Consolidation in the EMS Market Cicor Submits Offer to Acquire TT Electronics

From Susanne Braun | Translated by AI 1 min Reading Time

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The Swiss EMS service provider Cicor intends to acquire the British development company TT Electronics. This would make Cicor the world's largest EMS provider in the high-mix-low-volume segment. The board of directors of TT unanimously supports the offer.

The EMS production of Cicor in Bronschhofen, Switzerland.(Image: Cicor)
The EMS production of Cicor in Bronschhofen, Switzerland.
(Image: Cicor)

The Swiss Cicor Group has announced its intention to make a takeover bid for TT Electronics. A purchase price of 100 pence in cash and 0.0028 Cicor shares per TT share is planned, equating to a total value of around CHF 303 million (approximately $360 million). The TT board of directors has already approved the transaction, and shareholders are expected to vote on it in December 2025. The new group will remain listed on the SIX Swiss Exchange, while TT will be delisted from the London Stock Exchange. The transaction is expected to be completed in the first half of 2026.

The merger would create a company with over CHF 1.2 billion ($1.3 billion) in annual revenue and around 8,000 employees worldwide. The goal is to establish a leading EMS provider with enhanced technical expertise and global presence. Cicor sees this as a strategic step to further grow in the fragmented high-mix-low-volume segment and strengthen its position in the industrial, medical technology, aerospace, and defense markets. (sb)

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