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Cicor Group announces that the acquisition of 100% of the shares of the UK-based Axis Electronics Ltd. (Axis) has been successfully closed.
Cicor will integrate Axis into the global engineering and manufacturing network of the Electronic Solutions Division and thereby further strengthen Axis' advantages. This will increase Cicor's market share in the UK and across Europe. The acquisition will increase Cicor Group's sales by approximately 15% on an annualized basis and result in a sustainable increase in EBITDA margin already starting in 2022. In the actual financial year 2021, the acquisition of Axis will contribute approximately CHF 2 to 3 million to Cicor’s annual sales.
With the acquisition of Axis, Cicor Group strengthens one of its strategic target markets and becomes one of the top 5 EMS providers in the aerospace and defence sector in Europe. The continuity for the long-standing blue-chip customer base will be ensured by the continued operation of the Bedford site and the inclusion of all 180 employees.
In direct relation to the acquisition of Axis, Cicor carried out a capital increase from authorized capital on November 30, 2021. The newly issued 167,450 shares with a nominal value of CHF 10 each are part of the financing of the purchase price. As a result of the capital increase, Cicor's share capital increases from currently CHF 29,020,920 by CHF 1,674,500 to CHF 30,695,420.