CECO Environmental, specializing in air pollution control systems, product recovery and filtration technology, recently announced the acquisition of Aarding Thermal Acoustics, which focuses on natural gas turbine exhaust systems and silencer applications.
Under the terms of the acquisition, CECO paid approximately $24.0 million in cash and $7.8 million in CECO shares on closing, with a $7.2 million earn-out paid over a five-year period. Additional details of the transaction will be included in a Current Report on Form 8-K to be filed by the company with the SEC.
Headquartered in the Netherlands, Aarding is a technology leader within gas turbine downstream engineered exhaust systems and silencing products focused on the natural gas, power and petrochemical industries. Founded in 1960 with revenues of approximately $34 million in 2012, Aarding's brand, management team and technology have resulted in a broad blue-chip customer base throughout the world, CECO said.
Aarding's principals, Martin Pranger and Norbert Pieterse, will continue in their roles as president and vice president, respectively, of Aarding. They will also lead CECO's expanding global natural gas business, including its Flextor Group which provides complementary engineered solutions to those of Aarding.