Cyient to buy Finnish firm Citec

According to Cyient, this is the largest outbound acquisition by an Indian engineering services company and its largest acquisition to date.
Cyient to buy Finnish firm Citec
PTI

Hyderabad: Tech solutions company Cyient on Monday is set to acquire Finland-based Citec, a global plant and product engineering services company, for an undisclosed sum.

According to Cyient, this is the largest outbound acquisition by an Indian engineering services company and its largest acquisition to date.

The acquisition will strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway and Sweden, along with Germany and France, the company said in a statement.

“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,” said Krishna Bodanapu, MD-CEO, Cyient.

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