14.5.2003: Meldung: Ceco: Sale reduces debt
Sales proceeds of approximately $1.6 million were used to reduce CECO"s debt. The Conshohocken property houses the CECO Filters operations, which will remain in a portion of the current facility.
President Richard Blum stated, "As outlined in our 2002 annual report, we are committed to aggressively search for cost reduction opportunities throughout the Company. This property sale is another one of the key steps that we have taken to lower operating costs. The efforts over the last 18 months by our CECO Filters" staff have been instrumental in making the operations more efficient. Even with increases in production volume over the past several years, CECO Filters can now manufacture and operate more efficiently in less than half of the space it occupied prior to the sale."
Blum added, "As we begin to see sales opportunities improve throughout the industrial market sector, profits generated by revenue increases will be bolstered by our cost reduction initiatives".
ABOUT CECO ENVIRONMENTAL
CECO Environmental Corp. is North America"s largest independent air pollution control company. Through its five subsidiaries -- Busch, CECO Filters, CECO Abatement Systems, kbd/Technic and Kirk & Blum - CECO provides a wide spectrum of air quality services and products including: industrial air filters, environmental maintenance, monitoring and management services, and air quality improvements systems. CECO is a full-service provider to the steel, military, aluminum, automotive, aerospace, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all industrial process industries.
For more information on CECO Environmental please visit the Company"s website at http://www.cecoenviro.com/.
Phillip DeZwirek, CECO Environmental Corp.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward- looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in CECO"s Annual and Quarterly Reports filed with the Securities and Exchange Commission, include changes in market conditions in the industries in which the Company operates. 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.
Source: CECO Environmental Corp.