Cemtrex Inc. (NASDAQ: CETX), a world leading industrial and manufacturing solutions company announced today that the company is planning to set up a state of the art instruments & electronics manufacturing facility in India in order to serve the growing demand for process instrumentation in Asia and other parts of the world. Cemtrex believes that with access to low cost manufacturing the Company will be able to increase its market share, and maintain its competitive advantage as a low cost provider in the market.
Cemtrex plans to establish this facility in the next 12 months. The Company is also looking forward to taking advantage of the government incentives offered by the "Make in India" program which will offset some of the upfront costs for the Company. The Indian government has announced scheme of incentives for manufacturing of electronics including 25% capital subsidy for 10 years on capital expenditure, reimbursement of central and state duties, and income tax exemptions on setting up in special economic zones, assistance in skill development etc. Read this and more news for Cemtrex at: http://marketnewsupdates.com/news/cetx.html
Cemtrex's Chairman and CEO, Saagar Govil, commented, "This new manufacturing facility will allow us to improve our profit margins on our IS 2500 emission monitor and increase market share through in-stock deliveries." Mr. Govil continued, "We have long term plans of building a suite of products and this manufacturing plant will set the stage for our long term success in markets globally."
In other Industrial Goods Sector developments in the market:
General Electric Company (NYSE: GE) announced this week that it has secured more than $1.4 billion in orders from Iraq's Ministry of Electricity to set up power plants as well as provide technology upgrades and maintenance services. The announcement further strengthens GE's collaborations in Iraq to support the country's power infrastructure and meet the growing need for electricity. GE signed agreements that will add over two gigawatts (GW) of power and secure the delivery of ~1.75 GW of existing power to the national grid.
Ballard Power Systems (NASDAQ: BLDP) announced this month that it is the first fuel cell company to power buses for more than 10 million cumulative kilometers (6.2 million miles) of revenue service, equivalent to circling the Earth 250 times at the equator. This fuel cell industry milestone has been achieved across the company's seven generations of its FCveloCity® fuel cell engine, which have been deployed in buses in 15 countries on 5 continents during the past 10 years. Over this period Ballard has worked with 13 bus manufacturers to develop a variety of fuel cell bus configurations that have been deployed in a wide range of climatic conditions and operated under a host of demanding duty cycles.
Owens Corning (NYSE: OC) is scheduled to announce fourth-quarter and full-year 2016 financial results on Wednesday, February 8, 2017, prior to the opening of the New York Stock Exchange. Chairman and Chief Executive Officer Mike Thaman and Chief Financial Officer Michael McMurray will host an earnings conference call at 11 a.m. EST on February 8 to discuss the company's financial results. For complete details go to http://finance.yahoo.com/news/owens-corning-announce-fourth-quarter-123000763.html
Pentair plc (NYSE: PNR) will report its fourth quarter results before the opening of the New York Stock Exchange on Tuesday, January 31, 2017. The company will also hold a conference call with investors at 9:00 a.m. Eastern Daylight Time (EDT) that day. Conference Call Details - The call can be accessed via webcast through the "Investors" section of Pentair`s website or by dialing 800-706-6748 or 973-638-3449 along with conference number 55576169. A replay of the conference call will be made accessible once it becomes available and will remain accessible through midnight on March 31, 2017 by dialing 855-859-2056 or 404-537-3406, along with the above conference number.
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