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Cicor Closes Acquisition of Phoenix Mecano Digital Elektronik, Phoenix Mecano Digital Tunisie
January 23, 2023 | CicorEstimated reading time: 1 minute
Cicor Group announces that the acquisition of 100% of the shares of Phoenix Mecano Digital Elektronik GmbH (PMDE) with two sites in Thuringia (Germany) and Phoenix Mecano Digital Tunisie S.a.r.l. with a site located in Borj-Cedria (Tunisia), as announced on November 15, 2022, has been closed.
The sites acquired from Phoenix Mecano AG have an excellent customer base, including several leading European companies in Cicor's target market of medical technology. The three sites have generated total sales of more than EUR 30 million in the financial year 2022 and expect a significant growth in 2023 as well. The EBITDA margin is expected to be at a level comparable to that of the Cicor Group.
With this acquisition, customers of the Phoenix Mecano sites will be offered Cicor’s comprehensive range of competencies in the areas of development, manufacturing, supply chain management, global presence and synergies in material procurement. Cicor will benefit from the Tunisia site, which is attractive due to its geographical proximity, availability of skilled employees and competitive cost structures.
The German sites will be integrated in the organizational unit "Cicor Deutschland", which is part of the Electronic Manufacturing Services (EMS) Division. The Tunisian site will become part of the global production network of the EMS Division.
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