The purchase of German company Periscope has now been completed by Cemtrex.
Periscope is focused on electronic manufacturing services, largely for the major German automotive manufacturers as well as for industries like telecoms, industrial goods, display tech and other industrial OEMs.
Cemtrex said the move gives it a stronger footing in the automotive sector, which is undergoing rapid technological change, with electric vehicle sales up 60 per cent globally in 2015. Periscope will rebrand under the ROB Cemtrex brand.
Cemtrex’s Chairman and CEO Saagar Govil said: “We are delighted to welcome Periscope to the Cemtrex family of companies. We expect to be at the forefront as the automotive industry transforms due to new disruptive technologies. The €30 million revenue contribution that we anticipate from Periscope combined with our existing operations pushes the Company over $100 Million in total sales over the next twelve months.”
Following the purchase of approximately €9m, 140 new employees have been added to Cemtrex, taking its total worldwide staff to over 515.