The firm buys Philippines-based OSAT provider to bolster packaging capabilities and accelerate its Odisha manufacturing facility.
Sancode Semi is set to acquire 100 per cent of Philippines-based Cirtek Electronics Corporation (CEC) for $20.2 million, a strategic move aimed at enhancing its semiconductor packaging and testing capabilities, securing proprietary technology, and expanding its tier-one client portfolio. The deal is expected to significantly accelerate the operational ramp-up of Sancode’s manufacturing plant in Odisha, India.
CEC operates as an outsourced semiconductor assembly and test (OSAT) specialist, offering high-precision services including wafer dicing, die attach, wire bonding, encapsulation, and comprehensive final testing. The company services major global clients across the consumer electronics, industrial, telecommunications, and automotive sectors.
Financially, CEC posted a 15.3 per cent year-on-year revenue increase to $26.62 million in FY2025, up from $23.08 million in FY2024. The $20.2 million all-cash acquisition will be executed in two tranches: an initial $11.32 million payment upon deal closure, followed by the remaining $8.88 million within 12 months.
Sancode anticipates immediate top- and bottom-line contributions through financial consolidation, alongside strategic diversification across global electronics and semiconductor supply chains. Crucially, knowledge and technical skill transfers from CEC are slated to streamline operations and build technical capacity at the Odisha facility.
The transaction remains subject to customary closing conditions and regulatory approvals, with an official completion date yet to be specified.
