Fibroc pump owner bought by CECO Environmental
Air-pollution control specialist CECO Environmental Corp announced on 22 April 2013 that it was to acquire Met-Pro Corporation, provider of product recovery, pollution control, fluid handling and filtration solutions, including the Fibroc fiberglass reinforced plastic (FRP) pumps used in desalination.CECO will acquire all of the outstanding shares of Met-Pro common stock in a cash and stock transaction valued at a total of approximately US$ 210 million, or US$ 13.75 per share.
The completion of the acquisition is subject to standard closing conditions including the approval of the stockholders of both CECO and Met-Pro. The boards of directors of CECO and Met-Pro have unanimously approved the transaction.
The management of both companies will remain in leadership positions with Jeff Lang as chief executive officer, Ray De Hont as chief operating officer and Neal Murphy as chief financial officer
The combined company will have pro-forma revenues of approximately US$ 300 million, significantly enhanced liquidity for its shareholders and a strong balance sheet for continued strategic growth
CEO Jeff Lang stated, "The combined businesses will offer a broader set of products and services through a truly end-to-end pollution control technology solution in an environment where customers are increasingly demanding comprehensive solutions from fewer vendors and service providers."
"Importantly, the combined businesses will be uniquely positioned to capitalize on fast growing end markets and secular trends supported by increasingly stringent levels of pollution control regulation, increasing global energy demand, emerging market dynamics, most notably in China and India, and a low-cost natural gas environment, driving new plant construction in the US and globally," he added.