Fri Oct 04 05:31:24 UTC 2024: ## Cyient DLM Expands US Footprint with Acquisition of Altek Electronics
**Hyderabad, India** – Cyient DLM Ltd, a leading Indian electronics manufacturing company, announced today the acquisition of US-based Altek Electronics Inc. for a total value of up to $29.2 million. The deal, finalized through Cyient DLM’s wholly-owned subsidiary, Cyient DLM Inc., includes an upfront payment of $23.4 million and a performance-based earnout of up to $5.8 million.
This acquisition grants Cyient DLM complete ownership of Altek Electronics, a renowned electronic manufacturing services provider headquartered in Torrington, Connecticut. Established in 1972, Altek specializes in printed circuit board assemblies and box builds, serving the medical, industrial, and defense sectors. The company reported a revenue of $37.2 million in 2023.
The strategic move marks a significant expansion of Cyient DLM’s presence in North America and strengthens its capabilities in key growth markets. The acquisition adds 80,000 square feet of manufacturing space to Cyient DLM’s portfolio and brings ITAR certification, enabling the company to cater to the burgeoning US defense market.
“This acquisition aligns perfectly with our strategy of expanding our geographic footprint and bolstering our capabilities in crucial sectors,” stated Krishna Bodanapu, Executive Chairman of Cyient DLM. “Altek’s expertise and established presence in North America, coupled with their strong focus on the medical, industrial, and defense markets, will be instrumental in driving our growth trajectory.”
The acquisition is expected to be completed in the coming weeks.
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