CINCINNATI, Dec. 15, 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
received the necessary Chinese government approvals and has closed
its previously announced acquisition of Jiangyin Zhongli Industrial
Technology Co., Ltd ("Zhongli"), a leader in the design and
manufacture of power industry damper, diverter and ball mill
systems in China. The acquisition
will significantly enhance CECO's China customer base, distribution channel and
manufacturing footprint.
Founded in 2004, Zhongli's has annual revenue of approximately
$28 million and nearly 200 employees.
Zhongli provides critical technology solutions to the energy sector
including traditional power plants, related end-users and
engineering, procurement and construction (EPC) firms in
China and Russia.
"CECO has been operating in China for over a decade and Zhongli is a great
addition to our capabilities in Asia," commented Jeff
Lang, CECO's Chief Executive Officer. "China is a critical part of our growth
strategy and this acquisition is a key step in building our scale,
platform and distribution network. We are excited to bring Zhongli
into the CECO family of companies as we continue to build our
global energy business. The Zhongli China based business combined
with our North American based Effox business will move us to become
a global market leader of power industry served by our Energy
segment. CECO and Zhongli have been working together on this
strategic opportunity for several years and we are excited about
our future."
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.
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SOURCE CECO Environmental Corp.