- CECO Environment Corp (NASDAQ:CECO) has completed the acquisition of Transcend Solutions LLC. The financial details of the transaction were not disclosed.
- Transcend is a Houston-based process filtration solution design and manufacturing company with applications in hydrocarbon and chemical processing.
- The company expects the addition of Tenscend to its Separation and Filtration business platform to advance its offerings to customers for process fluid separation and filtration in a wide range of high-performance applications.
- Todd Gleason, CEO, CECO Environmental, said, “Transcend checks all the boxes for CECO when we evaluate strategic acquisitions and where to deploy our capital. Transcend provides differentiated, high-value advanced solutions to a broad set of markets and applications. The company has the potential to double revenue in a three-year period when plugged into the existing CECO network of global customers and locations.”
- Transcend is the second acquisition for CECO in 2023, following the previously announced deal for U.K.-based Wakefield Acoustics Ltd.
- Transcend’s current President and Chief Executive Officer, Matt Thundyil, will remain with the company as General Manager under CECO’s Separation and Filtration platform to lead the business and drive strategic growth.
- CECO held $45.5 million in cash and equivalents as of December 31, 2022.
- Price Action: CECO shares traded lower by 0.29% at $13.95 on the last check Monday.
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