Zurich (awp) – Cicor strengthens its development services activities. The St. Gallen manufacturer of electronic components has acquired the Swedish company Nordic Engineering Partner (NEP) for an undisclosed amount. The group with Neuchâtel origins is also negotiating the acquisition of another unidentified player in this sector in Germany.
Nordic Engineering Partner has four design offices in the region of the Swedish capital Stockholm, offering specific development services as well as prototype manufacturing for complex electronic systems, Cicor said on Friday. The Scandinavian firm employs 45 people and generated a turnover of 52 million Swedish crowns (4.24 million Swiss francs) during its last financial year, ending at the end of June, with “an attractive operating margin”. , according to the press release.
By integrating NEP, Cicor wants to take an important step in its transformation by 2028 into a partner in the development and manufacturing of electronic products. After the acquisition of the Romanian Evolution Medtech at the beginning of 2024, that of NEP doubles Cicor’s capabilities in this area and broaden their skills.
As a unit of Cicor, NEP will continue to operate all of its locations in Sweden without change and with existing staff, with a focus on continued growth in Sweden, Norway and Finland.
Appetites across the Rhine too
As for the targeted company in Germany, it represents a service provider for the development and manufacturing of electronic modules and systems. Its long-standing clients include mid-sized companies and leading groups in the industrial electronics and medical devices sectors.
During the last financial year, the company from across the Rhine achieved a turnover of between 20 and 30 million euros (or between 18.8 and 28.2 million Swiss francs) with an operating margin of same level as that of Cicor. The Bronschhofen-based group plans to sign the transaction in the coming weeks and finalize it in early 2025.
Cicor announced less than a month ago the closure of its German thin film production line in Ulm, acquired in 2007 as part of the acquisition of Reinhardt Microtech and employing around thirty jobs, to concentrate the manufacturing of this type of products in Wangs, in the canton of St. Gallen.
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