CINCINNATI, Dec. 15, 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 industries, today announced that it has received the necessary Chinese government approvals and has closed its previously announced acquisition of Jiangyin Zhongli Industrial Technology Co., Ltd ("Zhongli"), a leader in the design and manufacture of power industry damper, diverter and ball mill systems in China. The acquisition will significantly enhance CECO's China customer base, distribution channel and manufacturing footprint.
Founded in 2004, Zhongli's has annual revenue of approximately $28 million and nearly 200 employees. Zhongli provides critical technology solutions to the energy sector including traditional power plants, related end-users and engineering, procurement and construction (EPC) firms in China and Russia.
"CECO has been operating in China for over a decade and Zhongli is a great addition to our capabilities in Asia," commented Jeff Lang, CECO's Chief Executive Officer. "China is a critical part of our growth strategy and this acquisition is a key step in building our scale, platform and distribution network. We are excited to bring Zhongli into the CECO family of companies as we continue to build our global energy business. The Zhongli China based business combined with our North American based Effox business will move us to become a global market leader of power industry served by our Energy segment. CECO and Zhongli have been working together on this strategic opportunity for several years and we are excited about our future."
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.