Cicor, Singapore's EDMI Enter Strategic Outsourcing Agreement

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Cicor Group announced a strategic manufacturing partnership with EDMI Limited (EDMI), a Singapore-headquartered global leader in intelligent energy solutions. The Board of Directors of both companies have agreed that Cicor will acquire their subsidiary of the Johor (Malaysia) manufacturing site EDMI Electronics Sdn. Bhd. and that the companies enter into a long term strategic manufacturing partnership with annual revenue for Cicor expected to exceed USD 50 million. The completion of the transaction is subject to customary closing conditions and approval by the relevant authorities in Malaysia, which is expected during the fourth quarter of 2026.

The Cicor Group is a long-standing manufacturing partner of EDMI for smart electricity meters through its subsidiary Cicor Maroc, acquired in 2025 as part of the transaction involving Éolane France. EDMI is a leading provider of smart metering and energy management solutions, delivering advanced technologies to utilities worldwide. The Board of Directors of EDMI has decided to transition from in-house manufacturing to an outsourcing model with Cicor as main partner. Cicor was selected in a rigorous process by EDMI because of Cicor's operational excellence, global footprint, and capabilities across the supply chain.

As part of the strategic partnership, Cicor intends to acquire 100 percent of the shares in EDMI Electronics Sdn. Bhd., manufacturing assets and inventory for a purchase consideration of around USD 15 to 20 million, subject to customary closing adjustments, together with the conclusion of a long‑term contract manufacturing agreement. Under this agreement, Cicor will act as global manufacturing partner for most of EDMI’s smart meters. EDMI will continue to design and develop its smart metering and grid solutions globally, retaining responsibility for product quality standards and ongoing customer support.

“This agreement allows EDMI to sharpen its focus on what truly differentiates us – advancing intelligent metering technologies and grid solutions for our customers. With Cicor providing strong, capable manufacturing support, EDMI is well positioned to concentrate on innovation and long‑term value creation”, says Roy Kirsopp, Group CEO of EDMI.

For Cicor the Johor site in Malaysia will become a centre of excellence for the final assembly of industrial products for the APAC market while Cicor plans to manufacture PCB assemblies at its existing sites in Ho Chi Minh City (Vietnam) and Dongguan (China).

Driving growth through strategic partnerships and acquisitions

With this framework agreement, Cicor further pursues the strategy of growing in its target markets through acquisitions and long‑term customer partnerships. “The cooperation with EDMI is another example how OEM can achieve sustainable advantages by outsourcing manufacturing to Cicor as a strategic partner, while creating an attractive and value-accretive business for Cicor”, says Alexander Hagemann, Group CEO of Cicor. The partnership is expected to add sales in the mid-double-digit million CHF amount from 2027 onwards with a limited impact on operating margins. Third-party revenue at Cicor will contribute in full starting with closing in Q4 2026. Additionally, an increase in value-add through PCBA insourcing is planned for 2027. No significant financial impact is expected for the current year, and the 2026 Cicor guidance remains unchanged.

Completion of the transaction remains subject to further due diligence, regulatory approvals and the signing of the final agreements. The signing of the agreements is planned in the coming weeks.