Cemtrex, a diversified industrial and manufacturing leader, announced that the company has received new orders in excess of $8 million over the past two months across its Industrial Products and Services Group and Electronics Manufacturing Services Group.
The company received approximately $2 million in orders for its Electronics Manufacturing Services Group for products related to medical devices, industrial automation technology and heavy machinery equipment. Cemtrex also received approximately $6 million in orders in its Industrial Products and Services Group in the power, chemicals, automotive and construction industries. One of the new orders represents the first collaboration between AIS, the company's recently acquired industrial services business, and its existing environmental technology business, highlighting the synergies across the businesses. The company expects to ship these orders over the next 12 months.
"We are encouraged by the growing demand we have seen in recent months for our products and services," said Saagar Govil, Cemtrex's chairman and CEO. "While financial markets have recently been in turmoil and with a global concern over industrial markets, Cemtrex has not seen a decline in the number of inquiries and request for proposals due to our broad repeat customer base and proven track record of providing cost effective solutions in our broad set of markets. Despite some industries we serve being impacted by a severe decline in the price of oil, due to the company's strong diversification efforts in recent years we are seeing other manufacturing and industrial markets like food, construction, and power counteracting this effect. As a result, we remain cautiously optimistic about the growth prospects for our Company and look to continue executing on our strategies."
