Brief: Cicor: Acquires STS Defence Limited

Cicor Technologies

18/10/2023 06:03

Oct 18 (Reuters) - Cicor Technologies Ltd  CICN.S :
    * CICOR ACQUIRES STS DEFENCE LIMITED, EXPANDING ITS PRESENCE
IN
THE UK HIGH-END ELECTRONICS MARKET
    * HAS SIGNED AN AGREEMENT TO ACQUIRE 100% OF SHARES OF
UK-BASED
STS DEFENCE LIMITED (STS DEFENCE)
    * STS DEFENCE EMPLOYS AROUND 150 PEOPLE IN SOUTH OF UK
    * COMMITTED TO CONTINUE PROVIDING SUPERIOR ENGINEERING
SUPPORT AND
MANUFACTURING SERVICES FROM EXISTING STS DEFENCE SITE UNDER
CURRENT MANAGEMENT TEAM
    * STS DEFENCE GENERATED SALES OF GBP 27.5 MILLION IN FISCAL
YEAR
ENDED ON JUNE 30, 2023 WITH STRONG OPERATING MARGINS
    * CLOSING OF ACQUISITION WILL HAVE A POSITIVE IMPACT ON
CICOR
GROUP'S EBITDA MARGIN BY APPROXIMATELY 0.4 PERCENTAGE POINTS
    * CLOSING OF TRANSACTION IS EXPECTED WITHIN 2023

Source text for Eikon:  ID:nEQ9lQ95Ha 
Further company coverage:  CICN.S 

 (Reporting by Berlin Newsroom)
 ((berlin.newsroom@thomsonreuters.com;))