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CECO Environmental Raises Full Year 2023 Outlook, Announces Acquisition of Kemco Systems, a Leader in Industrial Water Recycling and Energy Conservation Solutions
DALLAS, Sept. 13, 2023 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECO) ("CECO"), a leading environmentally focused, diversified industrial company
About this update from Ceco Environmental Corp.
[{"type":"text","content":"DALLAS, Sept. 13, 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 that on Aug. 23, 2023, it completed the acquisition of Kemco Systems, Co. LLC (Kemco), a Florida-based company that specializes in the design, manufacturing and support of custom-engineered industrial water recycling and energy conservation solutions for North American industrial markets. Following the acquisition, the Company announced it has raised its full-year 2023 outlook for revenue and EBITDA.\n\n \n \n \n \n \n \n\n \nKemco Acquisition \nKemco, founded in 1969, marks the third acquisition for CECO during 2023, and a continuation of CECO's steady execution of its programmatic M&A strategy. The Kemco acquisition enhances CECO's North American presence, extending the Company's industrial water and wastewater treatment applications reach, adding new energy conservation and water recycling solutions, and expanding the addressable market into new high-value food processing, commercial laundry, and ready-mix concrete customer segments and end markets. Kemco generated full-year 2022 revenues of approximately $22 million and advances the Company's stated goals of owning differentiated engineered solutions businesses with niche leadership positions and more short-cycle and aftermarket revenue.\n\"I am excited to welcome the Kemco team to CECO and confident that the combination will open new growth opportunities across attractive industrial water markets. The acquisition of Kemco is another important and strategic step to build upon our already strong and diversified industrial water capabilities, which we have been building with tremendous organic growth execution and the acquisitions of Compass Water, Index Water, DS21, and General Rubber,\" said Todd Gleason, Chief Executive Officer, CECO Environmental. \"Kemco has a tremendous reputation with its strong, blue-chip customer base and an installed base of more than 7,000 systems. When combined with our focused investment programs, we expect to add additional market-leading solutions and capabilities to further solve critical customer problems while delivering sustainable growth.\"\nAdded Gleason, \"While this acquisition helps expand our...