Cemtrex Industrial Segment Sees Increase in Demand from Packaging Related Industries
July 30 2019 - 9:20AM
– Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world leading
technology 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. This calendar year, the Company is
now on pace to see its packaging industry related revenues increase
by 10% from 2018 when the annual sales derived from the package
industry were just shy of $5,000,000.
AIS provides industrial contracting services for various package
handling equipment OEMs, facilities, and warehouses for companies
involved in package 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 demand for packaging equipment and growth
packaging related services is driven by the huge increase in
e-commerce and direct to consumer products.
Cemtrex’s CEO, Saagar Govil, commented, “We are focused on
growing our industrial technology segment, 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 large e-commerce companies are setting up
numerous package handling facilities all around the country, as
consumer behavior changes with more people ordering all their
essentials online. For example, Amazon shipped over 5 billion
packages in 2017 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 such as Westrock and International Paper. The Company
offers services such as rigging, millwrighting, electrical, piping,
and other turn-key project management services that are essential
to manufacturing and distribution 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.”
About Cemtrex
Cemtrex, Inc. (CETX) is the manufacturer of the SmartDesk, the
world’s most advanced workstation. Cemtrex is a diversified
technology company that's driving innovation in a wide range of
sectors, including smart technology, virtual and augmented
realities, advanced electronic systems, industrial solutions, and
intelligent security systems.www.cemtrex.com
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For further information, please contact:
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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