Cicor expands into Spain – Acquisition of MADES strengthens Cicor's pan-European leadership in the Aerospace & Defence sector Freitag, 04. April 2025 - 07:07

Ad hoc announcement pursuant to Art. 53 LR

Bronschhofen, 4 April 2025 - Cicor Group (SIX Swiss Exchange: CICN) today announces that it has signed an agreement to acquire 100% of the shares of Spanish electronics company Malaga Aerospace, Defense & Electronics Systems S.A.U. (MADES). With this planned acquisition, Cicor continues to build the leading pan-European platform for electronics design and manufacturing services for the fast-growing European defence market. Furthermore, entering Spain expands the addressed market of Cicor in its chosen applications.

MADES, based in Málaga (Spain), employs around 100 people and generated revenues of approximately EUR 29 million in fiscal year 2024. The company focuses on electronic solutions for the aerospace and defence industry, which accounts for well over half of its business. In addition, MADES supplies customers in the industrial and railway sectors. The company’s EBITDA margin is slightly above Cicor Group’s current level.

By entering the Spanish market, Cicor expands its footprint as a leading pan-European provider of development and manufacturing services for high-end electronics. MADES strengthens and expands Cicor’s customer base, particularly in mission-critical applications, and thus ideally complements Cicor's existing business. MADES will continue to serve its customers with the same dedication and maintain the high level of service and quality that has contributed to the company's excellent reputation in the market.

Closing of the transaction is subject to regulatory filings and approvals in the relevant jurisdictions and is expected in the second half of 2025. Financing is planned to be provided from existing credit lines.

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 3,450 employees at 21 locations are serving leaders from the medical, industrial and aerospace & defence 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.