Cyient to acquire Citec for expanding footprint in Nordiac countries of Finland; stock slips 1%

25 Apr 2022 , 09:23 AM

Cyient Limited, a leading global Technology Solutions company, today announced that the company has signed a definitive agreement for the acquisition of Citec, an international Plant and Product engineering services company serving customers across the process, oil and gas, energy, and manufacturing industries.

This will be one of the largest outbound acquisitions by an Indian engineering services company, being Cyient’s largest acquisition to date. The company will complete the acquisition transaction during the quarter.

This acquisition will improve Cyient’s position as a leader in the Plant and Product Engineering sector, further build up its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Norway, Finland, and Sweden, and in Germany and France.

Krishna Bodanapu, Managing Director and CEO, Cyient, commented on the said acquisition, “We are already helping our customers to further their digital industrial transformation with our INTELLICYIENT suite of solutions. This acquisition will allow us to take our combined Plant Engineering and Digital Solutions portfolio to an expanded customer base 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 position in the region and drive our future growth.”

Citec, founded in 1984, is an international Plant and Product engineering services company serving customers across sectors such as mining, energy, process, oil and gas, and manufacturing industries.

Cyient Ltd is currently trading at Rs909.05 down by Rs9.4 or 1.02% from its previous closing of Rs918.45 on the BSE. The scrip opened at Rs895 and has touched intraday high and low of Rs925 and Rs895 respectively.