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Aug. 27, 2013 /PRNewswire/ --
CECO Environmental Corp. (NasdaqGM: CECE), a global leader in air pollution control systems, product recovery and filtration technology, announced today that it has completed the previously announced acquisition of Met-Pro Corporation. With pro forma revenues of approximately
$300 million, the transaction creates a clear global market leader in air pollution control, product recovery and fluid handling technology.
Today's announcement follows shareholder approval of the transaction at each of the Special Meetings of CECO and Met-Pro, respectively, on
August 26, 2013. Following the close of the market on
August 27, 2013, Met-Pro common shares ceased trading on the NYSE.
"Met-Pro is a global leader in fluid handling, product recovery and pollution control equipment with a world class customer base," said
Jeff Lang, Chief Executive Officer of CECO. "Met-Pro not only expands our leverage to key segments such as the petrochemical, refinery and industrial manufacturing, it also provides us with access to new markets including the food processing, semiconductor and pharmaceutical sectors. Their business model, capabilities and culture are highly complementary to CECO and we look forward to having the Met-Pro team join CECO. Our combined manufacturing capabilities and customer base will provide even greater leverage to key growth markets around the globe that would otherwise not be available to us as independent entities."
Jason DeZwirek, CECO's Chairman stated, "The acquisition of Met-Pro is a transformative step in CECO's history and key to our future success. The ability to bring these two great companies and management teams together represents a unique opportunity to create value for our customers and shareholders. This is an exciting day for CECO and we look forward to working with the team at Met-Pro as we enter the next phase of growth."
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading global provider of air pollution control technology. Through its subsidiaries – Aarding, Adwest Technologies, Busch International, CECO Filters, CECO Abatement Systems, Kirk & Blum, Effox-Flextor, 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.