Cyient DLM Acquires Altek Electronics for Strategic Expansion in North America Altek Electronics' acquisition enhances Cyient DLM's portfolio with Fortune 500 clients, boosting strategic engagements in the medical, healthcare, and industrial sectors.
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Cyient DLM, an integrated electronics manufacturing company, has announced its acquisition of the US-based Altek Electronics Inc, marking a significant milestone in its growth strategy.
The deal, valued at up to USD 29.2 million, comprises an upfront payment of USD 23.4 million with a potential performance-based earnout of up to USD 5.8 million. This strategic acquisition not only enhances Cyient DLM's presence in the North American market but also bolsters its capabilities across critical sectors.
Altek Electronics, recognized for its expertise in the medical, healthcare, and industrial sectors, brings a robust customer base to Cyient DLM. The acquisition adds several Fortune 500 clients to its portfolio and strengthens its strategic engagements with key industry players.
This acquisition aligns with Cyient DLM's strategic roadmap to expand its geographic footprint, add valuable clients, and enhance client proximity. The deal aims to significantly increase Cyient DLM's manufacturing capacity, adding an additional 80,000 square feet of manufacturing space to support its global clientele.
Krishna Bodanapu, Executive Chairman of Cyient DLM, stated, "This acquisition is a pivotal moment for Cyient DLM. It expands our global footprint and strengthens our capabilities in the medical, healthcare, and defense sectors." He highlighted that Altek Electronics' proven track record would accelerate Cyient DLM's ability to deliver high-performance, reliable services.
Anthony Montalbano, CEO of Cyient DLM, added, "With the addition of Altek Electronics' expertise, we are enhancing our manufacturing capability and capacity and strengthening our competitive position in the North American market. This allows us to continue offering world-class services that meet the evolving needs of our customers."
David Altschuler, CEO of Altek Electronics, mentioned, "Joining forces with Cyient DLM opens new avenues for us to scale our operations and leverage their global resources and industry expertise. As we enter this new chapter, we remain committed to upholding the values that have defined our success and look forward to leveraging expanded resources and capabilities to better serve our customers, suppliers, and stakeholders."
