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LACROIX: Closing of the FIRSTRONIC Acquisition
January 11, 2022 | GlobeNewswireEstimated reading time: 1 minute
LACROIX announces the closing of the acquisition of a majority stake in FIRSTRONIC in the US. This follows the announcement of the signing of an exclusive agreement dated December 16, 20211.
With the completion of the announced transaction, LACROIX is already well on track with its new strategic plan LEADERSHIP 2025, international development being one of its foundation, notably in the United States and Germany.
As a reminder, FIRSTRONIC is an EMS (Electronics Manufacturing Services) serving very large customers, mainly in the automotive, industrial and health sectors, in North America. The company has two production sites in Michigan,USA and Mexico, with a team of nearly 1,300 people. Driven by strong growth, the company anticipates 2021 revenue of nearly $140 million and EBITDA over 9%.
Through this historic acquisition, LACROIX intends to create a multi-continental leader in electronic equipment and industrial IoT solutions and benefit from significant industrial and commercial synergies.
LACROIX now holds 62% of the capital of FIRSTRONIC, a takeover accompanied by co-investment by the Bpifrance International Build-up Fund, which holds 26% of the capital.
In accordance with current accounting standards, LACROIX's new American subsidiary will be consolidated in the accounts as of December 31, 2021.
LACROIX will announce its revenue and margin targets for the 2022 financial year at the time of the next publication of the 2021 annual results, on 23 March 2022.
In addition, the Group intends to continue with its roadmap with, including new international acquisitions, for its Environment and City activities, while maintaining debt under control.
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