Cyient Limited, a global provider of engineering, manufacturing, geospatial, network and operations management services, through its step down subsidiary Cyient Defense Services Inc. signed an agreement to acquire 100% equity ownership in B&F Design Inc, a US-based company in New Britain, Connecticut. This is Cyient’s sixth acquisition in the last three years as part of its ‘Design-Build-Maintain’ strategy.
Founded by Raymond F. Forgione in 1965 as a family business, B&F Design initially offered design services to local manufacturing companies and later expanded the business to include the manufacturing of tools and has built a reputation for its high quality design and tooling capability, a press release said.
With new programmes going into manufacturing the demand for precision tooling is significantly increasing, at a faster rate than that of design. “Cyient holds a leadership position in providing engineering services to the Aerospace and Defense market.
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 and towards enhancing our Build and Maintain offerings,” said A. Parameswaran, Senior Vice President. Cyient holds a strong cash position of $155 million and will continue to look for acquisitions, a release said that will enable the company to realize its strategy and the goal of industry-leading growth, the release added.
