https://cdn.pcbdirectory.com/news/c738x300nimgBuildingCicor_boundry_switzerland_637722930430703056.jpg712370
Cicor Group has announced the acquisition of 100% of the shares of the UK-based Axis Electronics (Axis). With this first acquisition within the recently announced growth strategy, Cicor strengthens its position in the strategic target markets and expands its European footprint with a site in the UK.
Founded originally as part of a leading international electronics company, Axis was established in 1995 as an independent, UK-based provider of electronic manufacturing services with a unique combination of service and technological capabilities. Axis has significantly evolved over the years and is today trusted by many market-leading European companies, particularly in the aerospace and defense sectors, as their preferred manufacturing partner.
With the acquisition of this specialized company, the Cicor Group strengthens one of its strategic target markets and becomes a top 5 EMS provider in the aerospace and defense sector in Europe. The continued operation of the Bedford site and the inclusion of all 180 employees will ensure continuity for the long-standing blue-chip customer base. As part of its M&A strategy, Cicor plans to integrate Axis into the global engineering and manufacturing network of the Electronic Solutions division and thereby further strengthen Axis' advantages to increase its market share in the UK and across Europe. The acquisition will increase Cicor group sales by approx. 15% on an annualized basis and result in a sustainable increase in EBITDA margin for Cicor starting in 2022.
The closing of the transaction is expected in 2021 and is subject to customary closing conditions. The parties have agreed to refrain from disclosing the purchase price that will be financed by the available credit line for acquisitions and issuing shares from the authorized capital. Axis' existing management team will therefore individually become shareholders of Cicor and continue in their present roles, guaranteeing the sustainable strategic integration of the company into the Cicor Group.
Explain your requirement *
Our Newsletters keep you up to date with the PCB Industry
Our Newsletters keep up to date with the PCB Update
By signing up for our newsletter you agree to our Terms of Service and acknowledge receipt of our Privacy Policy.
Note: File Size should be less than 10MB.
Create an account on PCB Directory to get a range of benefits.
Login to PCB Directory to download datasheets, white papers and more content.
By creating an account with us you agree to our Terms of Service and acknowledge receipt of our Privacy Policy.
OR