Cemtrex Enters into Letter of Intent to Acquire a Leading Environmental Technology Company
FARMINGDALE, N.Y., June 23, 2014 /PRNewswire/ -- Cemtrex, Inc. (OTC: CTEI) today announced that the company has entered into a Letter of Intent to purchase all the assets of a foreign, wastewater treatment and bio-energy plant technology company. The acquiree had annual sales of approximately $14 million in 2013. Due to a confidentiality agreement in place the company's name and further details were not disclosed.
Cemtrex's Chairman and CEO, Saagar Govil, commented, "We are thrilled to have reached an agreement regarding this upcoming strategic acquisition as we see tremendous opportunity globally for these products. This acquisition will allow Cemtrex to expand its environmental capabilities from presently air pollution control solutions and environmental monitoring to include technology for wastewater treatment and the generation of bioenergy from organic waste."
According to Global Water Markets, the market for wastewater equipment is set to rise by 27% to $225 billion over the next five years, with sludge management and energy recovery among the growing trends. Additionally based on another industry study regarding biogas plants by Ecoprog, the worldwide installed capacity will increase between 2012 and 2016 from 4,700 MW to about 7,400 MW, or about 60 percent in five years.
The company expects to complete the transaction by August 31st 2014 and use its existing capital to complete the deal. The company will release additional information in the coming weeks as the acquisition is finalized.
About Cemtrex, Inc.
Cemtrex, Inc. (CTEI) is a diversified technology company that provides solutions to meet today's industrial challenges. The Company operates through three (3) business divisions consisting of: (1) electronic manufacturing services of printed circuit board assemblies, (2) instruments & emission monitors for industrial processes, and (3) industrial air filtration & environmental control systems.
Cemtrex through its wholly owned subsidiary ROB Cemtrex GmbH (www.robcemtrex.com) provides electronic manufacturing services, which includes printed circuit board assemblies and completely assembled electronic products. The Company sells a complete line of air filtration and environmental control products through its subsidiary Griffin Filters, LLC (www.griffinfilters.com) to a wide variety of industrial and manufacturing industries worldwide. The Company through its Monitoring Instruments and Products (MIP) (www.cemtrex.com) division manufactures sells, and services instruments, software and systems for monitoring emissions of Greenhouse gases, hazardous gases, particulate and other regulated pollutants used in emissions trading globally.
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