Cicor completes the acquisition of TT Electronics IoT Solutions
EMS provider, the Cicor Group has completed the acquisition of TT Electronics IoT Solutions Ltd. with three production sites in the UK and China.
The combination of the sites acquired from TT Electronics PLC with the Cicor companies Axis Electronics (integration 2021) and STS Defence (integration 2024), will create a new powerhouse in the UK EMS market.
With this transaction, Cicor has taken another step forward in implementing its strategy to become the European leader in electronics manufacturing services for medical technology, industry, aerospace and defence.
TT Electronics IoT Solutions Ltd. employs more than 500 people at its sites in Hartlepool and Newport in the UK and Dongguan in China and has a total production area of around 25,000 square meters. In the last financial year, sales of GBP 70.2 million were achieved by the acquired entities with a mid-single-digit operating margin (adjusted EBITDA).
The acquired UK production sites provide the much-needed growth reserves for local production. The production site in Dongguan will be integrated into the Cicor Group's Asian production network.
