The SII Group has boosted its German business with the acquisition of Cadcon, a technology consulting group based in Gersthofen, near Munich.
The acquisition covers all of Cadcon’s operating subsidiaries in Germany as well as its subsidiaries in China and Ukraine.
Cadcon specializes in engineering services, primarily in the fields of aeronautics, automobile, energy and healthcare. Its clients include large international corporations.
The acquisition will bring SII’s annual sales in Germany to more than 50 million euros, while strengthening its position in the downstream segment of the industrial value chain as well as extending its international reach with two new operations in Ukraine and China.
Cadcon had consolidated revenue of 34 million euros in 2014 and employs a workforce of 450. The company’s operating margin will have to be improved to meet the SII Group’s standard.
The purchase of 90 percent of Cadcon Holding GmbH’s shares was paid for in cash. The new subsidiary will be reflected in SII’s consolidated financial statements starting January 1, 2016.
This acquisition is in keeping with SII’s growth strategy and will bolster its industrial and international operations.