PCB | February 12, 2010
Cicor – Complete takeover of ESG Holding
Switzerland-based Cicor Technologies is taking over 100% of its group company ESG Holding Pte Ltd. by exercising its existing option.
By purchasing the remaining 40% stake in the Singapore-based technology group, Cicor Technologies is strengthening its presence in Asia and securing access to competitive supply markets and production capacities. In addition, Gim Hong Sng has been appointed as the new Managing Director of ESG Group and Head of the South East Asia Market Region. By taking over the remaining stake of ESG Holding PTE Ltd., and strengthening its regional management, Cicor Technologies is reinforcing its strategic position in this key region. When Cicor Technologies purchased a 60% majority shareholding in the company in May 2008, it signed an option agreement with the seller of ESG Group, which envisaged an increase in this stake to 100% at a later date. This step has now been taken as planned. The acquisition was financed with own funds and has been included in the Group accounts since 1 May 2008. This purchase enhances Cicor's presence in Asia as a platform for the Group's further development in line with its strategic guidelines. The ESG Group, which incorporates four operating companies in Singapore, Indonesia and Vietnam, has extensive expertise in technologically demanding areas such as SMT and THT, bonding, precision tool-making and spray coating. With a view to Cicor Technologies' further plans for growth, the Group has strengthened its management in the region significantly with the appointment of Gim Hong Sng* (*family name). Gim Hong Sng succeeds Emil Strickler as Managing Director. Emil Strickler, who successfully built up ESG's activities and integrated them into the Cicor Technologies Group remains available to support Gim Hong Sng with his great expertise and invaluable market experience. Gim Hong Sng brings more than 25 years' experience in the electronics and semiconductor industry to the Group. She has achieved success in various senior management roles at leading international EMS companies over the last 15 years.