CINCINNATI, Nov. 5, 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 segments, today announced that it has signed a
definitive purchase agreement to acquire substantially all of the
assets of Jiangyin Zhongli Industrial Technology Company Ltd
("Zhongli"), a leader in the design and manufacture of power
industry flue gas dampers and ball mill systems in China. The closing of the acquisition is
subject to customary Chinese Government approvals, which is
expected to be received around December 15,
2014. Terms of the transaction were not
disclosed.
Founded in 2004, Zhongli is headquartered in Jiangyin City,
China, and has close to 200
employees and is a provider of key technology solutions to
traditional power plants, related end-users and engineering,
procurement and construction (EPC) firms in China and Russia. Zhongli's annual revenues are
approximately $28 million and when
combined with CECO's current China
operations, will have significant operating leverage and revenue
opportunities. Zhongli's management team will remain in place
with founder and President, Shen Guoxiang, continuing to lead the
business and reporting to Mr. Brent
Becker, CECO's President of Asia.
"The acquisition of Zhongli is an excellent fit for CECO and
strengthens our global capabilities," commented Jeff Lang, CECO's Chief Executive Officer.
"Zhongli's strong technology and product portfolio will materially
enhance our position in the global power generation market and
significantly advances our efforts in China. Zhongli's technology is synergistic
with our Effox and Aarding product lines and the combined portfolio
will be leveraged across all regions. I am confident that the
addition of Zhongli to our Energy Technology Segment will enable us
to provide customers with a more globally competitive solution and
open up many more opportunities for CECO. I am delighted to welcome
the Zhongli team to CECO and look forward to working with them to
capture new markets and customers as we continue to grow our global
energy business."
Brent Becker, CECO's President of
Asia, also commented, "This
acquisition continues our strategy to expand our global business
footprint in our key sectors and creates increasing scale in our
China operations. Zhongli
will enable us to participate in a growing power generation market
that is expected to see continued growth and expansion in
China as well as the broader Asian
market."
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.