DALLAS, Oct. 29, 2018 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE) a leading global provider of air quality and fluid handling solutions, announced today that the Jiangsu Zhongli Environmental Technology Company has agreed to acquire CECO's Zhongli business which serves the China coal fired power generation market.
CECO's Chief Executive Officer, Dennis Sadlowski commented "As the company outlined last year, active portfolio management is one of four value creation enablers contributing to our 4-3-3 operating strategy. Together with the two previously announced divestitures of the Keystone and Strobic businesses, the sale of Zhongli will allow CECO to sharpen its focus on its large end markets with a strong emphasis on organic growth, increasing margins, and asset light business model."
With this agreement, an impairment of approximately $15 million will be recorded in the Q3 2018 financial statements in order to reflect the fair value of the business. The Company anticipates the transaction to close in the next 90 days subject to customary closing conditions and Chinese regulatory approvals.
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 www.cecoenviro.com.
Matthew Eckl, Chief Financial Officer
SOURCE CECO Environmental Corp.