CICOR

What CICOR does

Cicor Group (SIX: CICN) is a Swiss-headquartered electronic manufacturing services (EMS) provider founded in 1966 as Cicorel S.A., operating approximately 4,524-4,600 full-time employees across 14 countries and a network of 17+ production sites in Europe, North Africa, Asia, and North America. The company designs and manufactures advanced electronic solutions spanning four solution areas: Engineering Services (test engineering, product development, process engineering, EMC lab); Electronic Manufacturing Services (prototyping, PCBA, microelectronic assembly, cable assembly and wire harness, box building, power supplies); Precision Plastics (tool design, plastic injection molding, 3D-MID molded interconnect devices); and Advanced PCBs and Substrates (thin-film and thick-film substrates). Cicor serves three primary verticals — Healthcare Technology, Industrial, and Aerospace & Defence — with regulated-industry certifications (including ISO 13485 for medical devices) functioning as a key competitive qualification barrier.

Cicor's business model is enterprise B2B project-based contract manufacturing with quote-based pricing, distributed through direct field sales and Key Account Managers targeting OEM customers in regulated end markets. The company generates revenue across hardware sales (precision plastics, substrates), professional services (engineering), and manufacturing contracts (one-off program-based). Under the controlling stake of One Equity Partners (41.01% post-MCB conversion), Cicor has pursued an aggressive acquisition-led expansion strategy since 2021, completing deals including Evolution Medtec (Feb 2024, Romania medtech engineering), TT Electronics IoT Solutions (Apr 2024, GBP 70.2m sales, 500+ staff, leading UK high-end electronics), PROFECTUS (Jan 2025), Eolane (2025, driving 28% FY2025 revenue growth), and Valtronic's US and Moroccan subsidiaries (Jan 2026, US market entry and Morocco capacity doubling). FY2025 net sales reached CHF 616.5-617 million with adjusted EBITDA of CHF 65 million (10.5% margin) and exceptional free cash flow of CHF 49 million; FY2026 guidance targets CHF 700-750 million in sales and CHF 70-80 million in adjusted EBITDA. A £287 million all-cash bid for TT Electronics (Nov 2025) signals continued appetite for transformational scale M&A.

Name

CICOR

Legal name

Cicor Group

Website

https://cicor.com

Company type

Public

Founded year

1966

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cicor Group is a Swiss-listed electronic manufacturing services provider (EMS) that designs and produces advanced electronic assemblies, precision plastics, and substrates for healthcare, industrial, and aerospace/defence OEMs across 17+ sites in 14 countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Bronschhofen

HQ country

Switzerland

HQ region

Europe

Offices29 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electronic Manufacturing Services: Contract manufacturing services for electronics including PCB assembly, microelectronics assembly, box building, and cable harness manufacturing. Revenue generated through project-based manufacturing contracts with healthcare, industrial, and aerospace/defence customers.
2. Engineering Services: Product development, test engineering, process engineering, and EMC testing services provided as part of full-cycle electronics design and manufacturing.
3. Precision Plastics Manufacturing: Custom precision plastic components and 3D-MID products for electronics packaging and interconnect solutions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Cicor is a contract manufacturer that designs, industrialises and produces complex electronic components and assemblies for OEM customers. Its offering combines engineering services, electronic manufacturing services (PCB and microelectronics assembly), precision plastics with embedded electronics (3D-MID), and advanced thin-film and thick-film substrates, serving regulated end-markets such as medical technology, aerospace and defence, industrial, and railway & transportation.

Product overview

Cicor offers a comprehensive portfolio of electronic design and manufacturing services organized into four main solution areas: Engineering Services (test engineering, product development, process engineering, EMC lab), Electronic Manufacturing Services (prototyping, PCBA, microelectronic assembly, cable assembly, box building, power supply), Precision Plastics (tool design, injection molding, 3D-MID), and Advanced PCBs and Substrates (printed circuit boards, thin-film and thick-film substrates). The company operates as an electronics manufacturing services (EMS) provider serving healthcare technology, industrial, and aerospace & defence sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Engineering Services Engineering services supporting OEM customers across the product lifecycle, including design, industrialisation, prototyping and tooling, intended to bridge concept through to volume manufacturing for complex electronic and mechatronic products.
• Electronic Manufacturing Services Contract manufacturing of electronic components and finished devices for OEM customers, including surface-mount and through-hole PCB assembly, microelectronics assembly, miniaturised hybrid assemblies, box-build and system assembly, with cleanroom production for high-reliability products.
• Precision Plastics Production of precision plastic components for industrial, medical and electronics applications, including in-house tool-making, injection moulding and integration of electronic functions onto moulded parts using 3D-MID (three-dimensional moulded interconnect device) technology.
• Advanced PCBs and Substrates Manufacturing of advanced printed circuit boards and thick-film substrates on ceramic, stainless-steel, aluminium-oxide and aluminium-nitride carriers, as well as thin-film substrates, used in high-reliability industrial, medical, aerospace and defence applications.

Quantifiable outcome

• Order entry reached CHF 644.977 million in FY 2025
• +1 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

Five partnerships are on record, tiered core and minor.

• ValtroniccoreOthers · 9 February 2026Cicor Group acquired the US and Moroccan subsidiaries of Valtronic, a manufacturer of electronic medical devices. The deal expands Cicor's presence in the US market and doubles its capacity in Morocco.
• TT Electronics IoT Solutions Ltd.coreOthers · 3 April 2024Cicor completed acquisition of TT Electronics IoT Solutions Ltd. in April 2024, adding three production sites in the UK and China with over 500 staff and GBP 70.2 million in sales. This made Cicor the leading provider of high-end electronics in the UK.
• CMS (Law Firm)minorOthers · 20 March 2024CMS advised Cicor Group on its acquisition of Evolution Medtec, a Romanian engineering company, to strengthen medtech sector capabilities.
• Evolution Medtec SrlcoreOthers · 28 February 2024Cicor acquired Evolution Medtec Srl, a Romanian engineering company, to expand engineering and medical device development services and strengthen position in the Medtech sector.
• EolanecoreOthersAcquisition of Eolane contributed to FY 2025 revenue growth of 28% to CHF 617m. Eolane expected to reach high-single digit margins by year-end 2026 as integration continues.

Scale indicators17 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Scanfil: Finland-based mid-size European EMS provider with similar revenue scale, industrial/medical/energy customer focus, and a serial-acquisition growth strategy. Closest Nordic comparable in customer mix and size.
• NOTE AB: Swedish mid-size EMS provider serving industrial, medtech, and defence customers across the Nordics and broader Europe. Highly comparable business model and customer-vertical mix to Cicor.
• Inission: Nordic EMS provider focused on industrial, medtech, and instrumentation customers across Sweden, Finland, and the Baltics. Similar size and high-mix, low-to-medium volume operating model.
• Kimball Electronics: US-headquartered global EMS provider focused on medical, automotive, and industrial markets. Similar scale and customer-vertical mix, particularly in regulated end markets.
• Katek Group: Germany-based European EMS provider focused on industrial, automotive, medical, and renewable energy customers. Direct DACH-region competitor with similar mid-size scale and high-mix, low-to-medium volume model.
• Plexus Corp: US-based mid-size EMS provider with very similar high-mix, low-to-medium volume business model focused on medical, industrial, and aerospace & defence verticals. Closest US comparable in customer mix and operating profile.
• TT Electronics: UK-headquartered high-reliability electronics manufacturer serving aerospace & defence, medical, and industrial customers. Direct competitor in European high-end EMS and the target of Cicor's pending £287m takeover bid, making it the closest comparable.
• Hanza: Swedish EMS provider with manufacturing in the Nordics and Eastern Europe serving industrial, medical, and cleantech customers. Comparable scale and high-mix business model.
• ESCATEC: Swiss-headquartered mid-size EMS provider with production in Switzerland and Southeast Asia, serving medical, industrial, and defence customers. Direct Swiss competitor with comparable scale and regulated-vertical focus.

Broad incumbents

• Celestica: Canadian-headquartered global EMS provider serving communications, enterprise, aerospace & defence, and healthcare customers. Operates in similar verticals at significantly larger scale, making it a broad incumbent benchmark.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInch.linkedin.com/company/cicor-group
• Instagraminstagram.com/cicor.group
• Xx.com/cicorgroup

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries20 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A5 records

Investments

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

Frequently asked questions about CICOR