FARMINGDALE, NY – Cemtrex has entered into a letter of intent to purchase a US-based industrial manufacturing and services company.

“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,” said CEO Saagar Govil.

The undisclosed company’s revenues and normalized EBITDA over the past two years were 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.

No other financial terms were disclosed.

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