Cyient DLM Ltd, an Indian integrated electronics manufacturing company, has acquired the US-based Altek Electronics Inc, through its wholly-owned subsidiary Cyient DLM Inc. The deal, valued at up to $29.2 million, includes an upfront payment of $23.4 million and a performance-based earnout of up to $5.8 million.
The shares of Cyient DLM Ltd were trading at ₹695.65, up by ₹5.05 or 0.73 per cent on the NSE today at 10.45 am.
The acquisition gives Cyient DLM 100 per cent ownership of Altek Electronics, an electronic manufacturing services provider based in Torrington, Connecticut. Altek, founded in 1972, specialises in printed circuit board assemblies and box builds for the medical, industrial, and defence sectors. The company reported a revenue of $37.2 million in calendar year 2023.
This strategic move expands Cyient DLM’s presence in North America and enhances its capabilities in the medical, industrial, and defence markets. The acquisition adds 80,000 square feet of manufacturing space and brings ITAR certification, positioning Cyient DLM to address the growing US defence market.
Krishna Bodanapu, Executive Chairman of Cyient DLM, said the acquisition aligns with the company’s strategy to expand its geographic footprint and strengthen its capabilities in key sectors.
