Elco Group

What Elco Group does

Elco Group S.p.A. is a privately-held Italian PCB (Printed Circuit Board) manufacturer founded in 1970 in Carsoli, Abruzzo, and led since 2022 by CEO Filippo D'Agata, founder of EDA-software distributor Cadlog. The company designs and manufactures a broad PCB portfolio covering aluminum (IMS), flex, rigid-flex, HDI-SBU, multilayer (up to 40+ layers), mono/double-sided, and microwave PCBs, with seven surface-finish options and capabilities validated via POLAR CITS 500 impedance testing. It operates a dual-facility model: a high-mix, low-volume manufacturing center at its Carsoli HQ focused on complex, limited-run production, and a wholly-owned Elco Asia facility in Foshan, China, dedicated to mass production and trading; sales are supported through Elco Industrial in Casalecchio di Reno, Italy.

The company is certified to ISO 9001:2015, EN 9100:2018 (aerospace), IATF 16949:2009 (automotive), and Mil-Spec, and reports 98.3% on-time shipments over the last five years, 12-hour turnaround for 2-4 layer prototype boards, and 2-day delivery for Mil-Spec orders. Elco serves demanding industries globally, with primary verticals in space & aerospace, defense & military, medical, and automotive, and secondary exposure to industrial, telecommunications, and transportation. 68% of the company remains owned by the founder's family branch.

Revenue is generated through quote-based PCB manufacturing contracts and a trading division in Asia, with pricing valid for 30 days, 30-day payment terms, and a 3-month price-guarantee ceiling. Go-to-market is sales-led, with technical sales teams integrated with engineering, quality, and laboratory departments for pre- and post-sales support. Marketing is primarily direct/content-driven via the corporate website and downloadable technical documentation rather than paid or channel-led acquisition.

Name

Elco Group

Legal name

Elco Group S.p.A.

Website

https://elcopcb.com

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

251–500 employees

Short description

Elco Group is an Italian PCB manufacturer founded in 1970 producing rigid, flex, rigid-flex, HDI, multilayer (40+ layers), aluminum, and microwave printed circuit boards for aerospace, defense, medical, and automotive OEMs from facilities in Italy and China.

Ownership category

akta.pro rank

Product category

PCB Manufacturing

NAICS

Bare Printed Circuit Board Manufacturing (334412)

SIC

Printed Circuit Boards (3672)

akta.pro primary industry

PCB Fabrication (Rigid PCBs) (HDAHAOAG)

akta.pro secondary industries

PCB Fabrication (Flex & Rigid-Flex PCBs) (HDAHAOAH), Printed Electronics & Advanced Substrates (HDI, IC Substrates, Embedded Components) (HDAHAOAK), Industrial PCB & Substrate Components (Bare PCBs, rigid-flex, ceramic substrates, thick-film) (IMAGAJAM)

Keywords

• PCB manufacturing
• Printed circuit boards
• Rigid-flex PCBs
• HDI PCBs
• Multilayer PCBs

Headquarters

HQ city

Carsoli

HQ country

Italy

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. PCB Manufacturing: Manufacturing of printed circuit boards ranging from prototype to mass production, from single side up to 40+ layers. The company operates two facilities: high-mix, low-volume production from Carsoli, Italy facility, and mass production from Asia-based company-owned facility.
2. PCB Trading: Trading division based in Asia supporting mass consumer product manufacturing and distribution capabilities

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Elco Group manufactures and trades printed circuit boards (PCBs), including rigid, flex, rigid-flex, HDI-SBU, multilayer, aluminum (IMS), and microwave PCBs with capabilities up to 40+ layers. The company operates two facilities: a high-mix, low-volume production center in Carsoli, Italy, and a mass production facility in Asia. It serves demanding industries including aerospace, defense, automotive, and medical sectors with both prototype and mass manufacturing capabilities.

Product overview

Elco Group is a PCB (Printed Circuit Board) manufacturer offering a comprehensive portfolio of PCB products including Aluminium PCBs (IMS), Flex PCBs, Rigid/Flex PCBs, HDI-SBU PCBs, Multilayer PCBs, Mono/Double-sided PCBs, and Microwave PCBs. The company provides manufacturing and trading services with various surface finish options (lead free H.A.S.L., H.A.S.L., E.N.I.G., OSP, ENEPIG, Electroless tin, Electrolytic nickel). Their production capabilities range from high mix-low volume prototyping to mass consumer products, with facilities in Italy and Asia.

Differentiator

Problem solved

Functional benefit

Products and services

• Aluminium PCBs (Insulated Metal Substrate) Aluminium PCBs (insulated metal substrate / IMS) coated with a thermally conductive thin dielectric, used for parts requiring significant cooling such as LEDs.
• Flex PCBs Flexible PCBs that allow electronic devices to be mounted on flexible plastic substrates, ideal for tightly assembled electronic packages requiring 3-axis electrical connections.
• Rigid/Flex PCBs Hybrid rigid-flex circuits consisting of rigid and flexible substrates laminated together in a single structure, supporting up to 20 layers for complex electronic packages.
• HDI-SBU PCBs High-Density Interconnection (HDI) PCBs with micro and fine structures using Sequential Build Up (SBU) technology to extend multilayer boards and increase board reliability.
• Multilayer PCBs Both homogeneous (single base material) and composite (multiple base materials) multilayer PCBs, allowing high assembly density, small dimensions and great flexibility; capabilities span standard 16 layers, advanced 40 layers, and engineering >40 layers.
• Mono/Double-sided PCBs Double-sided PCBs composed of two layers interconnected with metalized holes (vias), applied across the full range of the electronics industry.
• Microwave PCBs PCBs designed for frequency ranges from megahertz to gigahertz, supporting communication signals in applications from smartphones to military radar.

Quantifiable outcome

• 98.3% on-time shipments over 5 years
• +4 more outcomes

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• AT&S (Austria Technologie & Systemtechnik): Austrian-headquartered PCB and substrate manufacturer serving automotive, industrial, medical, and high-end consumer end-markets. Closely comparable to Elco as a European mid-sized PCB specialist with both rigid and advanced substrate capabilities, and a similar emphasis on automotive and industrial certifications.
• MEIKO Electronics: Japanese PCB manufacturer with a similar multi-product portfolio (multilayer, HDI, rigid-flex) and a customer base spanning automotive, industrial, and communications. Comparable to Elco as a mid-tier, technology-focused PCB fabricator competing in demanding verticals.
• Schweizer Electronic: German PCB and embedding-technology manufacturer serving automotive, industrial, and aerospace customers. Highly comparable to Elco's high-mix, low-volume, high-reliability positioning in the European market, with similar multilayer and HDI capabilities.
• CMK Corporation: Japanese PCB manufacturer focused on automotive and industrial applications, with multilayer and rigid-flex capabilities. Comparable to Elco's automotive (IATF-certified) and industrial vertical mix, with overlapping technology stack.
• Shennan Circuits: Chinese PCB manufacturer serving communications, automotive, and industrial customers, with a product portfolio spanning HDI, rigid-flex, and multilayer. Directly comparable to Elco's mass-production China operations and to its multilayer/HDI technology stack.
• Chin Poon Industrial: Taiwanese PCB maker heavily exposed to automotive and industrial customers. Comparable to Elco in its vertical concentration in automotive-grade PCBs and multilayer/HDI capabilities, although at larger scale and lower cost.

Broad incumbents

• Ibiden: Large Japanese PCB and IC substrate manufacturer. Comparable in technology (HDI, multilayer, build-up substrates) to Elco's advanced offerings, but operates at substantially greater scale across both PCB and electronic materials.
• TTM Technologies: Large US-headquartered PCB manufacturer serving aerospace/defense, automotive, medical, and computing. Comparable to Elco's high-reliability vertical mix (especially aerospace/defense Mil-Spec), but at significantly greater scale and global footprint.
• Unimicron Technology: One of the world's largest PCB and IC substrate manufacturers, based in Taiwan. Comparable in product portfolio (HDI, rigid-flex, multilayer) to Elco but operates at vastly greater scale, particularly in substrates and high-end consumer electronics.
• Tripod Technology: Taiwanese PCB manufacturer with strong multilayer and HDI capabilities serving networking, automotive, and consumer end-markets. Comparable product overlap to Elco's HDI-SBU and multilayer offerings, with materially larger scale and Asia-centric cost base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Elco-PCB-100065476299690
• LinkedInlinkedin.com/company/elcopcb

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

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 Elco Group