CECO Environmental Corp., the air pollution control company that owns Kirk & Blum in Oakley, has reduced its long-term debt by $5 million with $4.4 million in new equity and excess working capital.

        Since acquiring Kirk & Blum at the end of 1999, CECO said it has reduced its bank debt by $12.7 million, from $30.2 million in December 1999 to $17.5 million at the end of 2001.

        The new equity includes $2.1 million from Crestview Capital, a Chicago investment fund, and a group of three outside investors who bought 706,668 shares at $3 each. The group also received warrants for 353,334 at an exercise price of $3.60 each.

Eagle-Picher sells assets

        Eagle-Picher Industries Inc., the diversified manufacturer, has completed the sale of most of its domestic accounts receivable through a commercial paper agreement with GE Capital.

        Eagle-Picher, which is moving its corporate offices from Cincinnati to Phoenix, said the proceeds were $47 million, of which $43.5 million was used to repay an existing receivables-backed revolving loan facility.

Meridian gets patent in Europe

        Newtown-based medical test manufacturer Meridian Bioscience, Inc. said it has received a European patent on its test for the primary cause of stomach ulcers.

        The company gained the U.S. patent for its Premier Platinum HpSA test in 1998, which tests for Helicobacter pylori.

        The patent will protect technology behind the test from competitors.

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