CINCINNATI, Aug. 4 /CNW/ -- CECO Environmental Corp. (Nasdaq: CECE), a
leading provider of air pollution control and industrial ventilation systems,
announced today that it has agreed to acquire, in two separate transactions,
Flextor, Inc. of Montreal, Quebec and AVC Specialists, Inc. of Moorpark,
California. Both acquisitions are all cash transactions.
Flextor is a provider of engineered-to-order dampers and expansion joints
for the power, natural gas, cement, smelting, incineration, and other
industries. Flextor derives a large percentage of its business from sales
outside of North America and has subsidiaries in both Chile and Brazil.
AVC Specialists is an electrostatic precipitator components manufacturer
that also has a field services division. It serves the power, refining,
petrochemical, pulp and paper, cement, and other industries. AVC sells its
products and services throughout the United States.
Rick Blum, President and Chief Operating Officer, stated, "We are
delighted to have both of these fine companies as the newest members of the
CECO family. Flextor is essentially in the same business, though mostly in
different geographical markets, as our Effox subsidiary. We intend to operate
those two companies together as one operational entity. We see tremendous
opportunities for growth internationally in our damper and expansion joint
product lines. The acquisition of Flextor gives us a jumpstart toward
achieving those objectives. Their international experience is extensive. AVC
Specialists will operate as a subsidiary of Fisher-Klosterman, the company we
acquired in March of this year. AVC fits perfectly with the operations of
Fisher-Klosterman's Buell APC division. Working together, Buell APC and AVC
will enable us to grow our parts and services business which sells to the
owners of the large installed base of electrostatic precipitators in a wide
variety of industries."
Phillip DeZwirek, Chairman and Chief Executive Officer, commented,
"Flextor expects to have revenues in the fiscal year that it is just
completing of approximately $15 million. AVC had revenues in its last fiscal
year of approximately $3.5 million. We expect that both of these acquisitions
will be accretive to both CECO's revenues and earnings. The acquisition of
Flextor fits in with our goal of expanding our international business. The
acquisition of AVC increases our traditionally high margin parts business."
ABOUT CECO ENVIRONMENTAL
CECO Environmental Corp. is North America's largest independent air
pollution control company. Through its ten subsidiaries -- Busch, CECOaire,
CECO Filters, CECO Abatement Systems, kbd/Technic, Kirk & Blum, H.M. White,
Inc., Effox, GMD Environmental and Fisher-Klosterman -- CECO provides a wide
spectrum of air quality services and products including: industrial air
filters, environmental maintenance, monitoring and management services, and
air quality improvements systems. CECO is a full-service provider to the
steel, military, aluminum, automotive, ethanol, aerospace, electric power,
semiconductor, chemical, cement, metalworking, glass, foundry, and virtually
all industrial process industries.
For more information on CECO Environmental, please visit the company's
website at www.cecoenviro.com.
Phillip DeZwirek, CECO Environmental Corp.
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 assumptions prove incorrect, actual results may
vary in material aspects from those currently anticipated.
For further information:
For further information: Phillip DeZwirek, CECO Environmental Corp.,
email@example.com, 1-800-606-CECO (2326) Web Site: