Cicor closes acquisition of Axis Electronics
Cicor Group announces today that the acquisition of all shares of the UK-based Axis Electronics has been successfully closed.
Cicor will integrate Axis into the global engineering and manufacturing network of the Electronic Solutions Division and thereby further strengthen Axis' advantages. This will increase Cicor's market share in the UK and across Europe, the company states in a press release. The acquisition will increase Cicor Group's sales by approximately 15% on an annualized basis and result in a sustainable increase in EBITDA margin already starting in 2022. In the actual financial year 2021, the acquisition of Axis will contribute approximately CHF 2 to 3 million to Cicor’s annual sales, the press release reads. ”With the acquisition of Axis, Cicor Group strengthens one of its strategic target markets and becomes one of the top five EMS providers in the aerospace and defence sector in Europe. The continuity for the long-standing blue-chip customer base will be ensured by the continued operation of the Bedford site and the inclusion of all 180 employees.”