Incap
Incap is a Helsinki-listed European EMS provider delivering end-to-end contract manufacturing and design services for high-reliability electronics across defense, aerospace, medical, automotive, energy, and industrial customers, operating seven factories in Europe, Asia, and North America.
- Company typePublic
- Founded1989
- HeadquartersHelsinki, Finland
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Incap does
Incap Corporation is a Helsinki-headquartered, Nasdaq Helsinki-listed (ICP1V) Electronics Manufacturing Services (EMS) provider founded in 1989 (listed since 1997) and ranked among the top 20 EMS companies in Europe. The company delivers end-to-end contract manufacturing services spanning design and engineering (prototyping/NPI, hardware and software development, embedded systems and industrial IoT, industrial engineering, power electronics R&D), EMS production (PCB assembly, cable and wire harness assembly, electronics protection, mechatronics, magnetic assembly, ultrasonic compaction, box build, control cabinets, cleanroom production, automotive EMS), and full product support (global sourcing, fast-track, test development, customized solutions, final configuration, after-sales and MRO). Incap operates seven manufacturing sites across three continents — Estonia, India, Slovakia, the UK, the USA, Germany (Karlsfeld, Glinde, Boxberg), and Romania (Galați) — supplemented by offices in Finland and Hong Kong, serving enterprise customers in 14 verticals including defense and aerospace, e-mobility and automotive, energy/power/charging, medical technology, industrial automation, railway, and others.
Incap makes money primarily through quote-based, multi-year B2B contract manufacturing engagements with large multinationals, mid-sized companies, and small startups in high-reliability sectors. Revenue is generated from hardware sales (manufacturing contracts) and bundled professional services (design and engineering). The company carries a deep certification stack (ISO 9001, 14001, 45001, 13485, IATF 16949, AS9100D, NADCAP, and ISO/IEC 27001:2022 at the German facility) as a prerequisite for entry into regulated end markets. Recent strategic moves include the February 2026 acquisition of Lacon Group (€50M + up to €5M earn-out) for advanced ODM capabilities and access to German and Romanian capacity, a €11M+ defense contract win from KNDS for Leopard main battle tank cable harnesses, new cleanroom production in Slovakia, and capacity investments in Estonia and India; a July 2026 profit warning revised 2026 EBITA guidance downward to €26–29M despite raising revenue guidance to €270–290M.
Incap firmographics
Firmographics- Name
- Incap
- Legal name
- Incap Oyj
- Website
- https://incapcorp.com
- Company type
- Public
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Incap is a Helsinki-listed European EMS provider delivering end-to-end contract manufacturing and design services for high-reliability electronics across defense, aerospace, medical, automotive, energy, and industrial customers, operating seven factories in Europe, Asia, and North America.
- Ownership category
- akta.pro rank
Incap industry classification
Industry- Product category
- Electronics Manufacturing Services
- NAICS
- Electrical Equipment, Appliance, and Component Manufacturing (335), Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (33451)
- SIC
- Electronic & Other Electrical Equipment (No Computer Equip) (3600), Electrical Industrial Apparatus (3620)
- akta.pro primary industry
- Embedded & HMI Electronics Manufacturing (Industrial PCs, HMIs, Panel PCs) (IMAGAGAD)
- akta.pro secondary industry
- Process Control & Automation Electronics Manufacturing Services (PLCs, I/O, DCS/SCADA hardware) (IMAGAGAK)
Keywords
Where Incap is headquartered
LocationHeadquarters
- HQ city
- Helsinki
- HQ country
- Finland
- HQ region
- Europe
Offices12 records
Markets served
Incap business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Electronics Manufacturing Services: Contract manufacturing services for complex, high-reliability electronics including PCB assembly, cable harness assembly, box build, system integration, and value-added engineering services. Revenue is generated through manufacturing contracts with customers across defense, aerospace, medical, automotive, and industrial sectors.
- Design & Engineering Services: Product design, prototyping, hardware/software development, embedded systems, and engineering services provided as part of comprehensive EMS offering, potentially bundled with manufacturing contracts
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom EMS contracts with quote-based pricing |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Incap product offering
Product offeringCore offering
Incap provides end-to-end electronics manufacturing services, including design and engineering, prototyping and new product introduction, PCB assembly, cable and wire harness assembly, mechatronics and electromechanics, box build, control cabinets, clean room production, and automotive EMS. The company supports customers with global sourcing, test development, fast-track services, final configuration and fulfillment, and after-sales/MRO support.
Product overview
Incap Corporation is a global Electronics Manufacturing Services (EMS) provider offering a comprehensive portfolio of services organized into three main categories: Design & Engineering (including Prototyping & NPI, Hardware & Software Development, Embedded Systems & Industrial IoT, Industrial Engineering, and Power Electronics R&D), EMS Production (covering PCB Assembly, Cable & Wire Harness Assembly, Electronics Protection, Mechatronics & Electromechanics, Magnetic Assembly, Ultrasonic Compaction, Box Build, Control Cabinets, Clean Room Production, and Automotive EMS), and Full Product Support (Global Sourcing, Fast Track, Test Development, Customised Solutions, Final Configuration & Fulfillment, and After Sales & MRO). The company operates factories across Estonia, India, Slovakia, UK, USA, Germany, and Romania with offices in Finland and Hong Kong. Following the February 2026 acquisition of Lacon Group, the portfolio was expanded to include advanced ODM capabilities and design/engineering services, strengthening Incap's position in defense, railway technology, and medical technology sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- Design & Engineering Services
Quantifiable outcome
- 94% on-time delivery rate
- +2 more outcomes
Companies that use Incap
Customer profileNamed customers2 records
Segments13 records
Ideal customer profiles6 records
Incap technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Incap partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered major, core and minor.
- KNDSmajorEuropean defense company that awarded Incap a significant order worth more than 11 million euros for cable harnesses and electromechanical assemblies for Leopard main battle tanks. Products delivered over three years with expectations of order expansion to cover additional vehicles. Strategic positioning in high-growth defense sector with potential for significantly larger future orders.
- Make UK DefencecoreNational organization representing companies in the UK defense industry. Incap UK joined to network with manufacturers, suppliers and professionals, gain valuable insights into current developments and cooperation opportunities within the defense sector, and strengthen connections that support growth in this sector.
- Responsible Minerals Initiative (RMI)minorIndustry initiative for responsible sourcing of minerals. Incap requests suppliers to fill in the Conflict Minerals Reporting Template provided by RMI as part of their conflict minerals policy compliance.
Scale indicators18 records
Recent moves7 records
Expansion highlights7 records
Incap competitors and assessment
Company assessmentDirect peers
- Scanfil: Finnish-headquartered EMS provider with similar size (~€700M revenue), broad vertical exposure including industrial, energy, and medtech, and a comparable European manufacturing footprint. Most direct Nordic mid-tier EMS comparable.
- Hanza Holding: Swedish EMS with full-cycle manufacturing capabilities including mechanics and electronics integration, serving industrial, medtech, and cleantech customers. Comparable in offering depth and European mid-tier positioning.
- NOTE AB: Swedish EMS company providing PCB assembly, box build, and NPI services to industrial, medtech, and defense customers across the Nordics. Closely comparable in scale, vertical mix, and high-reliability focus.
- Inission AB: Nordic EMS provider with industrial, defense, and medtech customers across Sweden and the Baltics. Comparable in vertical mix and high-reliability manufacturing positioning.
- Enics AG: European EMS specialist focused on industrial, energy, and medical customers with manufacturing in Northern and Central Europe. Directly comparable as a European mid-tier EMS targeting high-reliability verticals.
- Kimball Electronics: US-headquartered mid-tier EMS focused on automotive, medical, industrial, and public safety markets. Comparable in scale, vertical concentration, and commitment to regulated end markets.
- Kitron ASA: Norwegian-headquartered EMS with strong defense, energy, and industrial automation exposure and manufacturing in Northern Europe and the US. Highly comparable in defense vertical certification and Nordic manufacturing heritage.
Broad incumbents
- Flex Ltd: Global top-tier EMS/ODM incumbent with broad vertical coverage. Competes with Incap for industrial, automotive, and healthcare customers but at vastly greater scale and a much wider portfolio.
- Sanmina Corporation: Global EMS incumbent with strong presence in industrial, medical, defense, and automotive markets. Overlaps with Incap's high-reliability verticals but operates at substantially larger scale.
- Jabil Inc. Global Fortune 500 EMS/ODM with operations across the Americas, Europe, and Asia. Sets the competitive pricing benchmark for EMS services Incap competes against in industrial and automotive segments.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Incap social profiles
Digital presenceIncap compliance and trust
Trust signalCompliance8 records
Incap financial estimates
Financial estimateRevenue estimate
Valuation estimate
Incap leadership team
Management profileNumber of profiles
Profiles8 records
Incap subsidiaries and ownership
Company hierarchySubsidiaries10 records
Incap funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Incap M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Incap
What does Incap do?
Incap provides end-to-end electronics manufacturing services, including design and engineering, prototyping and new product introduction, PCB assembly, cable and wire harness assembly, mechatronics and electromechanics, box build, control cabinets, clean room production, and automotive EMS. The company supports customers with global sourcing, test development, fast-track services, final configuration and fulfillment, and after-sales/MRO support.
Is Incap a public or private company?
Incap is a public company. It is classified as public and is currently operating.
When was Incap founded?
Incap was founded in 1989. It employs 1,001 to 5,000 people.
Where is Incap based?
Incap is headquartered in Helsinki, Finland, in the Europe region.
How does Incap make money?
Two revenue lines are on record. Electronics Manufacturing Services are the primary driver. The others are design & Engineering Services.
Who are Incap's main competitors?
Direct peers on record are Scanfil, Hanza Holding, NOTE AB, Inission AB, Enics AG, Kimball Electronics and Kitron ASA. Broad incumbents are Flex Ltd, Sanmina Corporation and Jabil Inc..
Does Incap have an API?
No public API is recorded for Incap.
What industry is Incap in?
Incap's product category is Electronics Manufacturing Services. Its primary akta.pro industry code is IMAGAGAD, Embedded & HMI Electronics Manufacturing (Industrial PCs, HMIs, Panel PCs), with a secondary code of IMAGAGAK, Process Control & Automation Electronics Manufacturing Services (PLCs, I/O, DCS/SCADA hardware). Its NAICS code is 335 and its SIC code is 3600.