Hyderabad-based IT and engineering services company Cyient Limited has said it has signed a definitive agreement to acquire 100 percent equity ownership in US-based design services company B&F Design Inc. The company did not share the financial details involving the deal.
B&F Design employs a team of 47 people, with a revenue of $8-9 million. The firm brings a strong team of technical and domain experts in aerospace tooling along with a common anchor customer, the company said.
With new programmes going into manufacturing, the demand for precision tooling is expected to go up significantly while the company believes that this acquisition would help it pursue more business opportunities in this field.
This is Cyient's sixth acquisition in the last three years as part of its design-build-maintain strategy.
Anand Parameswaran, senior vice president for Aerospace and Defence at Cyient said: "Cyient holds a leadership position in providing engineering services to the aerospace and defence 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."
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