Cicor Expands Its Reach in the Electronics Sector with Acquisition of TT Electronics IoT Solutions

On March 4, 2024, Cicor Technologies Ltd announced the acquisition of TT Electronics IoT Solutions Ltd, marking a significant expansion into the UK and Chinese markets. This strategic move integrates TT Electronics IoT Solutions Ltd's three production sites into the Cicor Group, positioning Cicor as a lead supplier in the UK's high-end electronics market and strengthening its stance in Europe, particularly in aerospace and defence industries.

The alignment with Cicor's subsidiaries, Axis Electronics and STS Defence, not only consolidates Cicor's leadership in the UK EMS market but also underlines its ambition to dominate the European electronics manufacturing services for the medical, industrial, aerospace, and defence sectors. TT Electronics IoT Solutions Ltd, employing over 500 individuals across locations in the UK and China, reported a turnover of GBP 70.2 million in the last fiscal year, with a mid-single-digit operating margin.

With an acquisition cost of GBP 20.8 million, free of cash and debt, Cicor is poised to elevate the operational margins of the newly acquired branches to align with Cicor Group's overall performance. This acquisition, expected to close in the first quarter of 2024, has received all necessary regulatory nods and awaits customary closing conditions.