Cemtrex Receives $1.5M Order from New Attractive Market
Farmingdale, NY, March 21, 2017 (GLOBE NEWSWIRE) -- Cemtrex (Nasdaq: CETX, CETXP, CETXW), a world leading industrial and manufacturing leader, announced today that through its subsidiary, Advanced Industrial Services (AIS, www.ais-york.com), it has received a new $1.45M contract from a new customer in the Nonwoven fabric industry. A key strategy for Cemtrex and its subsidiary AIS has been to diversify its customer base into new markets in which it sees long term growth and capital investment taking place.
One area where the Company sees future growth in domestic markets is from the Nonwoven Fabric industry. The Nonwoven Fabric industry products dominate many OEM manufacturer’s supply needs and could be partially categorized as: Automotive (from seat upholstery to headliners, floormats, and as an acoustical sound barrier), Medical (Band-Aid’s, surgical masks – gowns – blankets, incontinence products from babies to elders), Filtration Media, Electronics, and Apparel, among many more.
Growth is certainly continuing in nonwovens, with the Healthcare disposables market projected to record a 9.6% CAGR (compound annual growth rate) during the 2015-2020 time period, and should easily reach $10.6 billion globally by 2020. Surgical nonwoven products had a 54.8% marketshare in 2014, should continue to lead the market through 2020. The Filter Media Market is poised to grow at a CAGR of around 7.6% over the next decade to reach approximately $8.95 billion by 2025. New technology always continues to emerge, providing greater success ratios and market-range options.
In mid-March, AIS was awarded a $1.45m contract from Fitesa, South Carolina to relocate a product manufacturing line into their new nearby facility. Fitesa specializes in products such as: Baby Care, Feminine Hygiene, Adult Incontinence, and Medical & Industrial Specialties.
Cemtrex’s Chairman and CEO, Saagar Govil, commented, “This project will start onsite in late March and continue through much of the summer months, encompassing all disciplines: Rigging/Millwrighting, Optical Alignment, Process Piping, Electrical, Transportation, and Fabrication with one single-source entity. We are proud to partner with Fitesa on this important project providing a solution to their manufacturing needs.”
About Cemtrex
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, industrial services, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants used in emissions trading globally.
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Investor Relations Cemtrex, Inc. Phone: 631-756-9116 investors@cemtrex.com
Released March 21, 2017