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CECO Environmental to Acquire Industrial Flow Control Leader GRC
Expands Infrastructure Expansion Joint Addressable Market by $300 million DALLAS, Jan. 10, 2022 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE)
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Expands Infrastructure Expansion Joint Addressable Market by $300 million\n\n\nDALLAS, Jan. 10, 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 agreed to acquire industrial flow control leader GRC. The acquisition will be integrated into the company's Effox-Flextor-Mader, Inc. (\"EFM\") joint venture with Chartwell Investments Entrepreneur & Founder Capital, LLC (\"Chief Capital\"). The transaction is expected to close by April 2022, subject to customary closing conditions, and will be financed with a mix of cash, debt, and equity from the joint venture.\n\n \n \n \n \n \n \n\n \nGRC is a worldwide leader in the engineering and manufacturing of non-metallic (rubber) expansion joints and flow control products with a highly diversified industrial customer base. With the acquisition, CECO expands its existing offering of EFM dampers and metallic expansion joints to include rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves. The addition of GRC expands the addressable market size for CECO from $200 million to $500 million.\n\"CECO is in the business of protecting people, the environment and industrial equipment, and the acquisition of GRC allows us to significantly enhance these efforts,\" said Todd Gleason, CEO of CECO Environmental. \"With this acquisition, we will be able to bring turnkey, environmentally-friendly solutions that protect critical infrastructure, piping, and flow controls for the water, wastewater and storm water markets.\"\nGleason continued, \"The acquisition of GRC also advances CECO's strategic growth plan to expand into adjacent industrial markets. Additionally, we are excited to work with the GRC management team who will make a strong impact on our focus to deliver environmental solutions for the general infrastructure and water and wastewater sectors.\"\nLloyd Aanonsen, president and CEO, GRC, will be joining CECO as its new vice president and general manager of the newly formed damper and expansion joints platform. \"We are excited to join the global and diverse family of CECO companies. With this combination, the platform will offer a full suite of solutions that will benefit fro...