops and produces printed circuit boards with the usage of high density interconnects (HDIâs) and reel-to-reel technology. The Cicor Microelectronics division offers a range of microelectronic manufacturing from various thick and thin film coating technologies through micro assembly and up to delivery of tested and qualified electronic components. The Cicor Electronic Solutions division provides a range of production options for PCB assembly, system assembly, box-building and switch-box construction, cable assembly, tool making and injection molding. The Asia division focuses on the provision of the Company's technology to the Asian market.