Ceco Environmental: Agreement to acquire Met-Pro Corporation

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CECO Environmental Corp. (CECE), a leader in air pollution control technology systems, product recovery and filtration technology, has announced today it has entered into a definitive agreement to acquire Met-Pro Corporation (MPR).  Met-Pro is a leading global, niche-oriented provider of product recovery, pollution control, fluid handling and filtration solutions across multiple diversified end-markets. The transaction is expected to be accretive to CECO's earnings per share, margins and cash flow.

Pursuant to the terms of the definitive agreement, 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 $210 million, or $13.75 per share, which represents a 43% premium to Met-Pro's share price as of the close on April 19, 2013. The consideration includes $7.25 per share in cash and $6.50 per share in CECO common stock.  Under the terms of the agreement, Met-Pro's shareholders may elect to exchange each share of Met-Pro common stock for either $13.75 in cash and/or shares of CECO common stock having an equivalent value based on the volume weighted average trading price of CECO common stock for the 15-trading day period ending on the date immediately preceding the closing of the acquisition, subject to a collar. Overall elections are subject to proration such that approximately 53% of the Met-Pro shares will be exchanged for cash and 47% for stock.

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 each of CECO and Met-Pro have unanimously approved the transaction. CECO stockholders who own approximately 26% of the voting power of CECO have signed voting agreements and irrevocable proxies to vote in favor of the transaction. Jefferies LLC served as financial advisor to CECO while William Blair & Company advised Met-Pro, both providing fairness opinions in connection with the transaction. Bank of America provided CECO committed debt financing of $125 million to support the cash portion of the transaction.

Highlights of the transaction include:

    Creates a clear global market leader in air pollution control, product recovery and fluid handling technology
    Products are highly complementary and provide a broader portfolio to service an expanding base of over 11,500 active customers worldwide
    Well-balanced geographic portfolio of products and services in key emerging markets
    Expects to generate approximately $9 million in cost synergies over time
    Benefit from significant cross selling and geographic opportunities which should increase revenues and margins
    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
    Combined company will have pro forma revenues of approximately $300 million, significantly enhanced liquidity for its shareholders and a strong balance sheet for continued strategic growth

Jeff Lang, Chief Executive Officer of CECO stated, "We are very excited about the acquisition of Met-Pro.  We believe this combination creates significant organic and inorganic opportunities to support continued growth in revenues, profitability and overall shareholder value. Furthermore, 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 U.S. and globally."

Ray De Hont, President and Chief Executive Officer of Met-Pro, commented, "Joining forces with CECO will greatly enhance our product portfolio depth, while improving both our global reach and our ability to serve our customers. Met-Pro's platform aligns well with CECO's family of companies and we believe it is truly a great fit that brings together two high-quality organizations with exceptionally talented people and complementary business models, capabilities and cultures. Together, we will be ideally positioned to continue to capture market share and achieve superior growth. On behalf of the entire Met-Pro team, I'd like to express my sincere enthusiasm."

Phillip DeZwirek, CECO's Chairman stated, "We have spent considerable time analyzing a potential combination with Met-Pro. Met-Pro has fantastic adjacent technologies which will significantly enhance our core capabilities, particularly within fluid handling. We have been and continue to be impressed with Met-Pro's portfolio of products, their management and we look forward to combining our leadership teams in taking these businesses to the next level for our shareholders."

Additional details regarding the transaction will be included in a Current Report on Form 8-K that CECO and Met-Pro will each file with the SEC.

CECO Environmental is a leading global provider of air pollution control technology.  Through its subsidiaries – Adwest Technologies, Busch International, CECO Filters, CECO Abatement Systems, Kirk & Blum, Effox-Flextor, Fisher-Klosterman/Buell, CECO China and A.V.C. Specialists – CECO provides a wide spectrum of air quality products and services including engineered equipment, cyclones, scrubbers, dampers, diverters, RTOs, component parts and monitoring and management services. Industries served include refining, petrochemical, power, natural gas, aluminum, steel, automotive, chemical and large industrial processes.  Global growth, operational excellence, margin expansion, safety leadership and employee development are CECO's core competencies and long term objectives.

For more information on CECO Environmental, please visit www.cecoenviro.com and for more information on Met-Pro, please visit met-pro.com.

CECO Environmental Corp.
Phillip DeZwirek, Chairman
Jeff Lang, Chief Executive Officer

Met-Pro Corporation manufactures and sells fluid handling equipment, product recovery and pollution control equipment, and filtration products. Its Product Recovery/Pollution Control Technologies segment provides solutions and products for the purification of air or liquids in metal finishing and plating, wastewater treatment, composting, food processing, ethanol production, chemical, petrochemical, printed circuit, semiconductor, steel pickling, battery manufacturing, groundwater remediation, automotive, aerospace, furniture, painting, electronics, printing, and pharmaceutical industries. The company's Fluid Handling Technologies segment manufactures horizontal, vertical, and in-tank centrifugal pumps for the pumping of acids, brines, caustics, bleaches, seawater, waste liquids, and high temperature liquids used in industrial and commercial applications. It serves chemical, petrochemical, pharmaceutical, fertilizer, pesticides, steel, pulp and paper, electric utility, aquaculture, aquarium, commercial marine/navy, desalination/water reuse, and industrial and municipal waste treatment industries, as well as hospitals, universities, and laboratories. Met-Pro's Mefiag Filtration Technologies segment designs, manufactures, and sells filtration systems that are used in corrosive applications in the plating, metal finishing, and printing industries. Its Filtration/Purification Technologies segment offers chemicals for the treatment of municipal drinking water systems, and boiler and cooling tower systems; cartridges and filter housings; filtration products for industrial air and liquid applications; custom pleaters and standard filters; water treatment compounds; coagulant and flocculent polymer products; and drinking well water remediation products. The company markets and sells its products through its own personnel, distributors, representatives, and agents worldwide. Met-Pro Corporation was founded in 1966 and is headquartered in Harleysville, Pennsylvania.

Met-Pro Corporation
Ray De Hont, Chief Executive Officer
Neal Murphy, Chief Financial Officer
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