CECO Environment Acquires Houston-Based Transcend Solutions To Expand Filtration Capabilities - CECO Environmental (NASDAQ:CECO)

CECO Environment Corp 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.