Cicor Completes Acquisition of MADES, Strengthens A&D Market Leadership and Sees No Material Impact from US Tariffs

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The Cicor Group announces the closing of the acquisition of 100% of the shares in Spanish electronics company MADES S.A.U., headquartered in Málaga (Spain), from the French Latecoere Group. With this acquisition, Cicor strengthens its position as the leading pan-European provider of electronics design and manufacturing services (EMS) for the rapidly growing European aerospace and defence (A&D) market. The expansion into Spain unlocks new customer potential across this sector and underlines Cicor’s role as the partner of choice for mission-critical applications.

MADES employs around 100 people and generated sales of approximately EUR 29 million in the 2024 financial year. The company focuses on electronics solutions for the A&D market, which accounts for the majority of its revenue. In addition, MADES serves customers in the industrial and railway technology sector. MADES' EBITDA margin is slightly above the current level of the Cicor Group.

By entering the Spanish market, Cicor is further expanding its presence as the leading pan-European provider of high-end electronics development and manufacturing services. MADES strengthens and expands Cicor Group's customer base, especially in mission-critical applications, and complements Cicor's existing business. Management and employees in Málaga will continue to serve customers with a high level of commitment and maintain the proven service and quality standards that have earned the company its excellent reputation in the market.

Following the acquisitions and integrations of Axis Electronics, STS Defence and TT Electronics IoT Solutions (all UK), the market entry into France through the acquisition of key assets from Éolane France, and the strategic partnership with Mercury (Switzerland), the acquisition of MADES marks another milestone in Cicor’s strategic expansion of its pan-European platform for A&D electronics.

The previously communicated guidance of annual sales for 2025 of CHF 620 to 650 million includes the closing of MADES in the second half of the year and therefore remains unchanged.

Marginal exposure of less than 1% to US punitive tariffs

The punitive tariffs announced by the United States on 1 August 2025 on certain industrial exports from Switzerland have no material financial impact on the Cicor Group. In the first half of 2025, the share of non-exempt exports to the US accounted for only 0.8% of the Group’s revenue. For deliveries from Switzerland, the share was even lower, at less than 0.3%.

The only relevant revenue is generated from deliveries to the healthcare technology sector. These products can be imported into the United States free of duties under the Nairobi Protocol. This international agreement allows for the tariff-free importation of specific goods, including those intended for medical use and technologies or products with particular societal value.