Cicor has successfully completed the acquisition of TT Electronics IoT
Solutions Ltd. and becomes the leading provider of high-end electronics in the
UK
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
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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.
Contact
Cicor Management AG
Gebenloostrasse 15
CH-9552 Bronschhofen
Media & Investor Relations
Phone +41 71 913 73 00
E-mail: media@cicor.com
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.
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End of Media Release
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Language: English
Company: Cicor Technologies Ltd
c/o Cicor Management AG, Gebenloostraße 15
9552 Bronschhofen
Switzerland
Phone: +41719137300
Fax: +41719137301
E-mail: info@cicor.com
Internet: www.cicor.com
ISIN: CH0008702190
Valor: 870219
Listed: SIX Swiss Exchange
EQS News ID: 1870007
End of News EQS News Service
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1870007 02.04.2024 CET/CEST