East Hartford jet-engine maker Pratt & Whitney is buying out its partner’s stake in a joint venture that provides aerospace defense design, development and related services primarily to United Technologies Corp. and its business units.
Pratt and and India-based engineering and consulting firm Cyient Limited founded the joint venture, called Infotech Aerospace Services (IAS) in 2003. Pratt owns 51 percent of IAS and is now buying out Cyient’s 49 percent stake for an undisclosed sum.
There are approximately 800 full-time employees at IAS, which is based in Puerto Rico, and approximately 140 contractors, said Pratt Spokesman Matthew Bates.
Pratt hopes to expand IAS’ engineering and business services and integrate IAS more effectively into the manufacturer’s in-house operations, Bates said.
Krishna Bodanapu, CEO and managing director for Cyient, said the divestiture is in keeping with the company’s intent to focus on its core businesses. Cyient provides engineering, manufacturing and other services in the aerospace, defense, medical, telecommunications, rail and other industries.
The closing of the transaction is subject to regulatory approvals.
