BRONSCHHOFEN, SWITZERLAND – Cicor Group has announced its acquisition of TT Electronics IoT Solutions and its three production sites in the UK and China.

The combination of the sites acquired from TT Electronics and Cicor's own Axis Electronics and STS Defence will create a new leader in the UK EMS market and make Cicor a European market leader in the production of high-end electronics for aerospace and defence applications, the company said in a release announcing the transaction.

TT Electronics IoT Solutions 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 sq. m. In the last financial year, the company reported sales of GBP70.2 million ($89.3 million).

The acquired production sites provide much-needed growth reserves for local production in the UK, Cicor said, and the production site in Dongguan will be integrated into the its Asian production network.

Cicor is paying GBP20.8 million ($26.5 million) on a cash and debt free basis subject to normal working capital adjustments. The transaction is expected to close in the first quarter of 2024, has received all required regulatory approvals and is subject to customary closing conditions.

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