Cicor has successfully completed the acquisition of TT Electronics IoT Solutions Ltd. and becomes the leading provider of high-end electronics in the UK
April 02, 2024 at 10:33 am IST
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Cicor Technologies Ltd
/ Key word(s): Mergers & Acquisitions
Cicor has successfully completed the acquisition of TT Electronics IoT Solutions Ltd. and becomes the leading provider of high-end electronics in the UK
02.04.2024 / 07:00 CET/CEST
Bronschhofen, April 2, 2024 - The Cicor Group (SIX Swiss Exchange: CICN) has successfully completed the acquisition of TT Electronics IoT Solutions Ltd. with three production sites in the UK and China.
The combination of the sites acquired from TT Electronics PLC with the Cicor companies Axis Electronics (integration 2021) and STS Defence (integration 2024), will create the new leader in the UK EMS market and in addition make Cicor a European market leader in the production of high-end electronics for aerospace and defence applications. With this transaction Cicor has taken another step forward in implementing its strategy to become the European leader in electronics manufacturing services for medical technology, industry, aerospace and defence.
TT Electronics IoT Solutions Ltd. employs more than 500 people at its sites in Hartlepool and Newport in the UK and Dongguan in China and has a total production area of around 25,000 square meters. In the last financial year, sales of GBP 70.2 million were achieved by the acquired entities with a mid-single-digit operating margin (adjusted EBITDA). Cicor expects that after completion of the integration process, the EBITDA margin of the acquired businesses will be raised to a level close to the rest of the Cicor Group. The acquired UK production sites provide the much-needed growth reserves for local production. The production site in Dongguan will be integrated into the Cicor Group's Asian production network.
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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 3,200 employees at 20 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.
Cicor has successfully completed the acquisition of TT Electronics IoT Solutions Ltd. and becomes the leading provider of high-end electronics in the UK