CECO Environmental Announces Acquisition Of HEE Environmental Engineering - OneCeco continues to expand in the APC market
CINCINNATI, Aug. 14, 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 acquired substantially all of the assets of HEE Environmental Engineering ("HEE"), a leading North American designer and manufacturer of scrubbers and fans for the air pollution control market.
Founded in 1973 and based in Ontario, California, HEE is a technological leader in the supply of air pollution control scrubbers, biological scrubbers and FRP fans for chemical and odor control fume applications with approximately $10 million in annual revenue and 35 employees. CECO's global sales footprint should enable HEE to expand its APC market share both domestically and abroad. CECO intends to retain the entire HEE team, which will continue to be led by Jamie Warren. HEE and CECO's Duall scrubber businesses will be combined into a single unit to ensure an integrated effort and leverage CECO's focus on operational and sales excellence.
"We are proud to welcome the HEE team into the CECO family of companies and believe it is an excellent fit that will enable us to leverage our global customer base and expand their sales channels," commented Jeff Lang, CECO's Chief Executive Officer. "Global demand for fiberglass scrubbers is increasing, HEE's technology is very synergistic with our Duall Thermal Plastic Scrubbers and the two will integrate quite well to create a more comprehensive solution for our customers. This combined entity and technology portfolio will enable our customers to better meet intensifying global air pollution control requirements through a single source."
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.
Jeff Lang, Chief Executive Officer
Ed Prajzner, Chief Financial Officer
The Blueshirt Group
Phone: (415) 489-2198
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.