CETX - 4.09
Cemtrex Experiences Strong Growth from Packaging and Related Industries
Farmingdale, NY, Oct. 13, 2016 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX), a world leading industrial and manufacturing solutions company, announced today that, through its subsidiary, Advanced Industrial Services Inc. (“AIS”, www.ais-york.com), it has received new orders with several marquee customers in packaging and packaging OEMs in recent months. In calendar 2016, the Company is now on pace to double its packaging industry related revenues from 2014 when annual sales derived from the industry were just shy of $3,000,000.
AIS provides industrial contracting services for various packaging applications and companies involved in: packaging handling equipment, corrugated manufacturing equipment, cardboard box manufacturing, plastic laminates and film printing equipment, food packaging, cartons and trays, glues and adhesives, label printing, among others. The global packaging market was estimated at $839 billion in 2015 and is set to reach $1.1 trillion by 2024 with AAGR of 5% according to one recent study by All4pack. The most developed economies are the highest users and producers of packaging but recent trends suggest that emerging economies will see increases over the next decade.
Cemtrex’s CEO, Saagar Govil, commented, “We are focused on growing our industrial products and services operations, particularly in the United States, and we see the recent increase in demand towards the packaging industry as an indicator that we are well positioned for long term growth. The economy in the US is evolving as consumer behavior changes with more people ordering all their essentials online. For example it is estimated Amazon now ships over 2.5 million packages per day and you can see the effect that it is having on box retailers going out of business everywhere.”
AIS has received orders from several Fortune 500 companies in the industry. The Company offers services such as rigging, millwrighting, electrical, piping, and other turn-key project management services that are essential to industrial companies operating in the packaging industry.
Saagar Govil continued, “Our team at AIS has done an excellent job of taking advantage of this changing “new economy” due to their vast 30 year experience in servicing industrial OEMs. They are able to consistently offer superior workmanship, excellent customer service, and a high degree of reliability. We are looking forward to continued growth in these areas over the next several years.”
