in 1 000, unless otherwise stated | Participation in % | Currency | 31.12.2025 | 31.12.2024 |
Cicor Technologies Ltd, Boudry, Switzerland | 100 | CHF | 46 703 | 45 649 |
Holding/Finance | ||||
Cicor Management AG, Bronschhofen (Wil), Switzerland 1) | 100 | CHF | 250 | 250 |
Management Services | ||||
Cicor Microtech AG, Wangs, Switzerland 1) 2) | 100 | CHF | 1 800 | 1 800 |
Engineering/Production/Sales/Distribution | ||||
Cicorel SA, Boudry, Switzerland 1) | 100 | CHF | 8 000 | 8 000 |
Engineering/Production/Sales/Distribution | ||||
Electronicparc Holding AG, Bronschhofen (Wil), Switzerland 1) | 100 | CHF | 23 271 | 23 271 |
Holding/Finance | ||||
Swisstronics Contract Manufacturing AG, Bronschhofen (Wil), Switzerland | 100 | CHF | 3 000 | 3 000 |
Engineering/Production/Sales/Distribution | ||||
Brant Rock Enterprises Corporation, British Virgin Islands | 100 | USD | 10 | 10 |
Holding/Finance | ||||
Dongguan Arlec Electrical Products Co. Ltd, Dongguan, China | 100 | HKD | 66 920 | 66 920 |
Production/Sales/Distribution | ||||
Suzhou Cicor Technology Co. Ltd., Suzhou, China | 100 | CNY | 42 033 | 42 033 |
Production | ||||
Cicor France, SAS, Angers, France 1) | 100 | EUR | 16 000 | n/a |
Holding/Finance | ||||
Cicor Angers, SAS, Angers, France | 100 | EUR | 4 000 | n/a |
Engineering/Production/Sales/Distribution | ||||
Cicor Combrée, SAS, Combrée, France | 100 | EUR | 10 000 | n/a |
Engineering/Production/Sales/Distribution | ||||
Cicor Douarnenez, SAS, Douarnenez, France | 100 | EUR | 4 450 | n/a |
Engineering/Production/Sales | ||||
Cicor Neuilly-en-Thelle, SAS, Neuilly-en-Thelle, France | 100 | EUR | 1 685 | n/a |
Production/Sales | ||||
Cicor Saint-Agrève, SAS, Saint-Agrève, France | 100 | EUR | 4 039 | n/a |
Engineering/Production/Sales | ||||
Cicor Deutschland GmbH, Dresden, Germany 1) | 100 | EUR | 5 000 | 5 000 |
Engineering/Production/Sales/Distribution | ||||
Cicor Digital Elektronik GmbH, Wutha-Farnroda, Germany | 100 | EUR | 350 | 350 |
Engineering/Production/Sales/Distribution | ||||
Cicor Microsystems GmbH, Radeberg, Germany 1) 2) | 100 | EUR | 216 | 216 |
Engineering/Production/Sales/Distribution | ||||
Cicor Microtech GmbH, Ulm, Germany 2) | 100 | EUR | 500 | 500 |
Engineering/Sales/Distribution | ||||
Cicor Profectus Electronic GmbH, Suhl, Germany | 100 | EUR | 200 | n/a |
Engineering/Production/Sales | ||||
Profectus Immobilien GmbH, Suhl, Germany | 100 | EUR | 25 | n/a |
Property | ||||
Stadium Asia Ltd, Hong Kong, Hong Kong | 100 | AUD | 16 350 | 16 350 |
Sales/Distribution | ||||
STMC Ltd, Hong Kong, Hong Kong | 100 | HKD | 2 000 | 2 000 |
Finance | ||||
PT Cicor Panatec, Batam, Indonesia | 100 | USD | 300 | 300 |
Production | ||||
Cicor Maroc SARL, Berrechid, Morocco 1) | 100 | MAD | 22 914 | n/a |
Production/Sales | ||||
Valtronic Technologies Morocco SARL, Berrechid, Morocco 1) | 100 | MAD | 6 000 | n/a |
Production/Sales | ||||
Cicor Medtec Bucharest srl, Bucharest, Romania | 100 | RON | 1 | 1 |
Engineering/Sales | ||||
Cicor Romania SRL, Arad, Romania 2) | 100 | RON | 5 145 | 5 145 |
Engineering/Production/Sales | ||||
Cicor Asia Pte Ltd., Singapore | 100 | SGD | 30 814 | 2 000 |
Sales/Distribution | ||||
ESG Holding Pte Ltd., Singapore 1) | 100 | SGD | 18 412 | 1 896 |
Holding/Finance | ||||
Málaga Aerospace, Defense and Electronics System S.A.U., Málaga, Spain 1) | 100 | EUR | 6 036 | n/a |
Engineering/Production/Sales | ||||
Cicor Nordic Engineering AB, Norrtälje, Sweden 2) | 100 | SEK | 100 | 100 |
Engineering/Sales | ||||
Nordic Engineering Partner Holding AB, Västerås, Sweden 1) | 100 | SEK | 100 | 100 |
Holding/Finance | ||||
Cicor Digital Tunisie S.U.A.R.L., Borj-Cedria, Tunisia 1) | 100 | EUR | 57 | 57 |
Production | ||||
Axis Electronics Limited, Milton Keynes, UK | 100 | GBP | 10 | 10 |
Engineering/Production/Sales/Distribution | ||||
Cicor Hartlepool Ltd, Hartlepool, UK | 100 | GBP | 1 909 | 1 909 |
Engineering/Production/Sales/Distribution | ||||
Cicor Newport Ltd, Newport, UK | 100 | GBP | 1 000 | 1 000 |
Engineering/Production/Sales/Distribution | ||||
Cicor UK Ltd, Milton Keynes, UK 1) | 100 | GBP | 7 813 | 7 813 |
Holding/Finance | ||||
Cicor UK Properties Ltd, Newport, UK 3) | 100 | GBP | 0 | 100 |
Finance | ||||
STS Defence Group Limited, Gosport, UK 3) | 100 | GBP | 0 | 23 |
Holding/Finance | ||||
STS Defence Holdings Limited, Gosport, UK 3) | 100 | GBP | 0 | 47 |
Holding/Finance | ||||
STS Defence Limited, Gosport, UK | 100 | GBP | 414 | 164 |
Engineering/Production/Sales/Distribution | ||||
Cicor Americas Inc., Cambridge, USA 1) | 100 | USD | 10 | 10 |
Sales/Distribution | ||||
Cicor Ohio, Solon Inc., Solon, Ohio, USA 1) | 100 | USD | 6 749 | n/a |
Engineering/Production/Sales | ||||
Cicor Vietnam Company Ltd., Thuan An City, Vietnam | 100 | USD | 1 500 | 1 500 |
Production/Sales/Distribution |
1)Directly held subsidiaries of Cicor Technologies Ltd.
2)The company was renamed in 2025.
3)The company is in liquidation.
Effective 3 January 2025, the Cicor Group acquired 100% of the shares of Profectus GmbH, based in Suhl (Thuringia, Germany). Profectus GmbH is a service provider for the development and manufacturing of electronic modules and systems. Its long-standing customers include medium-sized companies and leading corporations, mainly in the industrial and healthcare technology sectors. The company employs around 90 people. The transaction includes two companies, one operating and one real estate company. They were integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to EUR 6.9 million (CHF 6.5 million) and the purchase price allocation resulted in goodwill of EUR 2.8 million (CHF 2.6 million) which has been offset against equity.
The company was consolidated as of 3 January 2025. Net sales from 1 January to 2 January 2025 amounted to EUR 0.0 million (CHF 0.0 million) and net sales from 3 January to 31 December 2025 amounted to EUR 19.5 million (CHF 18.3 million).
Effective 22 April 2025, the Cicor Group completed the acquisition of business activities from the French Éolane Group. The acquired business was under judicial administration and the transaction was completed following the court accepting Cicor’s public offer, that included the takeover of employees, production facilities and inventories for two sites in France (Combrée and Angers), the takeover of 100% of the shares of three sites in France (Saint-Agrève, Neuilly-en-Thelle, Douarnenez) and the takeover of 100% of the shares of a production company with two sites in Berrechid, Morocco. The acquired business is among the leading providers in the French Electronic Manufacturing Services (EMS) market, with a strong position in strategic sectors such as aerospace and defence, railway and nuclear technology and adds around 890 employees. The five manufacturing sites in France and the two sites in Morocco were integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to EUR 10.7 million (CHF 10.0 million) and the preliminary purchase price allocation resulted in a negative goodwill of EUR -18.2 million (CHF -17.0 million) which has been offset against equity. Due to the complexity involved in acquiring a business under judicial administration, the purchase price allocation remains provisional with regard to the acquired assets and assumed liabilities.
The acquired Éolane business was consolidated as of 22 April 2025. Net Sales from 1 January to 21 April 2025 amounted to EUR 36.4 million (CHF 34.1 million) and net sales from 22 April to 31 December 2025 amounted to EUR 91.8 million (CHF 86.0 million).
Effective 2 June 2025, Cicor Group completed the acquisition of a manufacturing site in Plan-les-Ouates, Geneva, Switzerland, from Mercury Mission Systems International S. A. (Mercury) as part of an asset deal. The transaction is part of a strategic collaboration with Mercury, under which it was agreed that Mercury will transfer part of its European electronic manufacturing to Cicor and that the production in Plan-les-Ouates, which comprises 34 employees, will be relocated to the Cicor sites in Bronschhofen (Switzerland) and Newport (UK) by the end of 2026. A restructuring provision for the closing of the production in Plan-les-Ouates in the amount of CHF 1.4 million was included as part of the transaction. The acquired business was integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to CHF 6.2 million and the preliminary purchase price allocation resulted in a goodwill of CHF 1.0 million which has been offset against equity.
Net sales from 1 January to 1 June 2025 amounted to CHF 5.1 million and net sales from 2 June to 31 December 2025 amounted to CHF 12.3 million.
Effective 1 August 2025, the Cicor Group acquired 100% of the shares of Málaga Aerospace, Defense and Electronics System S.A.U., based in Málaga (Spain), from the French Latecoere Group. MADES focuses on electronics solutions for the A&D market. In addition, the company serves customers in the industrial and railway technology sector. The company employs around 100 people. The transaction includes one operating company. It was integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to EUR 32.0 million (CHF 29.8 million) and the preliminary purchase price allocation resulted in a goodwill of EUR 10.7 million (CHF 10.0 million) which has been offset against equity.
The company was consolidated as of 1 August 2025. Net Sales from 1 January to 31 July 2025 amounted to EUR 14.4 million (CHF 13.4 million) and net sales from 1 August to 31 December 2025 amounted to EUR 15.8 million (CHF 14.8 million).
Effective 14 November 2025, Cicor Group completed the acquisition of two operating companies from the Swiss Valtronic Group. The acquired Valtronic sites in Berrechid (Morocco) and Cleveland (Ohio, USA) are specialised in the manufacturing of innovative medical and diagnostic devices. The two sites employ around 220 people. The acquired companies were integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to CHF 6.8 million and the preliminary purchase price allocation resulted in a goodwill of CHF 2.0 million which has been offset against equity.
The acquired Valtronic business was consolidated as of 14 November 2025. Net Sales from 1 January to 13 November 2025 amounted to USD 19.9 million (CHF 16.5 million) in the US and to MAD 60.2 million (CHF 5.3 million) in Morocco. Net sales from 14 November to 31 December 2025 amounted to USD 1.0 million (CHF 0.8 million) in the US and to MAD 6.1 million (CHF 0.5 million) in Morocco.
Financial information on the five transactions is disclosed in below table.
in CHF 1 000 | Profectus1) | Éolane2) | Mercury3) | MADES4) | Valtronic5) | Total |
Purchase consideration paid | 6 049 | 6 830 | 5 417 | 28 929 | 3 000 | 50 225 |
Purchase consideration deferred | - | - | 500 | - | 3 300 | 3 800 |
Total purchase consideration | 6 049 | 6 830 | 5 917 | 28 929 | 6 300 | 54 025 |
Direct costs related to acquisition paid | 427 | 3 075 | 300 | 737 | 539 | 5 078 |
Direct costs related to acquisition deferred | - | 119 | - | 118 | 9 | 246 |
Total consideration | 6 476 | 10 025 | 6 217 | 29 784 | 6 848 | 59 349 |
Less: Fair value of net assets acquired | –3 864 | –27 003 | –5 200 | –19 810 | –4 896 | –60 774 |
Goodwill | 2 611 | –16 979 | 1 017 | 9 974 | 1 952 | –1 425 |
Property, plant and equipment | 6 247 | 20 348 | 290 | 7 563 | 5 154 | 39 602 |
Intangible assets | 2 529 | 5 190 | 1 377 | 9 813 | 785 | 19 694 |
Other non current assets | - | 2 | - | 102 | - | 104 |
Inventories | 7 195 | 35 997 | 10 473 | 14 906 | 3 374 | 71 945 |
Trade accounts receivable | 1 538 | 11 491 | - | 4 612 | 2 639 | 20 280 |
Other accounts receivable, prep. exp. and accruals | 657 | 8 171 | - | 683 | 804 | 10 315 |
Cash and cash equivalents | 358 | 3 333 | - | 613 | 1 078 | 5 382 |
Deferred Tax assets / liabilities | –953 | –1 913 | - | –3 687 | –454 | –7 007 |
Liabilities for post-employment benefits | - | –4 165 | - | - | - | –4 165 |
Long-term financial liabilities | –4 971 | –4 081 | - | - | –2 508 | –11 560 |
Long-term provisions | - | –643 | –1 420 | –460 | –52 | –2 574 |
Other long-term liabilities | - | –356 | - | –577 | - | –933 |
Short-term financial liabilities | –3 502 | –6 072 | - | –1 055 | –66 | –10 696 |
Short-term provisions | –11 | –983 | - | - | - | –994 |
Trade payables | –1 774 | –7 075 | - | –3 207 | –2 754 | –14 810 |
Other current liabilities and accruals | –3 334 | –31 940 | –5 520 | –9 497 | –3 044 | –53 335 |
Income tax payable | –115 | –300 | - | - | –59 | –473 |
Total fair value of net assets acquired | 3 864 | 27 003 | 5 200 | 19 810 | 4 896 | 60 774 |
Total consideration paid | 6 476 | 9 906 | 5 717 | 29 666 | 3 539 | 55 304 |
Less: cash and cash equivalents acquired | –358 | –3 333 | - | –613 | –1 078 | –5 382 |
Cash outflow on acquisitions during the year | 6 117 | 6 573 | 5 717 | 29 053 | 2 461 | 49 922 |
1)Acquisition of Profectus.
2)Acquisition of business from French Éolane Group.
3)Acquisition of business from Mercury Electronics.
4)Acquisition of MADES.
5)Acquisition of business from Valtronic Group.
A contingent deferred purchase consideration from the acquisition of Evolution Medtec Srl (Bucharest, Romania), closed as per 28 February 2024, is no longer expected to become due. The liability of TEUR 200 (TCHF 191) was derecognised and goodwill was adjusted by the same amount.
Effective 24 January 2024, Cicor Group acquired 100% of the shares of STS Defence Ltd (STS), located in Gosport, England, for a total consideration of GBP 27.8 million (CHF 30.7 million). The site was integrated into the organisational unit ‘Cicor UK’ of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of GBP 19.5 million (CHF 21.4 million) which has been offset against equity. The company was consolidated as of 24 January 2024. Net sales from 1 January 2024 to 23 January 2024 amounted to GBP 1.3 million (CHF 1.4 million) and net sales from 24 January 2024 to 31 December 2024 amounted GBP 35.4 million (CHF 39.8 million).
Effective 28 February 2024, Cicor Group acquired 100% of the shares of Evolution Medtec Srl (EM), located in Bucharest, Romania, for a total consideration of RON 9.7 million (CHF 1.9 million). The site was integrated into the organisational unit ‘Cicor Engineering’ of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of RON 6.8 million (CHF 1.3 million) which has been offset against equity. Evolution Medtec was consolidated as of 28 February 2024. Net sales from 1 January to 27 February 2024 amounted to RON 2.0 million (CHF 0.4 million) and net sales from 28 February to 31 December 2024 amounted to RON 6.9 million (CHF 1.3 million).
Effective 31 March 2024, Cicor Group acquired 100% of the shares of TT Electronics IoT Solutions Ltd (IoT) for a total consideration of GBP 21.2 million (CHF 24.1 million). The transaction included a total of seven companies, thereof two production sites in England (Newport and Hartlepool) that were integrated into the organisational unit ‘Cicor UK’and one production site in China (Dongguan) that became part of ‘Cicor Asia’, all in the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in a bargain purchase of GBP -4.6 million (CHF -5.2 million) which has been offset against equity. The IoT business was consolidated as of 31 March 2024. Net sales from 1 January to 30 March 2024 amounted to GBP 16.1 million (CHF 18.1 million) and net sales from 31 March to 31 December 2024 amounted to GBP 52.9 million (CHF 59.5 million).
Effective 7 November 2024, the Cicor Group acquired 100% of the shares of Nordic Engineering Partner AB (NEP) for a total consideration of SEK 96.6 million (CHF 7.9 million). The transaction included two companies, thereof one engineering and one holding company. The site was integrated into the organisational unit ‘Cicor Engineering’ of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of SEK 77.2 million (CHF 6.3 million) which has been offset against equity. NEP was consolidated as of 7 November 2024. Net sales from 1 January to 6 November 2024 amounted to SEK 44.6 million (CHF 3.7 million) and net sales from 7 November to 31 December 2024 amounted to SEK 7.4 million (CHF 0.6 million).
Financial information on the four transactions is disclosed in below table.
in CHF 1 000 | STS 1) | EM 2) | IoT 3) | NEP 4) | Total |
Purchase consideration paid | 29 722 | 1 356 | 22 941 | 6 214 | 60 233 |
Purchase consideration deferred | - | 382 | - | 1 532 | 1 913 |
Total purchase consideration | 29 722 | 1 738 | 22 941 | 7 746 | 62 147 |
Direct costs related to acquisition paid | 985 | 124 | 1 199 | 156 | 2 464 |
Direct costs related to acquisition deferred | - | - | - | 24 | 24 |
Total consideration | 30 707 | 1 862 | 24 140 | 7 926 | 64 635 |
Less: Fair value of net assets acquired | –9 324 | –553 | –29 371 | –1 612 | –40 860 |
Goodwill | 21 383 | 1 309 | –5 231 | 6 314 | 23 775 |
Property, plant and equipment | 574 | 6 | 3 695 | 355 | 4 630 |
Intangible assets | 12 967 | 0 | 2 815 | 850 | 16 631 |
Inventories | 4 237 | 16 | 24 614 | - | 28 867 |
Trade accounts receivable | 4 765 | 303 | 10 183 | 1 006 | 16 257 |
Other accounts receivable, prep. exp. and accruals | 560 | 49 | 3 071 | 81 | 3 761 |
Cash and cash equivalents | 1 265 | 349 | 5 786 | 487 | 7 886 |
Deferred Tax assets / liabilities | –3 618 | 10 | 3 067 | –350 | –891 |
Long-term financial liabilities | - | - | –11 | - | –11 |
Long-term provisions | - | - | –3 134 | - | –3 134 |
Short-term financial liabilities | –3 617 | - | –6 | - | –3 623 |
Short-term provisions | –76 | - | –1 122 | - | –1 198 |
Trade payables | –3 062 | –101 | –7 863 | –177 | –11 204 |
Other current liabilities and accruals | –4 541 | –38 | –11 664 | –637 | –16 880 |
Income tax payable | –129 | –40 | –60 | –3 | –232 |
Total fair value of net assets acquired | 9 324 | 553 | 29 371 | 1 612 | 40 860 |
Total consideration paid | 30 707 | 1 480 | 24 140 | 6 370 | 62 698 |
Less: cash and cash equivalents acquired | –1 265 | –349 | –5 786 | –487 | –7 886 |
Cash outflow on acquisitions during the year | 29 442 | 1 132 | 18 354 | 5 883 | 54 812 |
1)Acquisition of STS Defence Ltd, Gosport (United Kingdom).
2)Acquisition of Evolution Medtec Srl, Bucharest (Romania).
3)Acquisition of TT Electronics IoT Solutions Ltd (United Kingdom and China).
4)Acquisition of Nordic Engineering Partner (Sweden).