Actionable news
0
All posts from Actionable news
Actionable news in SEDG: SolarEdge Technologies Inc,

Cemtrex Enters into Agreement to Acquire Electronics Manufacturer, Establishing Presence in Silicon Valley

Cemtrex Inc. (CETX), a world leading industrial and manufacturing solutions company, announced today that it has entered into a Letter of Intent to acquire an electronics manufacturing solutions company (“Target”) based in the Silicon Valley area. The Target Company is focused on electronic manufacturing services primarily for global leading semiconductor customers as well as OEMs in the medical, industrial, telecommunications industries. The Target Company has averaged $7 million in annual revenues over the last two years. The company also has an office in India to support the engineering & prototype development and operational activities.

This acquisition would be Cemtrex’s first foray into the US electronics manufacturing market and fulfills multiple strategic objectives for the Company. Cemtrex already has an established manufacturing base in Europe with two locations in the premium German market and one site in the low cost Romanian market. With this new acquisition, Cemtrex can offer its existing clients, who are typically global players, much needed manufacturing support and solutions in the US market. Additionally, the acquisition 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 is also one of the...


More