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Cyient sells 49% stake in IASI to Pratt & Whitney

IANS  |  Hyderabad 

Cyient Limited has signed an agreement to divest its 49 per cent equity ownership in Aerospace Services, Inc (IASI) to Pratt & Whitney, a division of United Technologies Corporation.

IASI, a 51:49 joint venture between Pratt & Whitney and Cyient, provides aerospace defence design, development and related services, primarily to United Technologies and its business units.

The transaction would be EPS neutral. The closing of the transaction is subject to regulatory approvals and customary closing conditions, Cyient said in a statement here on Thursday.

Cyient is a global provider of engineering, manufacturing, geospatial, network and operations management services to global industry leaders.

"We continue to embark on the journey towards realization of our design-build-maintain strategy. To enable greater focus on the strategy, we have been exiting the non-core businesses," said Krishna Bodanapu, Chief Executive Officer and Managing Director, Cyient.

This is the second divestment after the sale of Enterprises IT Services (IEITS) in 2015 as a part of the strategy to exit the IT services business.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 14 2017. 14:32 IST
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