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Cicor Group announces that the acquisition of SMT Elektronik GmbH located in Dresden (Germany) has been successfully completed. The closing of the transaction will take place today and will be financed by the existing credit facilities and the funds from the mandatory convertible bond (MCB) issued in January.
Cicor is taking a further step in the implementation of its communicated growth strategy. By integrating SMT Elektronik GmbH, founded in 1990, with its approximately 130 employees at the company's site in Dresden, Cicor is specifically expanding its Electronic Manufacturing Services (EMS) business in Germany and becoming an even more important provider in the largest market for sophisticated electronics in Europe. SMT Elektronik and the Cicor Company RHe Microsystems GmbH, located just a few minutes away, will be operated as a single organizational unit under the name "Cicor Deutschland" with immediate effect, which will result in considerable synergies.
SMT Elektronik has an attractive and loyal customer base, which is predominantly related to Cicor's target markets of medical and industrial technology. The company has generated sales of around EUR 20 million in fiscal year 2021 with an EBITDA margin at a comparable level to the Cicor Group. The integration into the EMS division of the Cicor Group opens up new opportunities for the customers of SMT Elektronik as well as of the Cicor Group.
Complementary technologies and synergies in materiel sourcing will result in a broader range of services for them with immediate effect. SMT customers will furthermore benefit from Cicor's global presence and comprehensive capabilities.
As part of the transaction, Cicor also acquires the data logger business that SMT has successfully built up over the last few years. These Monilog® branded products serve the fast growing market for risk logging and measurement and will be further developed as part of the Cicor Group in the future.