Cicor Technologies Ltd / CH0008702190
18.10.2024 - 07:00:16Cicor consolidates its thin-film technology business in Wangs
| Cicor Technologies Ltd / Key word(s): Strategic Company Decision 18-Oct-2024 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR Bronschhofen, October 18, 2024 – Cicor Group (SIX Swiss Exchange: CICN) has decided to discontinue thin-film production at the Ulm site in Germany by the end of June 2025 and to concentrate production at the existing site in Wangs, Switzerland. Reinhardt Microtech AG, founded in 1984 and based in Wangs, acquired the thin-film technology business in Ulm in 1998 and has been operating it as Reinhardt Microtech GmbH since then. The company has been part of the Cicor Group since 2007 and is part of the Advanced Substrates Division. Cicor, the European market leader in the hybrid circuit business, is strengthening its activities by consolidating production at its site in Wangs, Switzerland. This will enable Cicor to reduce complexity, increase flexibility and strengthen risk management. Economic factors also indicate that it no longer makes sense to continue production in Ulm. From a technological point of view, Cicor's thin-film sites in Wangs and Ulm are capable to produce identical components. Reinhardt Microtech GmbH will continue to operate as a sales and competence center in the Ulm area, ensuring continued service to long-standing customers in the German market. The employment relationships of the approximately 30 people affected by this decision will be terminated as of June 30, 2025. All employees will be offered the opportunity to relocate to the Wangs site or, in individual cases, to work in a sales role in the Ulm region. The restructuring will have a six-digit CHF impact on Cicor Group's EBITDA in the current year and will lead to a significant improvement in the results of the business unit and the Advanced Substrates Division once the relocation is complete. The guidance for 2024 and the mid-term targets will not be affected by this measure. Contact Cicor Management AG Gebenloostrasse 15 CH-9552 Bronschhofen The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to manufacturing and supply chain management. Cicor’s approximately 3,300 employees at 19 locations are serving leaders from the medical, industrial and aerospace & defence industries. Cicor creates value to its customers through the combination of customer-specific development solutions, high-tech components, as well as electronic device manufacturing. The shares of Cicor Technologies Ltd. are traded at the SIX Swiss Exchange (CICN). For further information, please visit the website www.cicor.com. End of Inside Information |
| Language: | English |
| Company: | Cicor Technologies Ltd |
| c/o Cicor Management AG, Gebenloostraße 15 | |
| 9552 Bronschhofen | |
| Switzerland | |
| Phone: | +41719137300 |
| Fax: | +41719137301 |
| E-mail: | info@cicor.com |
| Internet: | www.cicor.com |
| ISIN: | CH0008702190 |
| Valor: | 870219 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2010847 |
| End of Announcement | EQS News Service |
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