Cendres+Métaux

What Cendres+Métaux does

CMSA Holding SA (formerly the Cendres+Métaux Group, rebranded to CMSA — Contract Manufacturing Solutions Alliance — in January 2026, with the dental division retaining the Cendres+Métaux name) is a Swiss Contract Development and Manufacturing Organization (CDMO) headquartered in Biel/Bienne. Founded in 1885, the group operates 9 specialized production sites across Switzerland, employs 665 people as of the 2025 sustainability report, and generated CHF 232.1M in FY2025 net sales (CHF 125.9M excluding precious metals, down 15.2% year-on-year). The business is organized around three verticals: Luxury & Watchmaking (movement parts, bezels, cases, bracelets, oscillating weights, jewelry elements) and MedTech (audiology, cardiology and endoscopy, dentistry, gynecology, ophthalmology, orthopedics and spine) as primary segments, with Industrial Applications (electronics, semiconductors, IoT, scientific instrumentation, aerospace, security) as a third vertical. Five wholly-owned production subsidiaries (CMSA Biel/Bienne, Boudry, La Chaux-de-Fonds, Saignelégier, Mittelhäusern) are complemented by the Cendres+Métaux SA dental entity.

The group's core technical offering rests on more than 400 proprietary precious metal alloys, micron-level precision machining (tolerances down to ±3 µm), advanced surface treatment technologies (galvanoplasty, selective plating, functional coatings), in-house casting and forming, finishing, cleanroom assembly, validated cleaning, conditioning, and precious metal recycling. The portfolio includes the newly launched CMSA Pt-Nova 955 (95.5% platinum alloy) for fine watchmaking. Quality and compliance are anchored by ISO 9001, 13485, 14001, 17025, RJC Code of Practices, RJC Chain of Custody, and MDSAP certifications across relevant sites, and the myCMSA client portal (2025) provides real-time order and stock transparency to existing customers.

CMSA generates revenue through professional services tied to contract manufacturing: development, industrialization, and series production of precision components, plus materials processing and recycling. The go-to-market is sales-led, B2B, and anchored on key account management with an RFQ-based quote process; pricing is not publicly disclosed. The group distributes globally through direct enterprise engagement, with no retail or e-commerce channels. CMSA Holding SA is listed on the OTC-X (BEKB) over-the-counter platform under ticker CH0001579363, with CHF 237.0M in equity (67% equity ratio, 28% leverage ratio) at end-2025. The group is mid-way through a multi-year transformation that included 2025 closures of French, Spanish, and Valais operations, the merger of Cronal and Cornu, the CMSA rebranding, SAP S/4HANA deployment, and a 1:10 share split in June 2026.

Name

Cendres+Métaux

Legal name

CMSA Holding SA

Website

https://cmsa.ch

Company type

Private

Founded year

1885

Operating status

Operating

Headcount range

251–500 employees

Short description

CMSA (formerly Cendres+Métaux) is a Swiss CDMO operating 9 production sites that manufactures high-precision components and assemblies for luxury watchmaking, MedTech, and industrial sectors, leveraging 400+ proprietary precious metal alloys, micron-level machining, and integrated end-to-end manufacturing.

Ownership category

akta.pro rank

Headquarters

HQ city

Biel

HQ country

Switzerland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Contract Manufacturing Services: CMSA operates as a CDMO providing precision manufacturing services for luxury watchmaking, MedTech, and industrial sectors. Revenue is generated through development, industrialization, and production services from a single source, covering the entire value chain from material expertise to finished components and assemblies.
2. Materials Processing: Processing of precious metals and advanced alloys with consistent quality and adaptability. Services include foundry operations, material development, and recycling.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

CMSA (formerly Cendres+Métaux) is a Swiss CDMO providing end-to-end precision contract manufacturing services for the luxury/watchmaking, MedTech, and industrial sectors. The company develops proprietary precious metal alloys (400+ formulations), produces high-precision components with micron-level accuracy through CNC machining and micro-machining, and offers surface treatment, casting, forming, finishing, assembly, cleaning, packaging, and recycling services from nine specialized Swiss production sites.

Product overview

CMSA (Contract Manufacturing Solutions Alliance, formerly Cendres+Métaux Group) is a Swiss precision manufacturing organization (CDMO) operating 9 specialized production sites across Switzerland. The company offers end-to-end manufacturing services organized around three main industry verticals: Luxury & Watchmaking, MedTech, and Industrial Applications. Core offerings include precious metal alloys (400+ formulations), precision machining (CNC, multi-axis with tolerances down to ±3µm), surface treatment technologies (coating, plating, galvanoplasty), casting and forming, finishing, assembly (welding, brazing, bonding), cleaning, conditioning and packaging, plus recycling and logistics services. The portfolio includes the proprietary CMSA Pt-Nova 955 platinum alloy for watchmaking. The myCMSA client portal provides order and stock transparency. All entities unified under the CMSA brand in January 2026, except the Dental division which retains the Cendres+Métaux name.

Differentiator

Problem solved

Functional benefit

Brands

• CMSA Luxury: Luxury and watchmaking division specializing in high-precision components for Swiss luxury watchmaking, including movement parts, oscillating weights, bracelets, cases, bezels, and jewelry elements.
• CMSA Medtech
• CMSA Industrial Applications

Products and services

• Precision Components for Luxury & Watchmaking
• Precision Components for MedTech
• Precision Components for Industrial Applications
• Precious Metal Alloys and Material Development
• CMSA Pt-Nova 955 Alloy
• myCMSA Client Portal
• Precious Metal Recycling Services

Quantifiable outcome

• Components manufactured with tolerances down to ±3 µm on selected diameters
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Swiss Triple Impact (STI) ProgramminorStrategic or Co-development PartnerCMSA participates in the Swiss Triple Impact program for sustainability, aligning with UN Sustainable Development Goals. The program supports the company's sustainability framework structured around the 5P model (Process, Production, People, Planet, Partnerships).

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Mikron Group: Swiss precision machining specialist serving automotive, MedTech and industrial applications; comparable vertically-integrated precision manufacturer operating from Switzerland with similar tolerance and small-batch capabilities.
• ADMEDES GmbH: European precision manufacturer of medical device components (nitinol, stainless steel, specialty alloys) competing head-to-head with CMSA MedTech for the same implant and interventional device customers.
• PRECILEC SA: Swiss specialist in precision watchmaking components (escapements, hairsprings, balance staffs); a niche but direct CDMO peer to CMSA Luxury in the highest-end horological components market.
• Soprod SA: Swiss manufacturer of precision watch movements and components serving the same luxury watchmaking CDMO market as CMSA's Luxury division, with comparable customer base and metal/precision-machining capabilities.
• Mimotec SA: Swiss micro-precision machining firm focused on watch components and MedTech parts, directly competing with CMSA Boudry for ultra-small, tight-tolerance production work.

Broad incumbents

• Integer Holdings Corporation: US-listed global MedTech contract design and manufacturing organization (CDMO) serving cardiac, neuromodulation, orthopedics and other MedTech customers; comparable to CMSA's MedTech division but at materially larger scale and broader geographic footprint.
• Viant Medical: Global MedTech contract manufacturer offering precision components, assembly and finished device services; overlaps directly with CMSA MedTech across orthopedics, cardiology and endoscopy with a much larger global footprint.
• Confluent Medical Technologies: US-based MedTech CDMO focused on nitinol and precision components for cardiology, neurovascular and orthopedic applications; competes with CMSA MedTech for similar high-precision implant and device work.
• Swatch Group (ETA SA): Through ETA SA and other entities, Swatch Group is the largest Swiss watch-component manufacturer and competes with CMSA Luxury across movements, cases, bracelets and escapements, but as part of a vertically-integrated watch group rather than an independent CDMO.

Emerging players

• Symbiont (Symbiont Medical): Swiss-based precision contract manufacturer serving MedTech, with comparable focus on regulated components and finishing services; smaller scale but overlapping customer targets.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cendres-metaux-sa
• Facebookfacebook.com/cendresmetaux

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cendres+Métaux