Cyient Limited has announced the divestment of its 49% ownership in IASI to enhance its focus on core operations and streamline its business portfolio.
Target Company Overview
Cyient Limited has recently signed a definitive agreement to divest its 49% equity stake in IASI, a joint venture established in 2003 in Isabela, Puerto Rico. This joint venture, owned 51% by Pratt & Whitney and 49% by Cyient, specializes in aerospace defense design, development, and related services, primarily catering to United Technologies and its affiliated businesses.
The divestment aligns with Cyient's strategic shift to concentrate on its core 'Design-Build-Maintain' operations by eliminating non-core minority investments. The financial implications of this transaction are expected to be EPS neutral, pending regulatory approvals and customary closing conditions.
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Industry Overview in Puerto Rico
Puerto Rico's aerospace sector is recognized for its significant contributions to the global defense and aerospace industries, leveraging advanced technological capabilities and a skil
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Cyient Limited
invested in
IASI
in 2017
in a Joint Venture deal