FARMINGDALE, N.Y., Oct. 17, 2013 /PRNewswire/ -- Cemtrex (OTC:CTEI) announced today that it has entered into an agreement to acquire the ROB Group, an electronics manufacturing company, located in Germany.
The ROB Group, consisting of 4 distinct operating companies, forms a complete electronics design, manufacturing, assembly, and cabling solutions provider that serves the electronics and cabling needs of some of the largest companies in the world in the Medical, Automation, Industrial, and Renewable Energy industries. The Rob Group had annual turnover of Euro 42.1 million in fiscal 2011 and also has a production facility in Romania.
"This acquisition represents a critical step forward in the long term success of Cemtrex as we look to achieve our high end growth targets," said Saagar Govil, CEO of Cemtrex. "After looking at numerous potential acquisitions over the last several months, we saw this situation as the best way to expand into new markets as well as create long term shareholder value. We see significant growth potential for the long term throughout the electronics manufacturing services industry, in which ROB has a reputation as a leader," Mr. Govil continued.
The German market for electronic manufacturing services is over $180 Billion and growing at an annual rate of 10% according to a recent market study. Germany continues to be the dominant country in the Eurozone in terms of manufacturing growth and economic strength.
Cemtrex plans to complete the acquisition within the next 30 days.
Cemtrex, Inc. (www.cemtrex.com) is a worldwide market leader in manufacturing and selling the most advanced instruments for emissions monitoring, process analysis, instrumentation and controls for industrial applications and compliance with environmental regulations. Cemtrex also markets products for oil & gas markets including process analyzers for refinery applications to measure crude oil and natural gas properties and provide process optimization. Cemtrex through its wholly owned subsidiary, Griffin Filters (www.griffinfilters.com), executes turn-key projects for air filtration, product recovery and environmental equipment and systems for a wide variety of industries including power plants, refineries, chemical, steel, glass, and cement plants.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
Saagar Govil, CEO
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SOURCE Cemtrex, Inc.