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CECO Environmental Announces Retirement Of Chairman Phillip DeZwirek

Stocks in this article: CECE

CINCINNATI, May 15, 2013 /PRNewswire/ --  CECO Environmental Corp. (NasdaqGM: CECE), a leading global provider of air pollution control technology and systems, announced today that at a board meeting following its annual meeting held on May 15 th, CECO's founder Phillip DeZwirek announced that effective today he is retiring as Chairman and a Director of the Company after his outstanding leadership since 1991.

"I am truly honored to have been a part of building one of the global leaders in the air pollution control sector.  With our recent announcement of the acquisition of Met-Pro Corporation, CECO is ideally positioned to continue its growth in profitability and shareholder value creation and is now ready for the next stage of its evolution," commented Phillip DeZwirek.  "It has been an experience I will never forget and one that was made even better by being able to have the privilege of working with a very supportive, experienced and impressive team.  I thank everyone at CECO including our employees, management, fellow board members and shareholders for their support and commitment to the Company. At 75 years of age, I am looking forward to dedicating more time to my philanthropic endeavors in both Canada and the United States."

Also at the meeting on May 15 th, the Board of Directors elected Mr. Jason DeZwirek, Phillip DeZwirek's son, as Chairman.  The DeZwirek family is the largest shareholder of the Company.

Phillip DeZwirek continued, "I am thrilled that the Board of Directors has appointed Jason as the new Chairman and my successor.  Jason has been an integral part of the Board for over 17 years. CECO continues to be one of our family's largest holdings and we intend to continue to be significant shareholders for many years to come."

Jason DeZwirek stated, "The Board has been strategically focused on building a platform that mitigates risk while creating global growth opportunities. The Board and management remain committed to this strategy and delivering positive returns for shareholders, employees and customers while improving the air quality and quality of life in the facilities and communities where our technologies are installed."

During Phillip DeZwirek's leadership of CECO, as Chairman since 1991 and Chief Executive Officer through 2010, CECO has:

  • Increased its market capitalization from under $1 million to over $225 million
  • Increased revenues from $250,000 to approximately $300 million pro forma after the closing of the recently announced acquisition of Met-Pro Corporation
  • Completed more than 10 acquisitions
  • Initiated the Company's first dividend in 2011 which has now been increased over 40% to $0.20 per share annually
  • Grown its workforce from 10 employees to over 1000 after the closing of the Met-Pro acquisition
  • Created a global presence with sales and manufacturing facilities around the world

Jeff Lang, CECO's Chief Executive Officer, stated, "Throughout my working relationship with Phillip DeZwirek, he has demonstrated integrity and an enduring commitment to CECO. Phillip has been a valuable partner to me and the team as we continue to drive changes in how CECO does business. Phillip has our highest respect for his dedication to the business and I join my fellow board members and colleagues in wishing him well in his retirement."

ABOUT CECO ENVIRONMENTALCECO Environmental is a leading global provider of air pollution control technology.  Through its subsidiaries –Adwest Technologies, Busch International, CECO Filters, CECO Abatement Systems, Kirk & Blum, Effox-Flextor, Aarding, Fisher-Klosterman/Buell, CECO China and A.V.C. Specialists – CECO provides a wide spectrum of air quality products and services including engineered equipment, cyclones, scrubbers, dampers, diverters, RTOs, component parts and monitoring and management services. Industries served include refining, petrochemical, power, natural gas, aluminum, steel, automotive, chemical and large industrial processes.  Global growth, operational excellence, margin expansion, safety leadership and employee development are CECO's core competencies and long term objectives.

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