CINCINNATI, Nov. 4, 2014 /PRNewswire/ -- CECO
Environmental Corp. (NasdaqGM: CECE), a leading global
environmental technology company focused on critical solutions in
the air pollution control (APC), energy and fluid handling and
filtration industries, today announced that it has acquired Emtrol,
LLC, a global leader in the design and manufacture of fluid
catalytic cracking (FCC) & industrial cyclone technology.
Emtrol's technology provides key solutions in product recovery,
fluid bed applications, pollution control and environmental
compliance for a variety of large industries including the
refinery, petrochemical, and chemical sectors.
Founded in 1973 with headquarters in Long Island, NY and offices
in Katy, TX and the United Kingdom, Emtrol generates approximately
$35 million in annual revenues and is
highly profitable. Emtrol has a significant global installed base
with approximately 70% of its business from international
markets. Emtrol's President and majority shareholder,
Robert Giuricich, its Vice
President, Anthony Schmitz, and the
rest of their management team and 33 employees will be joining CECO
and will become an integral part of the Company's APC
group.
Mr. Giuricich will become the President of the Emtrol-Buell-FKI
division of CECO and will have leadership for the overall global
cyclone technology business which will become the global market
leader with over 25,000 installations. The Emtrol-Buell-FKI
combination will be the gold standard for engineered quality,
design, reliability, customer service excellence and high
performance in critical product recovery and pollution control
cyclone applications around the world.
"The acquisition of Emtrol is an excellent strategic fit all
around for CECO as it strengthens our global cyclone technology
customer base and is highly accretive to our shareholders,"
commented Jeff Lang, CECO's Chief
Executive Officer. "Emtrol's blue-chip brand and superior
technology portfolio will meaningfully enhance our position in the
global APC market. Our portfolios are highly complementary and will
be leveraged across all regions. Furthermore, we have identified a
number of important synergy opportunities on both the revenue and
operational side of the business that will create significant value
for our customers and shareholders. I am excited to welcome Emtrol
to the CECO family and look forward to working with Rob, Tony and
the rest of their team as we build the world's leading cyclone
business."
Under the terms of the acquisition, CECO paid $32.0 million in cash and $6.0 million in CECO shares which vest over a
two-year period. Additional details of the transaction will be
included in a Current Report on Form 8-K to be filed by the company
with the SEC.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a
leading global environmental technology company focused on critical
solutions in the air pollution control (APC), energy and fluid
handling and filtration industries. Through its well-known brands,
CECO provides a wide spectrum of products and services including
dampers & diverters, cyclonic technology, thermal oxidizers,
filtration systems, scrubbers, fluid handling equipment and plant
engineered services and engineered design build fabrication. These
products play a vital role in helping companies achieve exacting
production standards, meeting increasing plant needs and stringent
emissions control regulations around the globe. CECO globally
serves the broadest range of markets and industries including
power, municipalities, chemical, industrial manufacturing,
refining, petrochemical, metals, minerals & mining, hospitals
and universities. CECO is focused on building long-term shareholder
value by bringing its unique technology, portfolio and operational
excellence to strategic key growth markets around the world, while
maintaining the highest standards of employee development, project
execution and safety leadership. CECO is listed on NASDAQ under the
ticker symbol "CECE" and is a member company of the Russell 2000
Index. For more information on CECO Environmental, please visit the
company's website at
http://www.cecoenviro.com.
Contact:
Corporate Information:
Jeff Lang, Chief Executive
Officer
Ed Prajzner,
Chief Financial Officer
1-800-333-5475
or
Investor Relations:
Shawn
Severson
The Blueshirt Group
Phone: (415) 489-2198
Email: Shawn@blueshirtgroup.com
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All forward-looking statements are subject to certain
risks, uncertainties and assumptions. These risks and
uncertainties, which are more fully described in CECO's Annual and
Quarterly Reports filed with the Securities and Exchange
Commission, include changes in market conditions in the industries
in which the Company operates. Should one or more of these
risks or uncertainties materialize, or should the assumption prove
incorrect, actual results may vary in material aspects from those
currently anticipated.
SOURCE CECO Environmental Corp.