DALLAS, Oct. 3, 2022
/PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE)
("CECO"), a leading environmentally focused, diversified
industrial company whose solutions protect people, the environment,
and industrial equipment, today announced it has completed the
acquisition of DS21 Co., Ltd. (DS21), a South Korean-based design
and manufacturing firm specializing in innovative water and
wastewater treatment solutions.
The DS21 acquisition is the latest in CECO's programmatic
M&A program of the past 12 months, which when combined
represent more than $30 million in
pro-forma annualized revenue. The addition of DS21 to CECO's
industrial water portfolio advances CECO's leadership position in
niche oily water and produced water treatment, demineralization
water treatment and ultra-pure water supply applications
within the industrial water market. The acquisition also provides
CECO with an operational base in Asia from which to expand regionally.
"DS21 has significant experience and important customer
relationships with respect to innovative solutions for oily water
and produced water treatment that serve both the energy and
industrial markets, and an emerging position in the applications
for energy transition sector," said Todd
Gleason, Chief Executive Officer, CECO Environmental. "DS21 is a complementary
brand to CECO's water portfolio and will advance our relationships,
better positioning CECO for growth with key global customers,
including major EPCs, and providing us with a world-class
manufacturing and engineering footprint in East Asia."
Added Gleason, "We have known DS21 and members of its leadership
team for a number of years as we both serve many of the same end
markets in Asia and the
Middle East regions. Working
together, we're able to leverage CECO's application knowledge and
existing solutions with DS21's well-positioned business in
East Asia and extend our niche
application leadership in the industrial water treatment."
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a
leading environmentally focused, diversified industrial company,
serving a broad landscape of industrial air, industrial water and
energy transition markets across the globe through its key business
segments: Engineered Systems and Industrial Process Solutions.
Providing innovative technology and application expertise, CECO
helps companies grow their business with safe, clean, and more
efficient solutions that help protect people, the environment and
industrial equipment. In regions around the world, CECO works to
improve air quality, optimize the energy value chain, and provide
custom solutions for applications including power generation,
petrochemical processing, general industrial, refining, midstream
oil and gas, electric vehicle production, poly silicon fabrication,
battery recycling, beverage can, and water/wastewater treatment
along with a wide range of other applications. CECO is listed on
Nasdaq under the ticker symbol "CECE." Incorporated in 1966, CECO's
global headquarters is in Dallas,
Texas. For more information, please visit
www.cecoenviro.com.
ABOUT DS21
DS21, which previously stood
for Developing Separators for 21 Century, is a South Korean design
and manufacturing firm that provides innovative solutions for oily
wastewater, DM and DI process water, condensate water, storm
water/sewage and produced water treatments, serving both the energy
and industrial sectors. For more information on the company, please
visit http://www.ds21.kr.
SAFE HARBOR
Any statements contained in this Press Release, other than
statements of historical fact, including statements about
management's beliefs and expectations, are forward-looking
statements and should be evaluated as such. These statements are
made on the basis of management's views and assumptions regarding
future events and business performance and include, but are not
limited to, statements about CECO's expectations regarding the
integration of DS21 into CECO; the benefits of the acquisition of
DS21, and the expectations regarding the transaction's impact on
CECO's strategic growth plan. We use words such as "believe,"
"expect," "anticipate," "intends," "estimate," "forecast,"
"project," "will," "plan," "should" and similar expressions to
identify forward-looking statements. Forward-looking statements
involve risks and uncertainties that may cause actual results to
differ materially from any future results, performance or
achievements expressed or implied by such statements. Potential
risks and uncertainties surrounding the acquisition of DS21 that
could cause actual results to differ materially include risks
regarding the achievement of the anticipated benefits of the
acquisition, our ability to successfully integrate acquired
businesses and realize the synergies from acquisitions, as well as
a number of factors related to our business, including economic and
financial market conditions generally and economic conditions in
CECO's service areas; the ability to expand operations in both new
and existing markets; unpredictability and severity of catastrophic
events, including cyber-security threats, acts of terrorism or
outbreak of war or hostilities or public health crises, such as
uncertainties regarding the extent and duration of impacts of
matters associated with the novel coronavirus ("COVID-19"); and the
effect of competition in the air quality and fluid handling
industries. Additional risks and uncertainties are discussed under
"Part I – Item 1A. Risk Factors" of the Company's Annual Report on
Form 10-K for the fiscal year ended December 31,
2021. Many of these risks are beyond management's ability to
control or predict. 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. Investors are cautioned not to place undue
reliance on such forward-looking statements as they speak only to
our views as of the date the statement is made. Furthermore,
forward-looking statements speak only as of the date they are made.
Except as required under the federal securities laws or the rules
and regulations of the Securities and Exchange Commission, we
undertake no obligation to update or review any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investor Contact:
Peter Johansson, Chief Financial and
Strategy Officer
(888) 990-6670
investor.relations@onececo.com
News Media:
Kimberly Plaskett, Corporate
Communications Director
kplaskett@onececo.com
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SOURCE CECO Environmental Corp.
