Thursday, 14 September 2017

Cyient Signs an Agreement to Sell its 49% Stake in Infotech Aerospace Services Inc

By 121 News

Chandigarh 14th September:-  Cyient Limited ("Cyient") a global provider of engineering, manufacturing, geospatial, network and operations management services to global industry leaders, 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 defence 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. Commented that 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.