Met-Pro Corporation Receives Equipment Order in Excess of $500,000 in People's Republic of China
HARLEYSVILLE, Pa., March 10 -- Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation , announced today that the Company has received a significant order as a result of a cooperative sales effort between their Mefiag B.V. subsidiary in Heerenveen, Netherlands and Sethco Division in Hauppauge, New York. The order, which was received from a major supplier of plastic parts for the automotive industry who is building a new facility in the People's Republic of China, includes Mefiag horizontal disc filters and special Sethco titanium cartridge filters. The total value of this order is in excess of $500,000. Shipment is expected to be in the first quarter of this fiscal year.
All equipment included in this order is for use on automatic plating lines where plastic automotive parts will be plated with copper, nickel and chrome. The combination of Mefiag horizontal disc filters and Sethco cartridge filters will be used for filtering the plating solutions.
"As announced earlier this week, Met-Pro is now in the process of establishing a manufacturing operation in Guangzhou, People's Republic of China, which will allow us to locally manufacture, sell and service filter systems, pumps and accessory equipment," said De Hont. "The establishment of a local presence was a major factor in being selected for this project. We are actively involved in developing the vast potential for our products in China and are excited about our future in this market."
About Met-Pro
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, manufactures and sells product recovery and pollution control equipment for purification of air and liquids and fluid handling equipment for corrosive, abrasive and high temperature liquids. With ten divisions and six wholly-owned subsidiaries, the company, established in 1966, provides products to residential, commercial, industrial and municipal markets that include, but are not limited to, pharmaceuticals, chemicals, petrochemicals, water and aquariums. For more information, please visit http://www.met-pro.com/.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company) contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.
Met-Pro common shares are traded on the New York Stock Exchange, symbol MPR.
To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company's Web site at http://www.met-pro.com/.
Investor Contact: Gary J. Morgan, VP of Finance, CFO +1-215-723-6751 gmorgan@met-pro.com