Due to a confidentiality agreement in place, the company’s name has not been disclosed. The business being acquired had annual sales of US$14 million in 2013.
Cemtrex’s chairman and CEO Saagar Govil said: “We are thrilled to have reached an agreement regarding this upcoming strategic acquisition as we see tremendous opportunity globally for these products. This acquisition will allow Cemtrex to expand its environmental capabilities from presently air pollution control solutions and environmental monitoring to include technology for wastewater treatment and the generation of bioenergy from organic waste.”
Griffin Filters sells air filtration and environmental control products to a range of industrial and manufacturing industries worldwide.
Cemtrex expects to complete the deal by the end of August 2014 using existing capital.