CINCINNATI, Jan. 22, 2013 /PRNewswire/ -- CECO Environmental Corp. (NasdaqGM: CECE), a leader in air pollution control technology systems, product recovery and filtration technology, announced that it has acquired Adwest Technologies, Inc. ("Adwest"), a leader in the design and manufacture of regenerative thermal oxidizers (RTOs) for the global air pollution control market.
Founded in 1988 and based in Anaheim, California, Adwest currently has 38 employees, over 800 RTO installations, generates $12 million in annual revenues and is a technological leader in the RTO market. CECO's global sales footprint will enable Adwest to significantly expand its RTO market share and international penetration. The entire management team of Adwest, led by Craig Bayer, will continue in their roles and will become an important part of CECO's team. Details of the transaction can be found in the Company's current report on Form 8-K filed with the SEC on January 7, 2013.
"The acquisition of Adwest is an excellent fit all around for CECO and our global customer base," commented Jeff Lang, CECO's Chief Executive Officer. "The demand for RTOs is growing globally and the addition of Adwest's superior technology, admirable brand and technical management will significantly augment our global market strategies. Our RTO portfolios are clearly complimentary and will enhance our growth opportunities in North America, China and throughout the rest of the world. Together, we will be able to provide our customers with unparalleled technologies to better solve their significant air pollution control requirements."
Phillip DeZwirek, CECO's Chairman commented, "We are very excited to be working with the Adwest Technologies team as we continue to expand our business and increase returns to all our shareholders."
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading global provider of air pollution control technology. Through its subsidiaries – 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, RTO's, component parts and monitoring and management services. Industries served include refining, petro-chemical, power, aluminum, steel, automotive, chemical and large industrial processes. Revenue from engineered equipment technology is approximately 75% and 25% from parts, services and aftermarket. Global growth, operational excellence, margin expansion, safety leadership and employee development are CECO's core strategies and long term objectives.
For more information on CECO Environmental, please visit the company's website at http://www.cecoenviro.com.
Phillip DeZwirek, Chairman
Jeff Lang, Chief Executive Officer
CECO Environmental Corp.
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, but are not limited to: our dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding our estimates and our method of accounting for contract revenue; our history of losses and possibility of further losses; fluctuations in operating results from period to period due to seasonality of our business; the effect of growth on our infrastructure, resources, and existing sales; our ability to expand our operations in both new and existing markets; the potential for contract delay or cancellation; the potential for fluctuations in prices for manufactured components and raw materials; 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. 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. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
SOURCE CECO Environmental Corp.