Long Island City, NY, July 30, 2019 (GLOBE NEWSWIRE) -- – 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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Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
