FARMINGDALE, N.Y. - Cemtrex (NASDAQ: CETX) announced today that the company has recently entered into a Letter of Intent to purchase a leading US based industrial manufacturing and services company ("Target Company").
Cemtrex's Chief Executive Officer, Saagar Govil, commented, "With this planned transaction, Cemtrex will be acquiring a company that complements our existing business by being able to provide more value to our customers and obtain margin improvement. We see this deal as being highly accretive in nature and driving an immediate impact for shareholders."
The Target Company's average revenues and normalized EBITDA over the last two years was approximately $23 million and $2.4 million respectively.
The parties have initiated a period of exclusivity, which is intended to result in a definitive purchase agreement. Management expects the acquisition to close within 90 days and will provide further updates when appropriate. Due to the confidentiality agreements in place the Company's name and other details have not been disclosed.
About Cemtrex, Inc.
Cemtrex, Inc. (NASDAQ:CETX) is a world leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, emission monitors instruments for industrial processes, and environmental control air filtration systems for industries utilities. www.cemtrex.com
For further information, please contact: