Headquartered in Long Island, New York and with offices in Katy, Texas, and in Huntingdon, UK, Emtrol has annual revenues of approximately US$35 million.
Emtrol has a significant global installed base with approximately 70% of its business coming from international markets.
Emtrol's president and majority shareholder Robert Giuricich, vice president Anthony Schmitz and the rest of the management team and 33 employees will be joining CECO’s APC group.
Giuricich will become president of CECO’s Emtrol-Buell-FKI division, leading the global cyclone technology business with more than 25 000 installations.
“The acquisition of Emtrol is an excellent strategic fit all around for CECO as it strengthens our global cyclone technology customer base and is highly accretive to our shareholders,” said Jeff Lang, CECO’s CEO. “Emtrol’s blue-chip brand and superior technology portfolio will meaningfully enhance our position in the global APC market. Our portfolios are highly complementary and will be leveraged across all regions. Furthermore, we have identified a number of important synergy opportunities on both the revenue and operational side of the business that will create significant value for our customers and shareholders.”
CECO Environmental paid US$32.0 million in cash and US$6.0 million in CECO shares which vest over a two-year period.