The stock price of CECO Environmental Corp. (NASDAQ: CECE) increased by 2.17% today. This is why.
The stock price of CECO Environmental Corp. (NASDAQ: CECE) increased by 2.17% today. Investors are responding positively to CECO Environmental announcing it has completed the acquisition of industrial air quality consultancy and engineering firm, Western Air Ducts Ltd. and its patented air control system Inteliair. And effective immediately, both brands will be folded into CECO’s industrial air platform.
Western Air is a leading global firm in dust and fume extraction solutions, providing industrial air consultation, design, manufacturing, installation, and aftermarket parts and services. And the acquisition adds a complementary line of standard-size cartridges and bag dust collectors that expand CECO’s ability to immediately provide in-stock solutions and quick shipment.
Plus Western Air’s Inteliair Intelligent Control System utilizes smart sensor technology to sense demand, and automatically adjust and control airflow, and particulate matter, and help customers reduce energy costs by 40 percent or more while simultaneously reducing their carbon footprint.
Inteliair has been recognized by the UK Carbon Trust for energy savings and environmental impact. And applications include but are not limited to, hydrogen extract systems for offshore wind, waste extraction for aerospace composites, and dust collection for engineered wood manufacturing.
“This is another strategic and accretive acquisition for CECO and expands our industrial air addressable market by more than $150 million. The acquisition adds a standard product offering to our extensive dust collector portfolio, and the Inteliair energy-efficient smart logic controls provide significant opportunity for growth and global product introductions.”
“We are excited to welcome Western Air to our organization and we look forward to working with their leadership team to accelerate growth and new product and service offerings. This is another important addition to our leading industrial air portfolio as the business adds higher-than-CECO-average margins, 100 percent short-cycle business mix, and niche leadership in new geographies.”
— Todd Gleason, Chief Executive Officer, CECO Environmental
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.