February 21, 2008
CECO ENVIRONMENTAL ACQUIRES FISHER-KLOSTERMAN, INC.
NEW YORK, February 21, 2008 -
CECO Environmental Corp (NASDAQ: CECE), a leading provider of air pollution
control and industrial ventilation systems, announced today that it has agreed to
acquire Fisher-Klosterman, Inc. in a transaction involving cash and stock. The
acquisition of Fisher-Klosterman, headquartered in Louisville, Kentucky, also
includes its Buell Division, located in Lebanon, Pennsylvania, and most
significantly, Fisher-Klosterman's 40,000 sq.ft. sales and manufacturing facility
in Shanghai, China. Fisher-Klosterman's businesses consist of producing cyclones,
as well as classifiers, electrostatic precipitator parts and service, air
filtration equipment, and scrubbers. These products are utilized for air
pollution control and particulate recovery in industries including petroleum
refining, power production, petrochemicals, and manufacturing.
Rick Blum, President and Chief Operating Officer, commented, "We're delighted to
have Fisher-Klosterman as part of the CECO family. They have been our neighbor
in Louisville for many years. It is a company we know well and respect."
Phillip DeZwirek, Chairman and Chief Executive Officer, commented,
"Fisher-Klosterman had sales last year of $35.3 million. We expect this
acquisition to be accretive to both CECO's revenues and earnings. We are also
excited at acquiring an established platform in China from which not only to
produce and sell Fisher-Klosterman products but also the wide variety of CECO's
products and services. CECO intends to actively pursue its goal of consolidating
the air pollution control industry by acquisition as well as adding new planks to
our turnkey platform."
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