Cicor strengthens presence in Germany through the acquisition of Phoenix Mecano Digital Elektronik and Phoenix Mecano Digital Tunisie
Cicor Technologies Ltd / Key word(s): Mergers & Acquisitions
15-Nov-2022 / 07:00 CET/CEST
Bronschhofen, November 15, 2022 – The Cicor Group (SIX Swiss Exchange: CICN) today announces the acquisition of 100% of the shares of Phoenix Mecano Digital Elektronik GmbH (PMDE) with sites located in Thuringia (Germany) and Phoenix Mecano Digital Tunisie Sarl in Borj-Cedria (Tunisia). With this acquisition, the Cicor Group is further expanding its Electronic Manufacturing Services (EMS) business in Europe’s largest market for sophisticated electronics.
The sites acquired from Phoenix Mecano AG (SIX Swiss Exchange: PM) have been able to win some of the leading companies in Cicor’s target market of medical technology as customers in recent years and expect revenues of more than EUR 30 million in the 2022 financial year . The EBITDA margin is expected to be at a level comparable to that of the Cicor Group. The German sites will be integrated into the organizational 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.
The acquisition will provide PMDE’s customers with access to the extensive range of competencies in the areas of development, manufacturing and supply chain management, the global presence and synergies in material procurement. Cicor will benefit from PMDE’s location in Tunisia, which is attractive due to its geographic proximity, availability of employees and competitive cost structures.
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).
The company’s acquisition strategy will also be one of the main topics at this year’s Cicor Capital Markets Event, which will take place on Monday, November 21, 2022 from 4:30 p.m. CET at the Widder Hotel in Zurich. For further information, please visit our website cicor.com/capitalmarketsevent.
The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to manufacturing and supply chain management. Cicor’s approximately 2,200 employees at twelve locations in Europe and Asia are serving leaders from the medical, industrial and aerospace & defense industries. Cicor creates value to its customers through the combination of customer-specific development solutions, high-tech components, as well as electronic device manufacturing. The shares of Cicor Technologies Ltd. are traded at the SIX Swiss Exchange (CICN). For further information please visit the website www.cicor.com.
End of inside information
|Company:||Cicor Technologies Ltd|
|c/o Cicor Management AG, giving Loostrasse 15|
|Listed:||SIX Swiss Exchange|
|End of Announcement||EQS News Service|
1487669 15-Nov-2022 CET/CEST
Technical analysis trends CICOR TECHNOLOGIES LTD.
|short term||Mid Term||long term|
Income statement evolution
|Number of Analysts||2|
|Last close price||CHF42.30|
|Average target price||CHF55.00|
|Spread / Average Target||30.0%|