Mercury Systems, Inc. (MRCY), a technology company, announced on Tuesday that it has inked a strategic agreement through which Cicor Group (CICN.SW), a Swiss provider of full-cycle electronic solutions, will acquire its manufacturing operation in Plan-Les-Ouates, Switzerland. Further, Cicor will supply Mercury with electronic products over the next five years to support European Defense.
With an expectation for increased demand for commercial defense products, Mercury will transition its Swiss electronic board manufacturing operations to Cicor.
This will allow Mercury's facilities in Switzerland, Spain, and the UK to focus on their core competencies of engineering design and systems integration, which is expected to drive the company's next phase of growth in the international market.
The transaction is expected to be completed within around one month.
Mercury and Cicor have jointly decided to relocate production to the Cicor sites in Newport, the UK, and Bronschhofen, Switzerland, within the next 18 months.
Mercury will purchase boards from Cicor, as well continue to source boards from Mercury's U.S. operations, to ensure a robust supply chain.
Both companies plan to further expand the strategic business relationship in the coming years.
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