Swiss Electronics Firm Cicor Expands to Morocco, Saves 890 Jobs in French Takeover

The operation takes place in the context of the judicial restructuring of the Angers-based Eolane group, effective since early March. A direct consequence of this takeover is the preservation of approximately 890 jobs at the concerned sites, representing nearly 90% of the workforce at these units. The French sites integrated by Cicor are those in Angers, Combrée, Saint-Agrève, Neuilly-en-Thelle, and Douarnenez.

From Cicor’s perspective, this acquisition is described as strategic. The integration of the two Moroccan units, along with the French factories, aligns with the buyer’s objective to strengthen its industrial capabilities in Europe and beyond. The presence in Morocco is seen as a coherent extension of Cicor’s activities, given the country’s positioning in the electronics and aeronautics sectors, and in connection with the markets targeted by the Swiss group (defense, health, industry).

To support this integration and develop activities, Cicor has announced an investment plan of over 30 million euros for the modernization of all the acquired sites. This plan specifically includes 4 million euros for the purchase of new equipment, with no announced distinction between the different locations. The goal is to improve overall performance, create synergies, and establish a European center of excellence, with Cicor aiming to become a reference supplier on the continent by 2028.

The choice of Cicor as the buyer in France had been preceded by a consultation where Eolane employees had expressed their preference for the Swiss group’s offer. Competing offers came from Cofidur, which had ultimately withdrawn from the process, and Synov, whose proposal was not retained by the court. It should be noted that the Valence site is not included in this decision and is subject to a separate judgment on May 5th.

Finally, it should be specified that Cicor’s acquisition does not concern all of Eolane’s international activities. The units located in Estonia, Malaysia, and China, deemed more profitable, remain under the control of Hivest, Eolane’s main shareholder, and will continue their operations independently.