FARMINGDALE, N.Y., Feb. 12, 2014 /PRNewswire/ -- Cemtrex, Inc. (OTC: CTEI) today announced that their wholly owned subsidiary, ROB Cemtrex GmbH, received an order totaling $3.4 million for advanced surgical device components to be used by a large European medical device manufacturer. Deliveries of the ordered devices are expected to begin in the third quarter of 2014 and finishing by mid-2015.
The orders were received from one of the Company's major longstanding customers, which has been a worldwide leader in electrosurgical medical devices for decades. This customer while being located in Europe sells its products worldwide, including the US and emerging markets.
ROB Cemtrex's CEO, Saagar Govil, said, "These new orders by one of our marquee customers demonstrate the enormous confidence they have in ROB Cemtrex moving forward. Despite the financial challenges the ROB Group faced last year, the company has reemerged in a position of strength and is growing its business. We believe there will be continued strengthening in the medical device industry and we plan to aggressively pursue opportunities in that market."
According to recent reports, electrosurgical devices is one of the fastest growth sectors in the medical devices industry with a CAGR of 7.5% during 2011 to 2017, reaching to an annual size of $7.5 Billion. The surgical equipment market is driven by strong economic growth in Japan, Europe and in emerging economies such as India and China. Increased healthcare expenditure, improving standards of living and longer life expectancies are the major factors driving the growth of the surgical equipment market. Moreover, growing demand of outpatient surgeries, increase in the number of healthcare centers, the rise in the surgical procedures performed globally, technological innovations and growing preference for minimally invasive surgeries are also driving the growth of the surgical equipment market.
Cemtrex is a diversified technology company offering a range of products, systems and services to address the needs of a wide variety of industries around the world. Cemtrex, through its wholly owned subsidiary ROB Cemtrex GmbH, provides electronic manufacturing services, which includes printed circuit board assemblies and completely assembled electronic products. The Company through its Monitoring Instruments and Products (MIP) 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. Cemtrex also provides Green Demand Control Ventilation (DCV) systems for commercial buildings to provide energy efficiency of up to 40% on existing and new installations. Cemtrex's MIP division also markets a range of crude oil and natural gas analyzers. The Company sells air filtration and environmental control products through its subsidiary Griffin Filters LLC. http://www.cemtrex.com
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SOURCE Cemtrex, Inc.