Cyient signs an Agreement to sell its 49% stake in Infotech Aerospace Services, Inc ('IASI') to Pratt & Whitney, a division of United Technologies Corporation
The divestment of IASI will enable Cyient to focus on its 'Design-Build-Maintain' strategy by exiting non-core minority investments.
Hyderabad, India, 14th September, 2017:Cyient Limited ('Cyient') has signed a definitive agreement to divest its 49% equity ownership in IASI. Established in 2003, Isabela, Puerto Rico, IASI is a 51:49 Joint Venture between Pratt & Whitney and Cyient. IASI provides aerospace defense design, development & 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.
Krishna Bodanapu, Chief Executive Officer and Managing Director, Cyient Ltd. said, '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. This is the second divestment post the sale of Infotech Enterprises IT Services (IEITS) that we did in October of 2015 as a part of our strategy to exit the IT services business. This divestment is a step in the right direction and will aid us in becoming more focused striding towards achieving our vision. We will continue to evaluate and rebalance our business portfolio'
Cyient (Estd: 1991, NSE: CYIENT) provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders. Cyient leverages the power of digital technology and advanced analytics capabilities, along with domain knowledge and technical expertise, to solve complex business problems. As a Design, Build and Maintain partner, Cyient takes solution ownership across the value chain to help clients focus on their core, innovate, and stay ahead of the curve.
Relationships form the core of how Cyient works. With nearly 14,000 employees in 21 countries, Cyient partners with clients to operate as part of their extended team, in ways that best suit their organization's culture and requirements. Cyient's industry focus includes aerospace and defense, medical, telecommunications, rail transportation, semiconductor, utilities, industrial, energy and natural resources.
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