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02.04.2024 07:00:29 - Cicor has successfully completed the acquisition of TT Electronics IoT Solutions Ltd. and becomes the leading provider of high-end electronics in the UK
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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
2024-04-02 / 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.
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
c/o Cicor Management AG, Gebenloostraße 15
9552 Bronschhofen
Switzerland
End of News EQS News Service
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1870007 2024-04-02 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1870007&application_name=news
END) Dow Jones Newswires
April 02, 2024 01:00 ET (05:00 GMT)
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
2024-04-02 / 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.
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. End of Media Release 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 2024-04-02 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1870007&application_name=news
END) Dow Jones Newswires
April 02, 2024 01:00 ET (05:00 GMT)
