ASE S.p.A., a privately-owned Italian company, and a leading supplier of electrical power generation and distribution systems to the international aerospace and defense industry, and Cyient Inc. (a subsidiary of the Cyient Limited, a global provider of engineering, manufacturing, data analytics, network and operations solutions) today announced a joint go-to-market agreement for joint market development of products in the electric power generation arena.
The agreement was signed at the Cyient exhibition booth at the Aero India 2017 by Krishna Bodanapu, Managing Director and CEO, Cyient and Carmelo Cosentino, President, ASE. It is intended that this collaboration will provide full life-cycle services, products, and systems to the aerospace and defense industry.
The combination of Cyient's industry knowledge and experience combined with ASE's expertise will help to develop new products and solutions in electrical power generation and also in conversion, management, and distribution systems. This will help to strengthen Cyient's combined business opportunities worldwide including possible offset discharge obligations.
"This collaboration coincides with our company strategy of being a leading global provider of design, build, and maintain solutions for the aerospace and defense industry. It also enables both Cyient and ASE to leverage each other's engineering and manufacturing capabilities, thus increasing support to OEMs and improving life service offerings to existing and future clients," said Mr. Krishna Bodanapu, Managing Director and CEO, Cyient.
Mr. Carmelo Cosentino, President, ASE, said, "This alliance is strategically important for both companies in moving our existing good relationship towards an upper level of collaboration. We look forward to working together in a closer way to leverage our joint capabilities in aerospace with the aim to offer a combined and more comprehensive range of products and services".
Shares of Cyient LTD. was last trading in BSE at Rs.463.3 as compared to the previous close of Rs. 465.25. The total number of shares traded during the day was 2477 in over 163 trades.
The stock hit an intraday high of Rs. 467.95 and intraday low of 463.3. The net turnover during the day was Rs. 1151628.