CECO Environmental seals PMFG purchase

CECO Environmental paid approximately US$65 million in cash and issued around 7.6 million shares of CECO Environmental common stock to prior PMFG shareholders.

“The PMFG acquisition is a major milestone in the evolution of CECO and is a truly excellent strategic fit,” said Jeff Lang, CEO of CECO Environmental. “The combination expands our end market segment reach, broadens our portfolio of products and strengthens our global geographic footprint, particularly in China, Europe and the Middle East. It is also a major step forward in our strategy to become a leader in the energy and environmental segments.”

CECO Environmental chairman Jason DeZwirek added: “We have long admired PMFG’s leadership position in key strategic markets such as SCR systems. By combining these two companies, we have a great opportunity to create value for our customers, stockholders and employees. We will continue our efforts to build a leading global industrial technology company and I want to thank the entire CECO organisation for implementing our strategy successfully.”