CINCINNATI, Sept. 30, 2014 /PRNewswire/ -- CECO Environmental Corp. (NasdaqGM: CECE), a leading global environmental technology company focused on critical solutions in the air pollution control (APC), energy and fluid handling and filtration segments, today announced that it has acquired SAT Technology, Inc (SAT), a leading provider of Volatile Organic Compounds (VOCs) abatement solutions for the Chinese air pollution control market.
Based in Shanghai, China, SAT Technology is focused on providing VOC abatement solutions to customers within the industrial manufacturing market. With approximately $5 million in annual revenue and 17 employees, SAT Technology will help expand CECO's existing Chinese product and market offering. CECO will retain the entire SAT Technology organization, including its President, Leo Liau who will become an important part of the CECO China and Asian leadership team.
"One of our key strategic growth initiatives is to expand our operations in China both organically and through acquisitions and we are excited to welcome the SAT Technology team into the CECO China organization. We believe SAT is an excellent fit that strengthens our product portfolio and will enable us to better compete in the fast growing Chinese air pollution control (APC) market," commented Jeff Lang, CECO's Chief Executive Officer. "SAT Technology is highly complementary to our Adwest Technology unit and brings an incremental technology as well as strengthening our relationships with Chinese customers. China is likely to become the world's largest APC market in a few years and we are taking a number of steps to ensure we are well positioned to benefit from this market opportunity both today, and in the future."
Brent Becker, CECO's President of Asia also commented, "SAT Technology is expected to serve as a growth platform for the other CECO products in China as we drive to expand our overall market reach. The Chinese government is moving forward with implementing policies to curb air pollution control and reduce the impact of VOC's and it is critical we have the technology and relationships to compete in this high growth market. We believe we have a very strong APC portfolio with the expertise and capability to offer comprehensive solutions for customers in China and around the world. SAT Technology will help to expand our footprint in China and make us even stronger in the region."
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading global environmental technology company focused on critical solutions in the air pollution control (APC), energy and fluid handling and filtration industries. Through its well-known brands, CECO provides a wide spectrum of products and services including dampers & diverters, cyclonic technology, thermal oxidizers, filtration systems, scrubbers, fluid handling equipment and plant engineered services and engineered design build fabrication. These products play a vital role in helping companies achieve exacting production standards, meeting increasing plant needs and stringent emissions control regulations around the globe. CECO globally serves the broadest range of markets and industries including power, municipalities, chemical, industrial manufacturing, refining, petrochemical, metals, minerals & mining, hospitals and universities. CECO is focused on building long-term shareholder value by bringing its unique technology, portfolio and operational excellence to strategic key growth markets around the world, while maintaining the highest standards of employee development, project execution and safety leadership. CECO is listed on NASDAQ under the ticker symbol "CECE" and is a member company of the Russell 2000 Index. For more information on CECO Environmental, please visit the company's website at http://www.cecoenviro.com.
Contact:
Corporate Information
Jeff Lang, Chief Executive Officer
Ed Prajzner, Chief Financial Officer
1-800-333-5475
or
Investor Relations:
Shawn Severson
The Blueshirt Group
Phone: (415) 489-2198
Email: Shawn@blueshirtgroup.com
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 assumption prove incorrect, actual results may vary in material aspects from those currently anticipated.
SOURCE CECO Environmental Corp.