DALLAS, April 2, 2018 /PRNewswire/ -- CECO
Environmental Corp. (Nasdaq: CECE) a global leader in air
quality and fluid handling, today announced the sale of Strobic to
Cincinnati Fan and Ventilator Company, Inc. a portfolio company of
Dominus Capital, L.P. The sale of Strobic, along with the
previously announced sale of Keystone Filter, generated gross
proceeds in excess of $35 million in
the first quarter of 2018.
Strobic, which previously operated as part of CECO's Fluid
Handling & Filtration Technologies segment, is a leading
provider of technologically advanced exhaust systems for laboratory
fume hoods utilized in the university and pharmaceutical end
markets. For the fiscal year ended December
31, 2017, Strobic recorded revenue of approximately
$18 million.
The divestiture of Strobic is part of CECO's recent strategic
actions aimed at better aligning its portfolio to serve the
industrial air quality and fluid handling markets. CECO's sale
of Strobic follows the Company's recent sale of its Keystone Filter
brand and products to Porvair plc. Keystone recorded revenue of
approximately $4.0 million in
2017.
CECO's Chief Executive Officer Dennis
Sadlowski commented, "The sale of both Strobic and Keystone
represent key milestones in our effort to strategically realign
CECO for long-term growth as we focus our portfolio on the
Industrial Air Quality Improvement and Fluid Handling
markets. We are pleased to have successfully sold these
non-core units generating a solid return for CECO
shareholders. We will use the net proceeds to reduce our
debt, which will result in a substantially improved leverage ratio
and allow CECO the flexibility to invest in our strategic growth
agenda."
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a global leader in air quality and fluid
handling serving the energy, 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
solutions for applications including oil and gas, power generation,
water and wastewater, battery production, poly silicon fabrication,
chemical and petrochemical processing along with a range of others.
CECO is listed on Nasdaq under the ticker symbol "CECE". For more
information, please visit https://www.cecoenviro.com.
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. 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, among others, that could cause actual
results to differ materially are discussed under "Part I – Item 1A.
Risk Factors" of the Company's Annual Report on Form 10-K and
include, but are not limited to: our ability to successfully
realize the expected benefits of our restructuring program and our
strategic actions aimed at better aligning our portfolio; 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; and the effect of competition in the environmental, energy
and fluid handling and filtration industries. 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.
Contact:
Matthew Eckl, Chief Financial
Officer
(888) 990-6670
investor.relations@OneCECO.com
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SOURCE CECO Environmental Corp.