On Monday, Cyient Ltd acquired Citec, an international plant, and product engineering services company, for €94 million (about $101 million). Globally, this company has 1200 employees who give services to their customers related to energy, process, oil and gas, and manufacturing industries, also consulting and technical documentation.
According to the company, it will be the biggest outbound acquisition by an Indian engineering services company. Also, it will be Cyient’s largest acquisition till date.
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The acquisition process should be done to enhance the Client’s position in the engineering sector, expanding its European bases in the Nordic countries of Finland, Norway, Sweden, Germany and France. It will be done with a focus on clean energy.
The company, in a statement, mentioned that “This will enable customers to leverage a comprehensive set of services and offerings such as plant engineering, digital solutions, product engineering, consulting, and technical documentation. And the synergies from these combined portfolios will provide the scale, expertise, resources, and access to new capabilities that can be offered to customers.”
Managing Director and CEO of Cyient, Krishna Bodanapu, said, “This acquisition will be allowing us to take our combined plant engineering and digital solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth.”
