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Electronics news

Cicor acquires TT Electronics IoT Solutions

Cicor Group has agreed to acquire TT Electronics IoT Solutions, with three manufacturing sites in the UK and China.

This will make Cicor the European market leader in the manufacture of high-end printed circuit boards and electronics for the aerospace and defense industries.

TT Electronics IoT Solutions Ltd employs more than 500 people at its facilities in Hartlepool and Newport (UK) and Dongguan (China). The company has a total manufacturing area of approximately 25,000 square meters. In the latest financial year, the acquired businesses generated sales of £70.2 million and the operating margin (adjusted EBITDA) reached mid-single digits. Cicor expects that once the integration process is complete, the EBITDA margins of the acquired businesses will improve to a level close to the rest of the Cicor Group. In particular, the acquired sites provide a much needed growth reserve for local production in the UK. The successful Dongguan site will be integrated into the Cicor Group's Asian manufacturing network.

Cicor will pay £20.8m in cash and debt free, subject to customary working capital adjustments. The transaction is expected to close in the first quarter of 2024. It has received all necessary regulatory approvals and is subject to customary closing conditions.