Cyient DLM, an integrated electronics manufacturer, has announced its acquisition of Altek Electronics, a US-based electronics manufacturing services (EMS) company. The company said the deal will significantly expand its footprint in North America, particularly in the medical, healthcare, industrial and defence sectors.
“Altek Electronics will enable Cyient DLM to tap into the growing US defence market. The acquisition will also add a number of Fortune 500 clients to Cyient’s portfolio,” a top Cyient DLM executive said.
Through this acquisition, Cyient DLM will expand its manufacturing capacity adding an additional 80,000 sq ft of manufacturing area to cater to its clients globally.
“It expands our global footprint, brings us closer to our strategic customers and significantly strengthens our capabilities,” Krishna Bodanapu, Executive Chairman of Cyient DLM, said in a statement.
Anthony Montalbano, CEO of Cyient DLM, said that the acquisition will enhance the company’s manufacturing capability and capacity, and strengthen its competitive position in the North American market.
Financial terms of the deal were not disclosed.