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.
Contact:
Corporate Information
Phillip DeZwirek, Chairman
Jeff Lang, Chief Executive
Officer
CECO Environmental Corp.
1-800-333-5475
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.