Cemtrex (CTEI) announced it has completed the acquisition of the privately held ROB Group, a leader in electronics manufacturing solutions. Founded in 1989, ROB is a full-service provider of electronic manufacturing and cable assembly services. Cemtrex will operate the company as a wholly owned subsidiary known as ROB Cemtrex GmbH.
"We are committed to growing Cemtrex, whether organically or through acquisitions and today we seized a unique opportunity to provide shareholders with significant return without any dilution. Our vision is to continue to grow the company in areas where we know there will be long-term market potential and we can provide compelling value," said Saagar Govil, CEO of Cemtrex, Inc. "As everything in our world becomes connected to the Internet and all industrial machinery, equipment and consumer appliances become intelligent, the demand for reliable quality electronics manufacturing will continue to rise. We believe ROB Cemtrex is strategically positioned to capitalize on these rapidly developing market trends," he continued.
Current management will remain in place. Cemtrex financed this acquisition with loans from associated parties and local banks and no new shares were issued. Terms of the deal were not disclosed.