Cincinnati-based Ceco Environmental Corp. completed its previously announced acquisition of PMFG Inc. in Dallas. Accounting for existing cash on hand and acquired debt of PMFG, the net value of the transaction is approximately $120 million. According to the companies, stockholders from both companies overwhelmingly supported the transaction. The acquisition creates a global industrial technology company in the environmental, energy and fluid-handling industries.
As part of its post-merger strategy, the company will transition fabrication operations out of the Peerless Mfg. Co. operations in Wichita Falls, Texas. Production will transfer to Peerless’s facility in Denton, Texas, Ceco’s facility in Columbia, Tenn., and strategic external fabrication partners.
The company expects the Wichita Falls plant operations to be completed by the end of the year. All customers’ projects and orders will be reallocated to other facilities to ensure that delivery and quality standards are met or exceeded during the transition.