United Technologies Corporation sells its Minority Equity Stake in Cyient Ltd.

United Technologies Corporation sells its Minority Equity Stake in Cyient Ltd.

  Sep 27, 2017 6:48:44 PM

Hyderabad, India, 27th September, 2017: On expected lines and further to our communication on this dated 7th June 2017, Carrier International (Mauritius) Limited, a subsidiary of UTC, has executed a trade earlier today to divest its balance equity shareholding in Cyient, according to information available on the NSE, subject to the trade settlement procedures of the stock exchanges. This is the second tranche of divestment, the first being done earlier on 7th June 2017. UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company. Since that time, Cyient has grown considerably and remains a trusted service provider to UTC with over 1,600 engineers engaged on UTC projects worldwide.

"UTC has been a strategic customer and investor in the company,” reiterated Cyient CEO Krishna Bodanapu. “Their decision to divest stood testimony to the growth of the company over the years and justified the prudence of the investment made therein. The return on the investment corroborated the impeccable credentials of Cyient to create value for its investors and we look forward to a bright future."

In the recent past Cyient has made an announcement of a number of initiatives aligned to UTC strategy and further strengthens the relationship with the UTC group and provides Cyient with wider range of product and services. Some of the initiatives are:

    • Acquisition of Certon Software Inc. to strengthen its play in the Avionics part of the Aerospace value chain in February 2017
    • Qualification of Cyient DLM Pvt. Ltd as an approved product supplier to UTC Aerospace Systems in June 2017
    • Announcement to acquire Connecticut, USA based B&F Design Inc. to add a common anchor customer and the tooling and precision engineering capability in September 2017

About Cyient:

Cyient (Estd: 1991, NSE: CYIENT) provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders. Cyient leverages the power of digital technology and advanced analytics capabilities, along with domain knowledge and technical expertise, to solve complex business problems. As a Design, Build and Maintain partner, Cyient takes solution ownership across the value chain to help clients focus on their core, innovate, and stay ahead of the curve.

Relationships form the core of how Cyient works. With nearly 14,000 employees in 21 countries, Cyient partners with clients to operate as part of their extended team, in ways that best suit their organization’s culture and requirements. Cyient’s industry focus includes aerospace and defense, medical, telecommunications, rail transportation, semiconductor, utilities, industrial, energy and natural resources.

Follow news about the company at @Cyient.

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