Switzerland’s Cicor Group (SIX: CICN), a contract electronics manufacturer, will acquire EDMI Electronics Sdn. Bhd. in Johor, Malaysia, which is in turn a manufacturing subsidiary of Singapore-headquartered smart metering company EDMI Limited, for $15 million-$20 million.

In a statement on Tuesday, Cicor said the acquisition is subject to closing adjustments, alongside a long-term contract manufacturing agreement pushing Cicor’s annual revenue above $50 million.

Under the agreement, Cicor will act as global manufacturing partner for most of EDMI’s smart meters. EDMI retains responsibility for product design, development, quality standards, and customer support.

The Johor site will become Cicor’s center of excellence for final assembly of industrial products for the Asia-Pacific market, with PCB assemblies to be manufactured at Cicor’s existing sites in Ho Chi Minh City, Vietnam, and Dongguan, China.

Cicor has been a manufacturing partner of EDMI for smart electricity meters through its subsidiary Cicor Maroc, acquired in 2025 as part of a transaction involving Éolane France. The new agreement formalizes a broader strategic relationship and reflects EDMI’s decision to transition from in-house manufacturing to an outsourcing model.

Roy Kirsopp, Group CEO of EDMI, said the agreement allows EDMI to concentrate on advancing intelligent metering technologies and grid solutions, with Cicor providing manufacturing support.

Alexander Hagemann, Group CEO of Cicor, said the partnership is an example of how original equipment manufacturers can achieve sustainable advantages by outsourcing manufacturing to Cicor while creating value-accretive business for Cicor.

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