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Ceco Environment buys PMFG for $150 million

Environmental, energy and fluid-handling technology company Ceco Environment Corp. is buying Peerless Mfg. Co (PMFG) for $150 million. The Dallas-headquartered PMFG provides equipment to reduce air pollution, separate and filter gases and liquids and control industrial noise. According to the terms, Ceco will buy PMFG’s common stock for $6.85 per share. Before the deal was announced, PMFG’s shares closed at $4.62. This deal will give Ceco the opportunity to increase its product portfolio in the industry. Ceco will also be combing its silencer technology called Aarding with PMFG’s similar tech, called Burgess Manning. The deal will save Ceco $15 million over the next two years. According to market reports, Bank of America Merrill Lynch has committed financing, while Jones Day will provided legal advice to PMFG.


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