Cicor Group has completed the acquisition of 100% of the shares of Phoenix Mecano Digital Elektronik GmbH (PMDE) with two sites in Germany and Tunisia in Borj-Cedria, it said in a statement.
The three sites have generated total sales of more than EUR 30 million in the financial year 2022 and expect a significant growth in 2023 as well. The EBITDA margin is expected to be at a level comparable to that of the Cicor Group.
The latter will benefit from the Tunisia site, which is attractive due to its geographical proximity, availability of skilled employees and competitive cost structures, according to the same statement.
