Cyient to acquire US-based B&F Design
Hyderabad: IT major Cyient Ltd on Monday said it has entered into a definitive agreement to acquire 100% equity in the US-based B&F Design Inc. for an undisclosed sum.
The company said the acquisition will be carried out through its subsidiary Cyient Defense Services Inc. This is Cyient’s sixth acquisition in the last three years as part of its ‘Design-Build-Maintain’ strategy.
B&F Design employee a team of around 47 people and a revenue between $8 million to $9 million, with low double-digit EBITDA margins. Founded by Raymond Forgione in 1965 as a family business, B&F Design initially offered design services to local manufacturing companies. Their area of expertise currently includes design and manufacturing of precision engine assembly equipment, repair tooling, machining of fixtures and gauges, and engine factory modernisation services, Cyient said in a news release.
Cyient holds a strong cash position of $155 million and will continue to look for acquisitions that will enable the company to realise its strategy and the goal of industry-leading growth, it added.
Anand Parameswaran, senior vice president for aerospace and defence, said, “Cyient holds a leadership position in providing engineering services to the aerospace and defense market.” “This acquisition is a step towards enhancing our Build and Maintain offerings. Through this acquisition, we are better positioned to provide increased value to our customers by undertaking more comprehensive work. We are confident that this acquisition will aid us in achieving our vision,” Parameswaran added.