CINCINNATI, 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.
Met-Pro Technologies LLC, a subsidiary of CECO, manufactures and
sells fluid handling equipment, product recovery and pollution
control equipment, and filtration products. Its Product
Recovery/Pollution Control Technologies segment provides solutions
and products for the purification of air or liquids in metal
finishing and plating, wastewater treatment, composting, food
processing, ethanol production, chemical, petrochemical, printed
circuit, semiconductor, steel pickling, battery manufacturing,
groundwater remediation, automotive, aerospace, furniture,
painting, electronics, printing, and pharmaceutical industries. The
company's Fluid Handling Technologies segment manufactures
horizontal, vertical, and in-tank centrifugal pumps for the pumping
of acids, brines, caustics, bleaches, seawater, waste liquids, and
high temperature liquids used in industrial and commercial
applications. It serves chemical, petrochemical, pharmaceutical,
fertilizer, pesticides, steel, pulp and paper, electric utility,
aquaculture, aquarium, commercial marine/navy, desalination/water
reuse, and industrial and municipal waste treatment industries, as
well as hospitals, universities, and laboratories. Met-Pro's Mefiag
Filtration Technologies segment designs, manufactures, and sells
filtration systems that are used in corrosive applications in the
plating, metal finishing, and printing industries. Its
Filtration/Purification Technologies segment offers chemicals for
the treatment of municipal drinking water systems, and boiler and
cooling tower systems; cartridges and filter housings; filtration
products for industrial air and liquid applications; custom
pleaters and standard filters; water treatment compounds; coagulant
and flocculent polymer products; and drinking well water
remediation products. The company markets and sells its products
through its own personnel, distributors, representatives, and
agents worldwide. Met-Pro is headquartered in Harleysville, Pennsylvania.
For more information on CECO Environmental, please visit
www.cecoenviro.com and for more information on Met-Pro, please
visit met-pro.com.
Contact:
Corporate Information
Jason DeZwirek, Chairman
Jeff Lang, Chief Executive
Officer
1-800-333-5475
Safe Harbor
Any statements contained in this press release other than
statements of historical fact, including statements about
management's beliefs and expectations, are forward-looking
statements and should be evaluated as such. These statements are
made on the basis of management's views and assumptions regarding
future events and business performance. Words such as "estimate,"
"believe," "anticipate," "expect," "intend," "plan," "target,"
"project," "should," "may," "will" and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements (including oral representations) involve risks and
uncertainties that may cause actual results to differ materially
from any future results, performance or achievements expressed or
implied by such statements. These risks and uncertainties include,
but are not limited to: our ability to successfully integrate
Met-Pro's operations and realize the synergies from the
acquisition, as well as a number of factors related to our business
and that of Met-Pro, including economic and financial market
conditions generally and economic conditions in CECO's and
Met-Pro's service areas; dependence on fixed price contracts
and the risks associated therewith, including actual costs
exceeding estimates and method of accounting for contract revenue;
fluctuations in operating results from period to period due to
seasonality of the business; the effect of growth on CECO's
infrastructure, resources, and existing sales; the ability to
expand operations in both new and existing markets; the potential
for contract delay or cancellation; changes in or developments with
respect to any litigation or investigation; the potential for
fluctuations in prices for manufactured components and raw
materials; the substantial amount of debt in connection with the
acquisition and CECO's ability to repay or refinance it or incur
additional debt in the future; the impact of federal, state or
local government regulations; economic and political conditions
generally; and the effect of competition in the air pollution
control and industrial ventilation industry. These and other risks
and uncertainties are discussed in more detail in CECO's and
Met-Pro's filings with the Securities and Exchange Commission,
including their reports on Form 10-K and Form 10-Q. Many of these
risks are beyond management's ability to control or predict. Should
one or more of these risks or uncertainties materialize, or should
the assumptions prove incorrect, actual results may vary in
material aspects from those currently anticipated. Investors are
cautioned not to place undue reliance on such forward-looking
statements as they speak only to our views as of the date the
statement is made. All forward-looking statements attributable to
CECO or Met-Pro or persons acting on behalf of either CECO or
Met-Pro are expressly qualified in their entirety by the cautionary
statements and risk factors contained in this press release and
CECO's and Met-Pro's respective filings with the Securities and
Exchange Commission. Furthermore, forward-looking statements speak
only as of the date they are made. Except as required under the
rules and regulations of the Securities and Exchange Commission,
CECO undertakes no obligation to update or review any
forward-looking information, whether as a result of new
information, future events or otherwise.
SOURCE CECO Environmental Corp.