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Cemtrex acquires Periscope – takes on 140 employees

US-based technology group Cemtrex is taking over Periscope GmbH in Paderborn on June 1, 2016.
The purchase is part of an asset deal with the purchase sum not being disclosed. In short this means that the EMS-provider, that filed for bankruptcy at the end of 2015, has been saved. The American buyer will take on 140 of the 330 employees and continue operations.

The company will – following the takeover – operate under the names Rob Cemtrex Automotive GmbH (servicing the EMS area) and ROB Cemtrex Logistics GmbH(which will cover the logistics sector within the market), according to a press release from lawyers firm Buchalik Brömmekamp, Periscope's insolvency administrator.

With Cemtrex, Periscope has a new strategic investor that is already operating in the electronics development & assembly industry. According to Saagar Govil, CEO of Cemtrex, the purchase of Periscope marks an important strategic milestone for the company as it advances its position on the European EMS market and moves into the exponentially growing automotive market. Next year, the US company plans to achieve sales of around EUR 30 million.

According to the press release, Periscope CEO, Heinrich Ollendiek is particularly pleased for the employees and customers that are deal could be achieved, saying; "Now we can begin with a fresh and a sustainable start for the company. This was only possible, because the employees have accepted substantial cutbacks. For this we are very grateful",

Of the 330 employees, 190 will now switch to a transfer company. The aim is to get all employees back into new jobs as soon as possible.


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