Cicor acquires Evolution Medtec Srl and strengthens its engineering capabilities in the Medtech sector

Bronschhofen, February 28, 2024 - The Cicor Group (SIX Swiss Exchange: CICN) 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.

The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to manufacturing and supply chain management. Cicor’s approximately 2,700 employees at 17 locations are serving leaders from the medical, industrial and aerospace & defence industries. Cicor creates value to its customers through the combination of customer-specific development solutions, high-tech components, as well as electronic device manufacturing. The shares of Cicor Technologies Ltd. are traded at the SIX Swiss Exchange (CICN). For further information, please visit the website www.cicor.com.