Cicor acquires Spanish firm Mades

(CONNECT) The Cicor Group from the St.GallenBodenseeArea has acquired 100 percent of the Spanish electronics company Mades S.A.U. from the France-based Latecoere Group. In this way, Cicor is strengthening its position as a supplier of electronics development and manufacturing services (EMS) in the growing European aerospace and defense (A&D) market, as detailed in a press release.

The acquisition of Mades marks “another milestone” in the strategic expansion of the pan-European platform for A&D electronics, as the company explains in the press release. Cicor previously completed the integration and acquisition of Axis Electronics, STS Defence and TT Electronics IoT (all based in the UK), and ventured into French market with the acquisition of Éolane France, in addition to launching a strategic partnership with the Swiss company Mercury. The acquisition of Mades now marks the company’s first foray into the Spanish market.

The previously communicated 2025 sales forecast of 620-650 million Swiss francs includes the closing of the Mades acquisition in the second half of the year and remains unchanged. US tariffs, which take effect in August, will not change this materially. The share of non-duty-exempt exports to the USA was only 0.8 percent of total sales in the first half of 2025, and as low as 0.3 percent for deliveries from Switzerland, according to the company. Under the terms of the Nairobi Agreement, medical technology products can also continue to be imported into the USA without tariffs.

The Cicor Group is active in the research and development, production, and supply chain management of end-to-end electronic solutions. Cicor serves customers in the medical, industrial and aerospace and defense sectors.

Mades S.A.U. focuses on electronic solutions for the aerospace and defense market, in addition to supplying customers active in the industrial and railway technology sectors. ce/ja