Cicor Acquires Evolution Medtec Srl, Strengthens Engineering Capabilities in Medtech Sector

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The Cicor Group has acquired 100% of the shares of the Romanian engineering company Evolution Medtec Srl and is further expanding its engineering capabilities in the medical technology sector.

Evolution Medtec is a provider of comprehensive engineering services with a strong focus on medical and paramedical applications. The company has been active in the development and prototyping of medtech applications for 20 years and currently employs 25 people in Bucharest, Romania. The FDA registered site is ISO 13485 certified. In the last fiscal year, Evolution Medtec generated sales in the lower single-digit million Euro range with an EBITDA margin comparable to the Cicor Group. Evolution Medtec's longstanding customers are medium and large medical device and industrial companies in Europe, the UK, and the US.

Cicor is one of Europe's fastest-growing developers and manufacturers of high-reliability electronics for the medical, industrial, aerospace and defence markets. With the acquisition of Evolution Medtec, Cicor further strengthens its engineering expertise and capacity in the strategically important medical technology market. Cicor will continue to provide first-class development services at Evolution Medtec's existing site under the leadership of the existing management team.

With the acquisition of Evolution Medtec and STS Defence (transaction completed in January 2024), Cicor has created one of the strongest R&D platforms in the European EMS industry, doubling the resources to develop highly advanced electronic solutions for the medical, industrial, aerospace and defence markets.