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Cemtrex to acquire German EMS company
US-based Cemtrex Inc., an industrial and manufacturing solutions company, has entered into an agreement to acquire all the assets of an electronics manufacturing company located in northern Germany.
The target company focuses on electronic manufacturing services primarily for the major German automotive manufacturers, including Tier 1 suppliers in the industry, as well as for industries like telecommunications, industrial goods, luxury consumer products, display technology, and other industrial OEMs, the company states in a press release. The company to be acquired projected annual revenues for the next twelve months is expected around EUR 30 Million and a long history in the electronics manufacturing industry extending back decades. From self-driving cars to fully electric vehicles, the automobile industry is undergoing a significant technological disruption and Cemtrex is positioning itself right in the middle of this transition. The Automotive Electronics Market was valued at USD 185.05 billion in 2015 and is anticipated to be USD 352.92 billion by 2023, as per a new research report by Global Market Insights, Inc. Cemtrex already has a German subsidiary in the electronics manufacturing sector and with this acquisition, it will secure a broader base and larger market share in the Eurozone. Cemtrex's Chairman and CEO, Saagar Govil, commented, "This acquisition is a significant strategic milestone in our effort to strengthen our position in the European EMS market and get into the exponentially growing automotive market. German automobile companies are driving innovation in the industry and we are eager to tap into this market for the future." The transaction is expected to close on May 31, 2016.
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