Cyient, a technology solutions company, has signed definitive agreements to acquire Citec, a Finland-based international plant and product engineering services company for a consideration of about ₹800 crore. Citec, which has 1,200 employees, has expertise in industrial plant engineering, product engineering, technical documentation and digital solutions.
“This will be Cyient’s largest acquisition to date. The acquisition transactions will be completed during the quarter,” a Cyient spokesperson said. “This acquisition will enhance Cyient’s position as a leader in the plant and product engineering sector, strengthen its presence in the energy industry,” he said.
Expansion plans
Besides, it would expand its European footprint in the Nordic countries of Finland, Norway and Sweden, and in Germany and France.
The combined portfolios of Cyient and Citec would be one of the largest independent plant engineering capabilities globally. “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,” he said.
“This acquisition will allow us to take our combined plant engineering and digital solutions portfolio to a new set of customers who have extensive manufacturing facilities globally,” Krishna Bodanapu, Managing Director and CEO, Cyient, said on Monday.
Published on
April 25, 2022
