Circuits Assembly Online Magazine - Cicor Expanding into Sweden, Talks to Add German EMS

BRONSCHHOFEN, SWITZERLAND – Cicor Group has acquired Swedish development company Nordic Engineering Partner AB and established a significant presence in the Nordics.

Additionally, Cicor is in advanced negotiations to acquire another German EMS provider.

The acquisition of NEP gives Cicor a presence in Sweden, one of Europe's leading markets for advanced electronics in the healthcare technology, industrial and aerospace & defence sectors. Its four engineering offices in the Stockholm area offer custom development services and prototype production for complex electronic systems. NEP, whose customers are in Cicor's target markets, has 45 employees and generated sales of SEK52 million in the financial year ended June 30. Post-closing, NEP will continue to its sites in Sweden with existing staff.

The integration of NEP is another important step in the transformation of Cicor toward becoming the leading pan-European electronics design and manufacturing partner in its chosen markets by 2028, Cicor said in a statement. The acquisition doubles Cicor's product development capacity and significantly broadens the portfolio of capabilities.

The target company in Germany is a service provider for the development and manufacturing of electronic assemblies and systems. Its longstanding customers include medium-sized companies and leading corporations, mainly in the industrial electronics and medical technology sectors. With its state-of-the-art machinery, excellent infrastructure, and further expansion reserves, this acquisition is an ideal next step in Cicor's growth strategy in Germany, Europe's largest electronics market. In the last financial year, the company generated sales between EUR20 million and 30 million with an operating margin at the level of the Cicor Group.

The transaction is expected to be signed in the coming weeks, subject to usual regulatory and other closing conditions and is expected to be completed in early 2025. With this acquisition, Cicor intends to further expand its market position in Germany while maintaining its focus on the three target markets of medical technology, aerospace & defence, and industry.