Cyient ltd by Economic Times

Cyient Ltd Acquires Finland Based Citec Group for $101 Million USD
Citec Group provides plant and production engineering solutions.

Cyient Ltd is a company based in Hyderabad and they provide engineering and tech solutions for many top firms including ones in the Fortune 500. They are also focused on manufacturing, data analytics, and other operations. The company was established thirty-one years ago in 1991.

On April 25th, the company announced that they will be completing an acquisition as they have put pen to paper to sign a company based in Finland known as Citec Group. The company provides plant and production engineering solutions and advice to their clients. The entire deal is set to be worth $101 million USD. Cyient Ltd has plans to further their operations into the European continent and this is their first step.

Cyient by Deccan Chronicles

The chief executive officer of Cyient Ltd, in an interview said that their company had a recent slump especially due their dependence on the aerospace industry and that field was hit hard by the coronavirus pandemic and the lockdowns due to which they were hit hard too. The firm is now looking at industries they can invest in to get out of the slump. They are looking at areas that have great growth potential which will be facing a boom soon.

He also said that Russia’s invasion of Ukraine has caused breaks in the supply chain around the world as vendors struggle to ship their products. This also poses and opportunity for the company to completely revamp the supply chain of the country.

He went to say that the energy market, the demand patterns and the way they harnessed is going through a huge change which is exciting times to be part of that industry.

Speaking about the company’s European journey, he said that company will not be having any operations with Russia and that everyone at the company condemn the country’s actions.

For the financial year of 2021-2022 the company had a total revenue of over $45 billion USD, an increase from the two previous years as they slowly reel out of the effects of the coronavirus pandemic. The company has even predicted a growth rate of around 15% for the current fiscal year as they hope that covid cases do not increase again throwing a wrench on their plans.

The chief executive officer also said that compared to the industry, their company is really tiny which shows that they have a lot of potential to get bigger and be one of the largest companies in their industry.