Convening of Extraordinary General Meeting and Nomination of New Members of the Board of Directors
The Board of Directors of Cicor Technologies Ltd. convenes an Extraordinary General Meeting on July 16, 2021. It proposes the election of the following persons for a term of office until the next Annual General Meeting, subject to the condition precedent that the Board of Directors in its constituent meeting after the election determines that the closing of the share purchase agreement between HEB Swiss Investment AG, Zurich, Switzerland, and OEP 80 B.V., Amsterdam, The Netherlands, has taken place:
Norma Corio (U.S.) is a Senior Managing Director and member of the Investment Committee at One Equity Partners (OEP). In addition, Ms. Corio is a member of the Board of Directors of OEP portfolio company Omni Environmental Solutions Intren. She also serves on the board of directors of publicly traded Finance of America and GO Acquisition Corporation.
Konstantin Ryzhkov (RU) is a Managing Director at One Equity Partners (OEP), based in the Amsterdam office. Mr. Ryzhkov was responsible for investments in Spartronics, Crayon and Orion Innovation's acquisition of MERA, among others.
Cicor expects sales growth and a significant increase in earnings in the first half of 2021
In the first five months of financial year 2021, Cicor Group's recovery from the COVID-19 pandemic has continued and Cicor has significantly increased earnings compared to the first half of 2020.
Based on Cicor management's current assessment, revenue growth of 5% or more is expected in the first half of 2021 compared to the first half of 2020, assuming no unplanned business restrictions occur due to the COVID-19 pandemic. Cicor expects an EBIT increase of 40% or more and an EBIT margin of at least 5% (2020: 3.7%).
Assuming stable exchange rates against the Swiss franc, net profit from the first half of 2021 is also expected to increase significantly compared to net profit from the first half of 2020.
The full 2021 half-year results will be published on August 12, 2021.
Daniel Frutig Alexander Hagemann
Chairman of the Board of Directors CEO
Tel. +41 71 913 73 00 Tel. +41 71 913 73 00
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Cicor Management AG