The Cicor Group (SIX Swiss Exchange: CICN) has officially completed the acquisition of 100% of MADES S.A.U., a Spanish electronics manufacturer based in Málaga, from the Latecoere Group. This strategic acquisition further cements Cicor’s position as a leading pan-European provider of electronics design and manufacturing services (EMS) for the growing aerospace and defence (A&D) sector. The expansion into Spain unlocks new customer potential across this sector and underlines Cicor’s role as the partner of choice for mission-critical applications.
With around 100 employees and 2024 revenue of approximately EUR 29 million, MADES focuses primarily on high-performance electronics solutions for A&D applications, complemented by its presence in the industrial and railway technology sectors. The company operates at an EBITDA margin slightly above Cicor’s current level.
This move not only extends Cicor’s geographic footprint into Spain, a key European A&D hub, but also brings in a strong customer portfolio and reinforces Cicor’s capacity in mission-critical electronics. The Málaga team will remain in place, ensuring service continuity and preserving MADES’ long-standing reputation for quality and reliability.
Following the acquisitions and integrations of Axis Electronics, STS Defence and TT Electronics IoT Solutions (all UK), the market entry into France through the acquisition of key assets from Éolane France, and the strategic partnership with Mercury (Switzerland), the acquisition of MADES marks another milestone in Cicor’s strategic expansion of its pan-European platform for A&D electronics.
The previously communicated guidance of annual sales for 2025 of CHF 620 to 650 million includes the closing of MADES in the second half of the year and therefore remains unchanged.
Marginal exposure of less than 1% to US punitive tariffs
The punitive tariffs announced by the United States on 1 August 2025 on certain industrial exports from Switzerland have no material financial impact on the Cicor Group. In the first half of 2025, the share of non-exempt exports to the US accounted for only 0.8% of the Group’s revenue. For deliveries from Switzerland, the share was even lower, at less than 0.3%.
The only relevant revenue is generated from deliveries to the healthcare technology sector. These products can be imported into the United States free of duties under the Nairobi Protocol. This international agreement allows for the tariff-free importation of specific goods, including those intended for medical use and technologies or products with particular societal value.
