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IT major Cyient today said it has entered into a definitive agreement to acquire 100 per cent equity in the US-based B&F Design Inc for an undisclosed sum.
The company said the acquisition will be carried out through its step down subsidiary Cyient Defense Services Inc.
Founded by Raymond Forgione in 1965 as a family business, B&F Design initially offered design services to local manufacturing companies and later expanded the business to include the manufacturing of tools, and has built a reputation for its high quality design and tooling capability, a media release from Cyient said.
Today, their area of expertise includes design and manufacturing of precision engine assembly equipment, repair tooling, machining of fixtures and gauges, and engine factory modernisation services, it said.
This is Cyient's sixth acquisition in the last three years as part of its 'Design-Build-Maintain' strategy. Cyient holds a strong cash position of USD155 million and will continue to look for acquisitions that will enable the company to realise its strategy and the goal of industry-leading growth, it added.
Anand Parameswaran, Senior Vice President for Aerospace and Defense, said, "Cyient holds a leadership position in providing engineering services to the Aerospace and Defense market."
"This acquisition is a step towards enhancing our Build and Maintain offerings. Through this acquisition, we are better positioned to provide increased value to our customers by undertaking more comprehensive work. We are confident that this acquisition will aid us in achieving our vision," Parameswaran added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)