Mergers and Acquisitions in the Printed Circuit Board (PCB) Industry in 2025

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The PCB Industry has experienced a noticeable rise in merger and acquisition activity over the past few years. 2025 continued this trend, with several noteworthy deals reshaping the competitive landscape. From large, established manufacturers expanding their global footprint to specialized players joining forces to strengthen technological capabilities, these mergers and acquisitions are expected to positively influence innovation, scale, and supply-chain resilience across the industry. In this article, PCB Directory has compiled a list of the most notable mergers and acquisitions in the PCB Industry in 2025, presented in chronological order, starting with the most recent.

NCAB Group Acquires Multi-Teknik Mönsterkort AB to Strengthen its Position in the Swedish Market

NCAB Group has announced the acquisition of 100% of Multi-Teknik Mönsterkort AB, a Sweden-based PCB supplier with operations in Gothenburg, China, and Lithuania. The transaction strengthens NCAB’s presence in western Sweden and expands its customer reach across industrial, automotive, telecom, and medical sectors. The acquisition is expected to close in December 2025 and is anticipated to contribute positively to NCAB Group’s earnings in 2026. Read more.

Amber Enterprises Subsidiary to Acquire Majority Stake in PCB Manufacturer Shogini Technoarts

IL JIN Electronics India, a subsidiary of Amber Enterprises, has agreed to acquire a majority stake in Shogini Technoarts, a prominent Printed Circuit Board (PCB) manufacturer based in Pune. Shogini Technoarts is ranked among the top five PCB manufacturers in India. This acquisition marks a significant move by Amber Enterprises to strengthen its footprint in the electronics manufacturing ecosystem. Read more.

Zhen Ding’s Avary Holding to Acquire Majority Stake in Wuxi Huayang Technology

Zhen Ding Tech Group has announced that its subsidiary Avary Holding Co. will acquire a 53.68% stake in Wuxi Huayang Technology Co. for approximately NT$1.5 billion (US$50 million). The acquisition strengthens Avary’s strategic focus on automotive electronics and AI-enabled driving technologies, with Huayang set to become a consolidated subsidiary. The move expands Zhen Ding Group’s presence in automotive modules and smart sensor solutions serving automotive, industrial, robotics, and medical applications. Read more.

Concord Control Systems Acquires 50% Stake in Fusion Electronics, Expands into Flex PCB and EMS Sector

Concord Control Systems Limited (CNCRD), a supplier of embedded electronic systems and critical solutions, has announced the acquisition of a 50% equity stake in Fusion Electronics Private Limited, marking its entry into the electronics manufacturing services (EMS) and flex PCB production segments. The transaction, to be completed within six months through cash consideration, positions Concord in India’s rapidly expanding high-value electronics ecosystem. Read more.

MacDermid Alpha to Acquire Micromax, a Global Supplier of Advanced Inks and Pastes

Element Solutions, the parent company of MacDermid Alpha Electronics Solutions, announced that it has signed a definitive agreement to acquire Micromax®, a leading global supplier of advanced electronics inks and pastes, from Celanese Corporation.  This acquisition is aligned with MacDermid Alpha Electronics Solution’s long-term strategy of advancing innovation in products and services in advanced electronics materials and process technologies. Micromax’s market-leading technologies will further strengthen MacDermid Alpha Electronics Solutions’ existing strong partnerships and innovation capabilities. Read more.

Precision PCB Acquires Assets of Microplace to Expand Assembly Capabilities

Precision Technologies, operating as Precision PCB, has acquired the assets of Microplace, an Illinois-based electronics manufacturing services provider. The acquisition strengthens Precision PCB’s assembly capabilities and technical expertise, expanding its one-stop PCB fabrication and assembly offering. The Microplace team will remain in place to ensure continuity of service and a smooth transition for existing customers. Read more.

NOTE Signs Agreement to Acquire Kasdon Group and Strengthen its Position in the UK EMS Market

NOTE has signed an agreement to acquire 100% of Kasdon Group, a UK-based electronics contract manufacturer with a strong focus on the defense sector. The acquisition strengthens NOTE’s position in the UK EMS market and adds strategic depth in high-demand defense and mission-critical applications. Kasdon will continue operations from its facility near Birmingham, with its existing management team remaining in place following the transaction, which is expected to close in October 2025. Read more.

Connexion Technologies Acquires Exception PCB Bolstering UK’s Strategic Manufacturing Base

Wright Industries has acquired Exception PCB Ltd, bringing the printed circuit board (PCB) manufacturer back under British ownership. The company will operate as part of Wright Industries’ portfolio within the Connexion Technologies group, reinforcing the UK’s strategic manufacturing capabilities and supply chain resilience. This strategic acquisition underscores both companies' shared commitment to building the most advanced manufacturing capability in the UK and supporting the UK Government’s drive to secure critical industrial infrastructure. Read more.

Cicor Acquires MADES to Strengthen Position in European Aerospace & Defense Market

The Cicor Group announced the closing of the acquisition of 100% of the shares in Spanish electronics company MADES S.A.U., headquartered in Málaga (Spain), from the French Latecoere Group. With this acquisition, Cicor strengthens its position as the leading pan-European provider of electronics design and manufacturing services (EMS) for the rapidly growing European aerospace and defence (A&D) market. The expansion into Spain unlocks new customer potential across this sector and underlines Cicor’s role as the partner of choice for mission-critical applications. Read more.

Videoton Strengthens Global Reach with Acquisition of Stakes in Limtronik and New Production Sites

Hungarian EMS provider Videoton Group is entering into a strategic partnership with German electronics manufacturer Limtronik and has acquired a 35 percent stake in Limtronik. This strategic cooperation underscores the shared commitment to innovation and sustainable growth, Limtronik said in a media release. The intention is to jointly develop new market opportunities, further expand their industry presence, and enable even deeper integration, according to a media release. Read more.

Scanfil Acquires MB Elettronica to Expand European Footprint and Aerospace & Defense Capabilities

Finnish company Scanfil, the largest European Electronic Manufacturing Services (EMS) provider listed on a stock exchange by turnover, has announced an agreement to join forces with Italian firm MB Elettronica (“MB”) based in Cortona, Arezzo. The combined company will be a significant European player in the EMS market with a global footprint of 16 factories on four continents. MB operates four factories in Italy and employs around 500 people. The combination increases Scanfil’s number of employees to over 4,500, and current MB employees will continue in their current roles as part of Scanfil Group. Read more.

Inission AB Acquires Lithuania-Based EMS Provider Selteka to Expand Baltic Presence

Inission AB has signed an agreement to acquire 100% of UAB Selteka, a well-established electronics manufacturing services company based in Kaunas, Lithuania. The acquisition strengthens Inission’s footprint in the Baltic region and reinforces its position in Northern Europe. Selteka’s modern production facilities, experienced workforce, and loyal customer base complement Inission’s long-term growth strategy, with the transaction completed on July 1, 2025. Read more.

Zollner Elektronik Finalizes Acquisition of Bluechips Microhouse to Boost Asia-Pacific Production Capacity

German EMS provider Zollner Elektronik has completed its full acquisition of Thailand-based electronics manufacturer Bluechips Microhouse. Bluechips will now operate as part of the Zollner Group, under the leadership of Thomas Kiefl. The acquisition strengthens Zollner's presence in the Asia-Pacific region and forms part of the company's broader strategy to build a globally diversified and resilient supply chain across Europe, the Americas, and Asia. Read more.

Scanfil Acquires Majority Stake in ADCO Circuits to Expand U.S. Aerospace & Defense Presence

Scanfil has announced the acquisition of an 80% stake in ADCO Circuits Inc., a U.S.-based electronics manufacturing services company located in the Greater Detroit area. The transaction accelerates Scanfil’s expansion in the Americas region and strengthens its position in the Aerospace & Defense sector, which represents a significant portion of ADCO’s business. The acquisition also enhances Scanfil’s capabilities in high-mix, low-to-medium volume manufacturing and complex assemblies for industrial and defense customers. Read more. Read more.

NCAB Group Completes Acquisition of German PCB Supplier B&B Leiterplattenservice

NCAB Group has completed the acquisition of 100% of B&B Leiterplattenservice GmbH, a Germany-based PCB service provider headquartered in Mittweida. The transaction strengthens NCAB’s position in the German market and expands its customer base across the industrial and power sectors. The acquisition is expected to be earnings accretive in 2025, with synergies anticipated in sourcing, payment terms, and logistics. Read more.

Transom Capital to Acquire SigmaTron International in $83 Million Merger Deal

Transom Capital Group, has entered into a definitive merger agreement to acquire SigmaTron International, a U.S.-based electronics manufacturing services provider. Under the agreement, an affiliate of Transom will acquire all outstanding shares of SigmaTron for $3.02 per share in cash, valuing the transaction at approximately $83 million. The acquisition, unanimously approved by SigmaTron’s Board of Directors, represents a significant premium over the company’s recent trading prices and marks Transom’s investment in the EMS sector. Read more.

Roca Printed Circuits Merges with Epec’s NetVia Group to Expand PCB Capabilities

Roca Printed Circuits and Epec Engineered Technologies have announced that Roca has joined forces with Epec’s NetVia Group PCB division in Dallas, expanding the combined organization's ability to deliver a broader range of high-quality printed circuit boards and electronic solutions. Read more.

Kaynes Technology Acquires August Electronics to Expand Electronics System Design & Manufacturing

August Electronics Inc. has announced that it has entered into a definitive agreement to be acquired by Kaynes Canada Limited, a wholly owned step-down subsidiary of Kaynes Technology India Limited, a leading Electronic System Design and manufacturing (ESDM) company. Subject to customary regulatory approvals and closing conditions, the transaction is expected to close by the end of May 2025. Read more.

Cicor Group to Acquire Éolane Group to Expand EMS Capabilities in the French Market

Cicor Group has announced that its offer for the acquisition of significant business activities of the French Éolane Group has been accepted by the Paris Commercial Court. This strategic transaction marks a milestone in the execution of Cicor's pan-European growth strategy and further strengthens its market leadership in the aerospace and defence sector. Read more.

Siemens Acquires DownStream Technologies to Expand PCB Design-to-Manufacturing Flow

Siemens Digital Industries Software announced that it has completed the acquisition of DownStream Technologies, a leading provider of manufacturing data preparation solutions for printed circuit board (PCB) design. This acquisition strengthened Siemens’ PCB design portfolio and expanded its footprint in the electronics small and medium-sized business (SMB) market. Read more.

Mycronic Acquires RoBAT to Expand its PCB Test Equipment Business

Mycronic’s Global Technologies division has acquired RoBAT, a company headquartered in the United Kingdom, which has developed a technology for fast and reliable signal quality tests on PCBs. Read more.

HANZA Completes Acquisition of Leden Group to Expand Mechanical Manufacturing Capabilities

HANZA AB has completed the acquisition of Leden Group, a Finland-based manufacturer with operations in Finland and Estonia. The acquisition strengthens HANZA’s mechanical manufacturing expertise and market position in the Nordic and Baltic regions while broadening its customer base in energy storage, industrial automation, and energy distribution. The transaction supports HANZA’s long-term growth strategy and expands its capabilities in sheet metal mechanics, machining, and complex assembly. Read more.

Variosystems Acquires Heicks Industrieelektronik to Enhance Expertise in Surface Treatment for Electronics

Variosystems has acquired Heicks Industrieelektronik GmbH, a leading technology company specializing in electronic solutions for the aerospace sector, and will fully integrate it into the Variosystems Group. By taking over all customer activities and employees at Heicks’ Geseke location, Variosystems is enhancing its manufacturing expertise in surface treatment for electronic solutions and securing a local production site to better serve its German customers. Read more.

ICAPE Group Acquires Kingfisher PCBs to Expand PCB Distribution Network in UK

ICAPE Group has announced the acquisition of Kingfisher PCBs Ltd., a UK-based distributor of printed circuit boards. The acquisition, finalized on February 12, 2025, significantly strengthens ICAPE’s presence in the UK market and expands its distribution network. It’s the second acquisition of ICAPE Group in the UK, after ALR joined our global organization a few months ago, confirming the ambition of ICAPE Group in this promising territory. Read more.

AIM Solder Acquires Canfield Technologies to Expand Industrial Solder and Flux Capabilities

AIM Solder, has announced the acquisition of the assets of Canfield Technologies, a long-established producer of solders and fluxes based in New Jersey. The acquisition strengthens AIM’s position in the industrial solder materials market and expands its capabilities across electronics, plumbing, and specialty applications. Canfield’s operations will be gradually integrated into AIM’s global manufacturing footprint to support continued growth and customer service. Read more.

Cicor Completes Acquisition of Profectus GmbH to Expand in Germany

Cicor Group has successfully closed the acquisition of the German EMS provider Profectus GmbH. With its state-of-the-art machinery and excellent infrastructure, including its solar power generation and further expansion reserves, the acquisition of Profectus is a perfect next step in Cicor's growth strategy in Germany, Europe's largest electronics market. Profectus GmbH employs around 90 people and generated sales of around EUR 25 million in the last financial year ending 30 September 2024, with an operating margin at the level of the Cicor Group. Read more.

Exception PCB Brought Back into British Ownership to Strengthen Strategic UK Manufacturing 

Wright Industries today announced it has acquired Exception PCB Ltd, returning the Printed Circuit Board (PCB) manufacturer to UK ownership. Exception PCB will join Wright Industries' other investments, as part of the Connexion Technologies group. This strategic acquisition underscores both companies' shared commitment to building the most advanced manufacturing capability in the UK and supporting the UK Government's drive to secure critical industrial infrastructure. Read more.

Imagineering Inc. and Accutrace Inc. Announce Strategic Merger to Enhance Service and Capabilities

Imagineering Inc. has announced its merger with Accutrace Inc., strengthening its capabilities across PCB fabrication, assembly, and time-critical electronics manufacturing services. The combined entity will operate under the Imagineering brand, expanding service offerings while maintaining continuity for existing customers. The merger enhances technical expertise, resources, and service capacity to support a broader range of advanced electronics applications. Read more.