Cemtrex finalizes deal for Periscope.
FARMINGDALE, NY -- Cemtrex on June 2 acquired all assets of Periscope GmbH, an electronics manufacturing company located in northern Germany.
The deal includes approximately 9 million [euro] in Periscope assets, for which Cemtrex paid a combination of cash, a third-party note and seller note. The company was going through insolvency after its sales fell 30% in the past year.
Periscope is projected to generate annual revenue of about 30 million [yen] ($33.6 million) over the next 12 months. It has an 82,000 sq. ft. factory in Paderborn, Germany, where it employs about 330 workers.
Periscope primarily serves the major German automotive manufacturers, including Tier 1 suppliers in the industry, and telecommunications, industrial goods, luxury consumer products, display technology, and other industrial OEMs. The company was launched in 1994 by Fujitsu, then acquired by Flextronics in 2000. Equity group 4K Invest bought it in June 2014.