Altek Electronics, a Torrington-based electronics manufacturer, has been acquired by Cyient DLM, based in Hyderabad, India.
Altek, which was founded in the 1970s, specializes in customized printed circuit board assembly for industries including aviation and defense, telecommunications and healthcare. It reported revenue of $37.2 million in 2023, and recently had around 165 employees.
The deal is valued at up to $29.2 million, including an upfront payment of $23.4 million and a potential performance-based earnout of up to $5.8 million.
Krishna Bodanapu, executive chairman of Cyient DLM, described the acquisition as a “pivotal moment” for his company, an integrated electronics manufacturing company with a focus on safety-critical electronics in highly regulated industries.
Altek expands Cyient’s North American market, and also brings the company an ITAR certification, which regulates the import and export of defense-related products.
“Joining forces with Cyient DLM opens new avenues for us to scale our operations and leverage their global resources and industry expertise,” David Altschuler, CEO of Altek Electronics, said in a statement.
