Cicor adds production through Phoenix Mecano acquisition
The Phoenix Mecano Group is to sell all its shares in electronic manufacturing services firm Phoenix Mecano Digital Elektronik GmbH as well as Phoenix Mecano Digital Tunisie S.à.r.l. to the Switzerland-based Cicor Group.
The entities being acquired by the Cicor Group have sites in Thuringia (Germany) and Borj Cédria (Tunisia) and manufacture electronic assemblies for customers in the medical technology and industrial sectors. They are expected to generate total sales of more than EUR 30 million in financial year 2022. This includes a limited number of supply relationships with other product areas of the Phoenix Mecano Group, which will be continued.
The German sites will be integrated into the organisational unit "Cicor Germany" of the Electronic Manufacturing Services (EMS) Division. The Tunisian site will also become part of the global production network of the EMS Division, Cicor writes in a press release.
The closing of the transaction is expected to be completed within the next 2 - 4 months and is subject to customary closing conditions. The transaction will be financed by funds from the issued mandatory convertible bond (MCB).