Cicor Secures Approval for Eolane Acquisition in France
ZURICH (Reuters) - Swiss electronics company Cicor said on Friday its offer to buy parts of France's Eolane Group has been accepted by the Paris Commercial Court, boosting its presence in France.
In a statement, Cicor said the deal would strengthen its market position in the aerospace and defence sector and be completed on April 22. Integration and rebranding of the Eolane assets would begin immediately thereafter, it said.
Under the acquisition, Cicor is integrating five engineering and production sites in France and two more sites in Morocco into its electronic manufacturing services business.
The statement did not disclose the value of the acquisition but said it would add about 890 employees and 125 million Swiss francs ($153 million) of profitable sales. The Swiss firm said it would also create significant synergy potential.
The move brings Cicor significantly closer to its target of achieving sales of over 1 billion francs by 2028, with a presence in all major European markets, the firm said.
($1 = 0.8169 Swiss franc)
(Writing by Dave Graham; Editing by Matthew Lewis)