Shares of L&T Technology Services Ltd were trading in the green and 1% higher on 4 June after the company announced signing a strategic agreement with Tennant Company to accelerate sustainable new product development.

As part of the deal, L&T Tech Services will establish an Offshore Development Centre (OCD) with a scalable technical team to support Tennant’s efforts in new product development, product life cycle management, and critical business operations.

Moreover, the ODC will be comprised of a specialised team of competent engineers. It will concentrate on increasing Tennant’s product innovation, optimising performance, and incorporating smart automation into its industrial cleaning offerings.

Alind Saxena, the executive director and president of mobility and tech at L&T Tech Services, said, “By leveraging our expertise in engineering design, manufacturing and supply chain optimisation, we are committed to enabling intelligent, responsible products, enhancing efficiencies and supporting Tennant’s growth in emerging technologies to build a sustainable and responsible tomorrow.”

Pat Schottler, the chief marketing and technology officer for Tennant Company, said the dedicated ODC will play a crucial role in driving new innovations that align with the firm’s mission to create a cleaner, safer and healthier world.

At 12:30 pm, the shares of L&T Tech were trading 0.64% higher at Rs 4,348.90 on NSE.

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