Cemtrex to acquire unnamed Silicon Valley-based electronics manufacturer

The target Company is focused on electronic manufacturing services primarily for semiconductor customers as well as OEMs in the medical, industrial, telecommunications industries. The to-be-acquired company has averaged USD 7 million in annual revenues over the last two years. It is based in the Silicon Valley area and has an office in India to support the engineering & prototype development and operational activities. This acquisition would be Cemtrex’s first step into the US electronics manufacturing market and fulfills multiple strategic objectives for the company, according to a press release. This new US-based acquisition aims to sets the stage for Cemtrex’s expansion into Asian markets down the road for manufacturing solutions with the new Indian location. Establishing a presence in Silicon Valley also has its advantages as the region has been booming with new hardware and software development attributed to new trends in wearable technology, “Internet of Things” devices, drones, and robotics. Cemtrex will look to capitalize on this growth and focus on working with innovative startups and entrepreneurs in developing disruptive products. Cemtrex’s Chairman and CEO, Saagar Govil, commented on the acquisition news, “This pending acquisition is a strategic milestone in our effort to strengthen our electronics manufacturing solutions business. Silicon Valley is exactly where we want to be as we know the opportunities for our products and services will be in high demand long into the future. With this deal we will also be acquiring a support office in India which will allow us to leverage low cost engineering and administrative support to be competitive globally.” The terms of the deal and the name of the target was not disclosed due to confidentiality reasons, but the transaction is expected to close before years end, the press release ends.