CECO Environmental (CECO) said Friday that it plans to sell its fluid handling business and that the announced sale process "has yielded strong interest" in the market.
The company did not disclose the selling price but said it expects to close the transaction in late Q1 and proceeds will be used to repay debt and for future investments.
In the same statement, CECO Environmental lowered its 2024 revenue outlook to between $555 million and $558 million, from the previous range of $575 million to $600 million. The company also flagged "softness" in Q4 revenue due to "delays of customer-driven projects."
For 2025, CECO Environmental reiterated its revenue outlook of $700 million to $750 million.
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