DALLAS, Jan. 10,
2023 /PRNewswire/ -- CECO Environmental Corp.
(Nasdaq: CECO) ("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 Wakefield Acoustics, Ltd.
("Wakefield"), a UK-based design and manufacturing firm
specializing in advanced industrial, commercial and environmental
noise control systems.
The addition of Wakefield to CECO's Thermal Acoustics business
platform advances CECO's leadership position within the industrial
silencing and noise attenuation segment by adding a range of
solutions and access to new geographic markets and industrial
segments. Wakefield's current managing director, Kevin Stills, will remain with Wakefield and
work within Thermal Acoustics and across CECO to drive strategic
growth. The Wakefield acquisition is the latest in CECO's
programmatic M&A program of the past 12 months, with 2023E
revenue expected to exceed $10
million.
"I am excited to welcome Wakefield Acoustics and their excellent
leadership team to CECO Environmental. Wakefield is an
industry-recognized brand, with more than 40 years of engineering
leadership in the industrial acoustics market. With our
complementary suite of products and solutions, CECO will be
well-positioned to expand in the high growth energy and green
markets in Europe and beyond,"
said Todd Gleason, Chief Executive
Officer, CECO Environmental Corp. "The acquisition fits perfectly
within our strategy to advance our industrial air leadership
position while also accessing additional energy transition markets
for sustainable growth."
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading environmentally focused,
diversified industrial company, serving the broad landscape of
industrial air, industrial water and energy transition markets
globally providing innovative solutions 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. CECO solutions improve air and water quality,
optimize emissions management, and increase energy
efficiency for highly engineered applications in power
generation, midstream and downstream hydrocarbon processing and
transport, electric vehicle production, polysilicon fabrication,
semiconductor and electronics, battery production and recycling,
specialty metals and steel production, beverage can, and
water/wastewater treatment and a wide range of other industrial end
markets. CECO is listed on Nasdaq under the ticker symbol "CECO."
Incorporated in 1966, CECO's global headquarters is in Dallas, Texas. For more information, please
visit www.cecoenviro.com.
ABOUT WAKEFIELD ACOUSTICS,
LTD.
Wakefield Acoustics, Ltd. is a UK-based design and manufacturing
firm that provides advanced industrial, commercial and
environmental noise control systems, serving the power generation,
oil and gas, petrochemical, commercial construction and
infrastructure, water and wastewater, recycling and general
manufacturing industries. The business is accredited with ISO 9001,
14001 and 45001. For more information on the company, please visit
www.wakefieldacoustics.co.uk.
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 Wakefield Acoustics, Ltd. into CECO; the benefits of
the acquisition of Wakefield Acoustics, Ltd., 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 Wakefield Acoustics, Ltd. 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.
