Shares of Thermon (NYSE:THR) climbed 15.5% in premarket trading on Tuesday after Ceco Environmental (NASDAQ:CECO) announced plans to merge with the company in a transaction valued at $2.2 billion.
Ceco Environmental revealed details of the proposed merger, which is expected to be completed by mid-2026. The company noted that the anticipated financial benefits from the deal are not reflected in its revised full-year guidance.
Alongside the announcement, Ceco Environmental raised its full-year outlook, supported by a record sales pipeline, the largest backlog in its history and continued strength in bookings. Management said demand conditions across its core markets remain favorable.
“We entered 2026 with a record sales pipeline, our largest ever backlog and tremendous bookings momentum. We expect our largest markets will remain strong and we have confidence in our proven operating model that we will execute at a high level,” said Gleason, the company’s chief executive officer.
Gleason added that the upgraded outlook excludes any expected contribution from the merger. He also thanked employees and business partners for continuing to deliver results for customers worldwide while maintaining a focus on safety, environmental protection and safeguarding industrial equipment.