(BFM Bourse) – The French specialist in consumer electronics, repositioned for several years in the “micro-mobility” niche, will build a factory of electric bicycles and scooters on the industrial wasteland of Revin. A 20 million euro project, which will benefit from technical and financial support from the State and local authorities.
Cibox, listed on Euronext Paris, had not had the honors of the headlines for a long time. Founded in 1995 by Yaacov Gorsd, a specialist in the distribution and design of consumer electronics products, the company experienced the excess of technological stocks in the years 1999-2000, before sinking into insignificance in the face of recurring difficulties – until lose 99% of its stock market value.
Since 2014, however, the firm has taken the turn of what is called electric “micro-mobility” (scooters, electric bikes, accessories), these new modes of travel in full swing for journeys of 3 to 30 kilometers whether personal (home-work) or professional (last mile delivery). In order to promote its solutions, Cibox has developed its own product brands (Scooty and yeep.me) as well as a rental service dedicated to businesses (yeep.me SHARE).
At the same time, Cibox continues to distribute electronic storage and mobile telephony products, and tailor-made project support solutions for major retail chains.
A production capacity of 150,000 units per year
As part of its development in micro-mobility, the company announced Thursday evening its plan to build its future industrial facility in Revin, on the so-called Porcher wasteland site (historically occupied by the Porcher foundries, manufacturer of enamelled cast iron equipment such as bathtubs). A site theater of various attempts to relaunch without success so far, including Mercier cycles. On 16,000 square meters, Cibox plans to install “a modern, integrated and automated production tool”, making it possible to create “a hundred jobs after the first year of operation”. The production capacity will be able to reach 150,000 units per year.
The first productions of electric bicycles are planned for the beginning of 2024. This project, which amounts to approximately 20 million euros, is the subject of technical and financial support from the State, the Grand East, of the Community of Communes Ardenne Rives de Meuse and Ardennes Development. Rehabilitation work should start at the end of the summer in order to allow the establishment of repair, reconditioning and recycling activities during the first quarter of 2023, generating around twenty jobs by this time. The industrial tool should be fully operational by the first quarter of 2024.
The State and the Grand Est Region will contribute 50% to the rehabilitation of the Porcher wasteland for an estimated overall cost of 16 million euros. The site will be made available to Cibox via a lease with an option to purchase. Production equipment represents an investment of more than 4 million euros, again partly covered by a subsidy of 1.8 million euros.
“We are already designing and developing our products. From now on, we will manufacture them in France to improve our competitiveness. Thanks to automated machines, we will produce competitive mobility products from our factory and we will optimize our cash flow thanks to longer supply cycles. We will integrate high-value production processes, sometimes unique in France and Europe, representing up to two-thirds of an electric bicycle: battery packs, frames, paint, wheels, assembly of the finished product. able to better enrich our offer thanks to shorter lead times and greater flexibility (batteries, frames, colors).Procurement will be facilitated by the reduction in dependence on key components and the reduction in exposure to the risks associated with to the geopolitical context or transport.Finally, we will be able to offer a service throughout the chain with a center for customers and partners: management n international spare parts, 3R “Repair, Reconditioning, Recycling” workshop, detailed CEO Georges Lebre, who took over the reins of Cibox in July 2021.
The announcement of the project supported by the State, the region and the Community of Communes (whose elected officials must formally ratify the project during a vote expected this month) leads to a strong revaluation of Cibox, whose share price increases by 33.4% to return to nearly 11 million euros in capitalization (0.095 euro per share).
Guillaume Bayre – ©2022 BFM Bourse
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