Deal Adds Energy-Saving Smart Controls, Standard Products
and Service Offerings to CECO
DALLAS, June 27,
2022 /PRNewswire/ -- CECO Environmental Corp.
(Nasdaq: CECE) ("CECO"), a leading environmentally focused,
diversified industrial company whose solutions protect people, the
environment, and industrial equipment, today announced it has
completed the acquisition of industrial air quality consultancy and
engineering firm, Western Air Ducts Ltd. ("Western Air"), and its
patented air control system Inteliair®. Effective immediately, both
brands will be folded into CECO's industrial air platform.
Western Air is a leading global firm in dust and fume extraction
solutions, providing industrial air consultation, design,
manufacturing, installation, and aftermarket parts and services.
The acquisition adds a complementary line of standard size
cartridge and bag dust collectors that expand CECO's ability to
immediately provide in-stock solutions and quick shipment.
Additionally, Western Air's Inteliair Intelligent Control System
utilizes smart sensor technology to sense demand, and automatically
adjust and control air flow, particulate matter, and help customers
reduce energy costs by 40 percent or more while simultaneously
reducing their carbon footprint. Inteliair has been recognized by
the UK Carbon Trust for energy savings and environmental impact.
Applications include, but are not limited to, hydrogen extract
systems for offshore wind, waste extraction for aerospace
composites, and dust collection for engineered wood
manufacturing.
"This is another strategic and accretive acquisition for CECO
and expands our industrial air addressable market by more than
$150 million," said Todd Gleason, Chief Executive Officer,
CECO Environmental. "The acquisition
adds a standard product offering to our extensive dust collector
portfolio, and the Inteliair energy-efficient smart logic controls
provide significant opportunity for growth and global product
introductions."
"We are excited to welcome Western Air to our organization and
we look forward to working with their leadership team to accelerate
growth and new product and service offerings. This is another
important addition to our leading industrial air portfolio as the
business adds higher-than-CECO-average margins, 100 percent
short-cycle business mix and niche leadership in new geographies,"
added Gleason.
ABOUT CECO ENVIRONMENTAL
CECO is a global leader in
industrial air quality and fluid handling serving a broad landscape
of industrial and other niche markets. Providing innovative
technology and application expertise, CECO helps companies grow
their business with safe, clean, and more efficient solutions that
help protect our shared environment. In regions around the world,
CECO works to improve air quality, optimize the energy value chain,
and provide custom Engineered Systems for applications including
power generation, petrochemical processing, general industrial,
refining, midstream oil & gas, electric vehicle production,
poly silicon fabrication, battery recycling, beverage can, and
water/wastewater treatment along with a wide range of other
applications. CECO is listed on Nasdaq under the ticker symbol
"CECE." For more information, please visit www.cecoenviro.com.
ABOUT WESTERN AIR
Founded in 1973, Western
Air Ducts (UK) Ltd. is a worldwide leader in the engineering,
manufacturing, and sales of dust extraction and fume extraction
solutions. The company's Inteliair® brand provides customers with
an automated intelligent air control system, which intelligently
and automatically controls dust extraction, fume extraction and all
other forms of air movement systems. The company generated
approximately $4 million in sales in
2021, is ISO 9001 certified, and has the UK Carbon Trust seal of
approval. Western Air was advised by corporate finance boutique The
Camlee Group and their Associate Director, Chris Murthi. For more information on either
brand, please visit www.westernairducts.co.uk and
www.inteliair.co.uk.
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 and include, but are not
limited to, statements about CECO's expectations regarding the
integration of Western Air Ducts into CECO; the benefits of the
acquisition of Western Air Ducts, and the expectations regarding
the transaction's impact on CECO's strategic growth plan. We use
words such as "believe," "expect," "anticipate," "intends,"
"estimate," "forecast," "project," "will," "plan," "should" and
similar expressions to identify forward-looking statements.
Forward-looking statements 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. Potential risks and uncertainties surrounding the
acquisition of Western Air Ducts that could cause actual results to
differ materially include risks regarding the achievement of the
anticipated benefits of the acquisition, our ability to
successfully integrate acquired businesses and realize the
synergies from acquisitions, as well as a number of factors related
to our business, including economic and financial market conditions
generally and economic conditions in CECO's service areas; the
ability to expand operations in both new and existing markets;
unpredictability and severity of catastrophic events, including
cyber-security threats, acts of terrorism or outbreak of war or
hostilities or public health crises, such as uncertainties
regarding the extent and duration of impacts of matters associated
with the novel coronavirus ("COVID-19"); and the effect of
competition in the air quality and fluid handling industries.
Additional risks and uncertainties are discussed under "Part I –
Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2021. 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. Furthermore, forward-looking statements speak
only as of the date they are made. Except as required under the
federal securities laws or the rules and regulations of the
Securities and Exchange Commission, we undertake no obligation to
update or review any forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor Contact:
Matthew Eckl, Chief Financial
Officer
(888) 990-6670
investor.relations@onececo.com
News Media:
Kimberly Plaskett, Corporate
Communications Director
(469) 928-1090
CECO-Communications@onececo.com
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SOURCE CECO Environmental Corp.