Hyderabad headquartered mid-sized engineering solutions firm Cyient, formerly Infotech EnterprisesBSE 0.17 %, has announced signing definitive agreement to acquire 100 per cent equity ownership in the US-based design and tooling services firm B&F Design Inc for $5.5 million.
The acquisition would be made through Cyient’s step down subsidiary Cyient Defence Services Inc.
In an announcement, Cyient said the acquisition will strengthen its aerospace and defense service offerings, by adding design, build and maintain capabilities centered around tooling and precision engineering, apart from helping it create a unique and differentiated value proposition for its aerospace clients.
The Cyient statement said B&F Design employs a team of around 47 people, with a revenue between $8 million to $9 million, with low double-digit EBITDA margins. The transaction would be EPS accretive, it said.
This is sixth acquisition in the last three years for Cyient, which holds a strong cash position of $155 million.
