What GS Swiss PCB does

GS Swiss PCB AG is a Swiss specialty manufacturer of highly miniaturized printed circuit boards (PCBs), founded in 1981 as GS Präzisions AG by the Nerpas family in Küssnacht am Rigi, Switzerland. The company produces flexible, rigid, and rigid-flex PCBs along with IC substrates and chip-on-flex/cavity substrates, exploiting advanced Ultra-HDI manufacturing technologies including mSAP (modified semi-additive process) and SAP (semi-additive process) that enable trace widths and spacing down to 10 micrometers — roughly one-sixth of a human hair. Production is conducted at a single 5,600 m2 Swiss facility with four cleanrooms operating 24/7 in three shifts, supplemented by laser direct imaging, laser micro-via drilling (50 µm standard, 15 µm limit) and a range of surface finishes (ENIG, ENEPIG, DIG, galvanic gold).

The company serves mission-critical applications in medical technology (hearing aids, cochlear implants, pacemakers, blood pumps, ultrasound probes, electronic pills), aerospace (satellites, the NASA/JPL Mars Rover), and scientific research (thousands of PCBs for CERN's Compact-Muon-Solenoid detector, for which it received two CMS Gold Awards). Notable customers include CERN and NASA/JPL, alongside unnamed hearing-aid, ultrasound, and implant manufacturers. Certifications include ISO 9001 (1994), ISO 13485 (2025), UL E79891 for rigid PCBs, and full RoHS/REACH compliance.

GS Swiss PCB operates a direct enterprise field-sales model, with regional sales managers across Scandinavia, the UK, and German Switzerland, plus dedicated Business Development Managers and a US sales subsidiary (GS Swiss PCB Inc., Woburn, MA, est. 2015). Revenue is generated through custom, quote-based hardware sales of specialized PCBs, with feasibility analyses conducted prior to quotation. The company has scaled to over USD 50 million in revenue on approximately 200 employees. Ownership history includes founder-family control through 2006, integration into the exceet Group (Frankfurt-listed, 2010), and a 2021 acquisition by Swiss private equity firm Afinum via STG Swiss Technology Group, the latter of which brought Hofstetter PCB AG (Europe's largest plating company) into the group as a sister company in 2023. In June 2025, TTM Technologies (NASDAQ:TTMI) announced a definitive agreement to acquire STG, expected to close in 2026 subject to regulatory approval.

Name

GS Swiss PCB

Legal name

GS Swiss PCB AG

Website

https://gs-swiss.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

51–100 employees

Short description

GS Swiss PCB AG is a Swiss specialty manufacturer of highly miniaturized flexible, rigid, and rigid-flex printed circuit boards and IC substrates for mission-critical medical devices, aerospace systems, and scientific instruments. It serves medical, aerospace, and industrial OEMs globally from its Küssnacht am Rigi facility using Ultra-HDI, mSAP, and SAP technologies.

Ownership category

akta.pro rank

Product category

PCB Manufacturing

NAICS

Bare Printed Circuit Board Manufacturing (334412), Semiconductor and Other Electronic Component Manufacturing (3344)

SIC

Printed Circuit Boards (3672)

akta.pro primary industry

PCB Fabrication (Flex & Rigid-Flex PCBs) (HDAHAOAH)

akta.pro secondary industries

PCB Fabrication (Rigid PCBs) (HDAHAOAG), Printed Electronics & Advanced Substrates (HDI, IC Substrates, Embedded Components) (HDAHAOAK)

Keywords

• Printed circuit boards
• Flexible PCBs
• Rigid-flex PCBs
• Miniaturized PCB manufacturing
• Ultra-HDI circuits

Headquarters

HQ city

Kussnacht Am Rigi

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. PCB Manufacturing and Sales: GS Swiss PCB manufactures and sells miniaturized PCBs (flexible, rigid, rigid-flex) to customers in medical, aerospace, and industrial sectors. Revenue is generated through the sale of custom-manufactured PCBs with varying specifications based on customer requirements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

GS Swiss PCB manufactures highly miniaturized, high-reliability printed circuit boards (PCBs) — including flexible, rigid, and rigid-flex variants — at its facility in Küssnacht am Rigi, Switzerland. The company leverages advanced manufacturing processes such as mSAP (modified semi-additive process) and SAP (semi-additive process) to produce traces and spaces as small as 10 micrometers, serving mission-critical applications in medical devices, aerospace, and scientific research.

Product overview

GS Swiss PCB is a manufacturer of highly miniaturized and reliable printed circuit boards (PCBs). The company offers a comprehensive portfolio of PCB products including Flexible PCBs, Rigid PCBs, and Rigid-Flex PCBs, supported by advanced manufacturing technologies including mSAP (modified semi-additive process) and SAP (semi-additive process) enabling line widths down to 10 micrometers. The product range also includes specialized IC Substrates, Chip-on-Flex (COF) substrates, Interposers, and Cavity PCBs for Chip-on-Board applications. These products serve mission-critical applications in medical (implants, hearing aids, ultrasound probes), aerospace (satellites, Mars Rover), and scientific research (CERN particle detectors). The company also provides comprehensive manufacturing capabilities including laser drilling, various surface finishes (ENIG, ENEPIG, DIG, galvanic gold), and rigorous testing services.

Differentiator

Problem solved

Functional benefit

Products and services

• Flexible PCBs (Flex PCBs) Bendable printed circuit boards made from flexible materials such as polyimide, designed to fit into compact, irregularly shaped spaces and withstand demanding environmental conditions. Manufactured since 1995 for medical implants, hearing aids, and other space-constrained applications.
• Rigid PCBs Stiff circuit boards made from solid substrate materials such as glass fiber reinforced epoxy resin (FR4), characterized by rigidity and strength. The company's foundational product, manufactured since its founding in 1981.
• Rigid-Flex PCBs Hybrid printed circuit boards combining the robustness of rigid PCBs with the flexibility and adaptability of flexible PCBs in a single integrated solution. Used in implanted blood pumps and other complex medical and industrial applications.
• Ultra-HDI PCBs Ultra-High-Density Interconnect printed circuit boards designed for the most extreme miniaturization requirements, leveraging the company's mSAP and SAP process capabilities.
• IC Substrates Highly integrated substrates that solve the problem of dense chip structures being too dense to solder directly onto a PCB, enabling connection on one side with the IC and on the other side with the PCB. Manufactured using ABF and advanced mSAP/SAP techniques.
• Chip-on-Flex Substrates (COF) Flexible PCBs that are thinner than rigid counterparts, supporting complex designs that can bend and fold into various shapes and eliminating cables and connectors. Direct chip mounting on flexible PCBs improves performance and flexibility while reducing weight and space.
• Cavity PCBs for Chip-on-Board (COB) PCBs with cavities that enable the embedding of naked chips and other components. Materials like epoxy can encapsulate naked chips for protection while saving space and improving performance.

Quantifiable outcome

• Trace widths as small as 10 micrometers (one-sixth of a human hair thickness) using SAP technology
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• TTM TechnologiescoreStrategic or Co-development Partner · 1 January 2025TTM Technologies (NASDAQ:TTMI), a publicly-traded global electronics manufacturer, announced a definitive agreement to acquire Swiss Technology Group AG (STG), GS Swiss PCB's parent company, subject to regulatory approvals expected to close in 2026. This acquisition represents a key step in TTM's expansion into the European market and will enable accelerated growth for STG.
• Hofstetter PCB AGcoreStrategic or Co-development Partner · 1 January 2023Hofstetter PCB AG, Europe's largest plating company and from the beginning an important partner and supplier, became a sister company within the STG Swiss Technology Group. This strengthened cooperation and improved supply security for platings.
• exceet GroupminorStrategic or Co-development Partner · 1 January 2010AEM Technologies Holding AG, GS's parent company, was integrated into exceet Group and listed on the Frankfurt Stock Exchange in 2010. GS achieved revenue milestone of over CHF 30 million.

Scale indicators9 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Contag AG: German specialty PCB/prototype and small-batch manufacturer with similar European specialty positioning, serving industrial, medical, and aerospace customers in similar volume/customer profiles.
• NCAB Group: Sweden-based specialty PCB sourcing/assembly group serving demanding European industrial, medical, and aerospace customers. Comparable in customer mix, small-batch prototype focus, and European specialty positioning.
• Schweizer Electronic: German manufacturer of high-tech PCBs, flex/rigid-flex, and embedding solutions with strong automotive and industrial focus. Closely comparable European specialty PCB maker competing in the same miniaturized PCB tier.
• AT&S (Austria Technologie & Systemtechnik): Austrian-headquartered PCB and IC substrate manufacturer with strong HDI/mSAP capabilities serving mobile, automotive, and medical customers. Highly comparable European specialty PCB/IC substrate platform with similar end-market mix and miniaturization focus.
• Dyconex AG (Molex): Swiss flex/rigid-flex PCB specialist (now part of Molex) serving medical, aerospace, semiconductor, and telecommunications — directly comparable to GS's flex PCB franchise in Europe.

Broad incumbents

• TTM Technologies: NASDAQ-listed global PCB manufacturer and pending acquirer of GS's parent STG. Much larger scale across rigid, flex, RF/microwave, and substrate products; broader customer base makes it a broad incumbent comparator.
• Unimicron Technology Corp. Taiwanese global leader in HDI PCBs and IC substrates, with ABF substrate capabilities directly comparable to GS's emerging IC substrate business, but at vastly greater scale.
• Ibiden Co., Ltd. Japanese IC substrate and PCB leader with strong ABF substrate and HDI business. Comparable in advanced substrate and miniaturization positioning but with broader automotive and semiconductor packaging exposure.
• Zhen Ding Technology Holding: World's largest FPC manufacturer headquartered in Taiwan, serving smartphone, automotive, and consumer electronics. Comparable in flex PCB technology but at commoditized scale and pricing.
• Tripod Technology Corp. Taiwanese multi-layer PCB manufacturer with HDI capabilities serving mobile, networking, and automotive. Comparable PCB product overlap at much higher volume, illustrating scale competition for European specialists.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gs-swiss-pcb-ag

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

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 GS Swiss PCB