Cicor acquires Romanian medtech specialist
EMS provider Cicor Group is further expanding its engineering capabilities in the medical technology sector through the acquisition of Romanian engineering company Evolution Medtec Srl.
Evolution Medtec is a provider of engineering services with a strong focus on medical and paramedical applications. The company has been active in the development and prototyping of medtech applications for 20 years and currently employs 25 people in Bucharest, Romania. The FDA-registered site is ISO 13485 certified.
In the last fiscal year, Evolution Medtec generated sales in the lower single-digit million Euro range with an EBITDA margin comparable to the Cicor Group. The medtech specialist's longstanding customers are medium and large medical device and industrial companies found in Europe, the UK, and the US.
Through this acquisition Cicor further strengthens its engineering expertise and capacity in the medical technology market. The company says that it will continue to provide development services from Evolution Medtec's existing site under the leadership of the existing management team.
With the acquisition of Evolution Medtec and STS Defence, which was completed in January 2024), Cicor has created a strong R&D platform in the European EMS industry – effectively doubling the resources to develop highly advanced electronic solutions for the medical, industrial, aerospace and defence markets.
