© Cicor Electronics Production | November 11, 2021
Cicor acquires British contract manufacturer
Swiss EMS provider, Cicor Group, announces that it has acquired 100% of the shares of the UK-based Axis Electronics. With this first acquisition within the group's recently announced growth strategy, Cicor strengthens its position in strategically targeted markets and expands its European footprint with a site in the UK.
Originally founded as part of an international electronics company, Axis was established in 1995 as an independent, UK-based provider of electronic manufacturing. The company has significantly evolved over the years and is today a well known name within the aerospace and defence sectors. With the acquisition Cicor strengthens its position one of its strategic target markets and becomes a force to be reckon with in the aerospace and defence 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, a press release reads. The acquisition will increase Cicor group sales by approx. 15% on an annualised 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, the press release continues. Axis' existing management team will continue in their present roles.