----

----

| Pennsylvania                             |   | 23-1683282          |
|------------------------------------------|--------|---------------------|
| (State or other jurisdiction of          |   | (I.R.S. Employer    |
| incorporation or organization)           |   | Identification No.) |
|                                     |   |                |
| 160 Cassell Road, P.O. Box 144           |   |                |
|   Harleysville, Pennsylvania   |   | 19438               |
| (Address of principal executive offices) |   | (Zip Code)          |

----

----

----

MET-PRO CORPORATION

INDEX

| PART I – FINANCIAL INFORMATION |                                                    |
|--------------------------------------|---------------------------------------------------------|
|                                 |                                                    |   |   |
|   Item 1.                       |                                                    | Financial Statements |   |
|                                 |                                                    |   |    |
|                                 | Consolidated Balance Sheets                             |   |
|                                 |                                                    | as of October 31, 2010 and January 31, 2010 | 2 |
|                                 | Consolidated Statements of Income                       |   |
|                                 |                                                    | for the nine-month and three-month periods ended October 31, 2010 and 2009 | 3 |
|                                 | Consolidated Statements of Shareholders’ Equity   |   |
|                                 |                                                    | for the nine-month periods ended October 31, 2010 and 2009 | 4 |
|                                 | Consolidated Statements of Cash Flows                   |   |
|                                 |                                                    | for the nine-month periods ended October 31, 2010 and 2009 | 5 |
|                                 | Notes to Consolidated Financial Statements         | 6 |
|                                 | Report of Independent Registered Public Accounting Firm | 16 |
|                                 |                                                    |   |   |
|   Item 2.                       |                                                    | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 17 |
|                                 |                                                    |   |   |
|   Item 3.                  |                                                    | Qualitative and Quantitative Disclosures about Market Risk | 25 |
|                                 |                                                    |   |   |
|   Item 4.                       |                                                    | Controls and Procedures | 26 |
|                                 |                                                    |   |   |
|                                 |                                                    |   |   |
| PART II – OTHER INFORMATION    |                                                    |
|                                 |                                                    |   |   |
|   Item 1.                       |                                                    | Legal Proceedings | 27 |
|                                 |                                                    |   |   |
|   Item 1A.                 |                                                    | Risk Factors | 27 |
|                                 |                                                    |   |   |
|   Item 2.                  |                                                    | Unregistered Sales of Equity Securities and Use of Proceeds | 28 |
|                                 |                                                    |   |   |
|   Item 3.                       |                                                    | Defaults Upon Senior Securities | 28 |
|                                 |                                                    |   |   |
|   Item 4.                  |                                                    | Removed and Reserved | 28 |
|                                 |                                                    |   |   |
|   Item 5.                  |                                                    | Other Information | 28 |
|                                 |                                                    |   |   |
|   Item 6.                       |                                                    | Exhibits | 29 |
|                                 |                                                    |   |   |
|                                 |                                                    |   |   |
| SIGNATURES                           | 30                                                      |

----

Index

MET-PRO CORPORATION

CONSOLIDATED BALANCE SHEETS

| PART I – FINANCIAL INFORMATION                         |         |   |         |   |
|--------------------------------------------------------------|--------------|--------|--------------|--------|
|                                                         |         |   |         |   |
| Item 1.  Financial Statements                      |         |   |         |   |
|                                                         |         |   |         |   |
|                                                         | October 31,  |   | January 31,  |   |
| ASSETS                                                       | 2010         |   | 2010         |   |
| Current assets                                               | (unaudited)  |   |         |   |
| Cash and cash equivalents                                    | $34,195,031  |   | $31,387,108  |   |
| Accounts receivable, net of allowance for                    |         |   |         |   |
| doubtful accounts of approximately                           |         |   |         |   |
| $173,000 and $204,000, respectively                          | 13,760,732   |   | 14,011,950   |   |
| Inventories                                                  | 15,951,368   |   | 16,136,521   |   |
| Prepaid expenses, deposits and other current assets          | 1,664,162    |   | 1,709,664    |   |
| Total current assets                                         | 65,571,293   |   | 63,245,243   |   |
|                                                         |         |   |         |   |
| Property, plant and equipment, net                           | 19,853,258   |   | 19,860,751   |   |
| Goodwill                                                     | 20,798,913   |   | 20,798,913   |   |
| Other assets                                                 | 1,761,399    |   | 703,452      |   |
| Total assets                                                 | $107,984,863 |   | $104,608,359 |   |
|                                                         |         |   |         |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                   |         |   |         |   |
| Current liabilities                                          |         |   |         |   |
| Current portion of long-term debt                            | $534,811     |   | $534,251     |   |
| Accounts payable                                             | 5,544,724    |   | 4,297,936    |   |
| Accrued salaries, wages and expenses                         | 4,194,457    |   | 3,425,691    |   |
| Dividend payable                                             | 966,098      |   | 876,279      |   |
| Customers’ advances                                    | 561,250      |   | 882,637      |   |
| Deferred income taxes                                        | 181,253      |   | 181,253      |   |
| Total current liabilities                                    | 11,982,593   |   | 10,198,047   |   |
|                                                         |         |   |         |   |
| Long-term debt                                               | 3,255,522    |   | 3,536,755    |   |
| Other non-current liabilities                                | 8,147,488    |   | 8,179,410    |   |
| Deferred income taxes                                        | 1,668,671    |   | 1,716,563    |   |
| Total liabilities                                            | 25,054,274   |   | 23,630,775   |   |
|                                                         |         |   |         |   |
| Shareholders’ equity                                   |         |   |         |   |
| Common shares, $.10 par value; 36,000,000 shares             |         |   |         |   |
| authorized, 15,928,679 shares issued, of which               |         |   |         |   |
| 1,290,838 and 1,311,664 shares were reacquired               |         |   |         |   |
| and held in treasury at the respective dates                 | 1,592,868    |   | 1,592,868    |   |
| Additional paid-in capital                                   | 3,340,332    |   | 2,988,950    |   |
| Retained earnings                                            | 92,324,568   |   | 90,662,820   |   |
| Accumulated other comprehensive loss                         | (3,760,013   | )      | (3,679,641   | )      |
| Treasury shares, at cost                                     | (10,567,166  | )      | (10,587,413  | )      |
| Total shareholders’ equity                             | 82,930,589   |   | 80,977,584   |   |
| Total liabilities and shareholders’ equity             | $107,984,863 |   | $104,608,359 |   |
| See accompanying notes to consolidated financial statements. |

----

Index

CONSOLIDATED STATEMENTS OF INCOME

|                                         | Nine Months Ended |   | Three Months Ended |   |
|----------------------------------------------|-------------------|--------|--------------------|--------|
|                                         |  October 31, |   |  October 31,  |   |
|                                         | 2010              |   | 2009               |   | 2010 |   | 2009 |   |
|                                         |              |   |               |   |   |   |   |   |
| Net sales                                    | $65,098,637       |   | $60,334,372        |   | $21,384,674 |   | $19,807,781 |   |
| Cost of goods sold                           | 41,478,910        |   | 39,538,914         |   | 13,589,638 |   | 13,131,244 |   |
| Gross profit                                 | 23,619,727        |   | 20,795,458         |   | 7,795,036 |   | 6,676,537 |   |
|                                         |              |   |               |   |   |   |   |   |
| Operating expenses                           |              |   |               |   |   |   |   |   |
| Selling                                      | 8,549,038         |   | 7,415,388          |   | 2,849,221 |   | 2,366,455 |   |
| General and administrative                   | 8,478,717         |   | 8,599,958          |   | 2,763,913 |   | 2,771,681 |   |
|                                         | 17,027,755        |   | 16,015,346         |   | 5,613,134 |   | 5,138,136 |   |
| Income from operations                       | 6,591,972         |   | 4,780,112          |   | 2,181,902 |   | 1,538,401 |   |
|                                         |              |   |               |   |   |   |   |   |
| Interest expense                             | (159,887          | )      | (166,449           | )      | (50,201 | ) | (58,994 | ) |
| Other income, net                            | 208,834           |   | 138,441            |   | 18,601 |   | 61,689 |   |
| Income before taxes                          | 6,640,919         |   | 4,752,104          |   | 2,150,302 |   | 1,541,096 |   |
|                                         |              |   |               |   |   |   |   |   |
| Provision for taxes                          | 2,257,912         |   | 1,591,957          |   | 731,103 |   | 516,266 |   |
| Net income                                   | $4,383,007        |   | $3,160,147         |   | $1,419,199 |   | $1,024,830 |   |
|                                         |              |   |               |   |   |   |   |   |
| Earnings per share, basic (1)                | $.30              |   | $.22               |   | $.10 |   | $.07 |   |
| Earnings per share, diluted (2)              | $.30              |   | $.22               |   | $.10 |   | $.07 |   |
| Cash dividend per share – declared (3) | $.186             |   | $.180              |   | $.066 |   | $.060 |   |
| Cash dividend per share – paid (3)     | $.180             |   | $.180              |   | $.060 |   | $.060 |   |

|   | (1)    | Basic earnings per share are based upon the weighted average number of shares outstanding of 14,621,802 and 14,600,109 for the nine-month periods ended October 31, 2010 and 2009, respectively, and 14,620,439 and 14,600,109 for the three-month periods ended October 31, 2010 and 2009, respectively.                                                                                                                                                                                                                                                |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | (2)    | Diluted earnings per share are based upon the weighted average number of shares outstanding of 14,717,084 and 14,676,297 for the nine-month periods ended October 31, 2010 and 2009, respectively, and 14,711,056 and 14,676,525 for the three-month periods ended October 31, 2010 and 2009, respectively.                                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | (3)    | The Board of Directors declared quarterly dividends of $.06 per share payable on March 12, 2009, June 12, 2009, September 11, 2009, December 11, 2009, March 12, 2010, June 11, 2010 and September 15, 2010 to shareholders of record as of February 26, 2009, May 29, 2009, August 28, 2009, November 27, 2009, February 26, 2010, May 28, 2010 and September 1, 2010, respectively.  The Board of Directors declared a quarterly dividend of $0.066 per share payable on December 17, 2010 to shareholders of record as of December 3, 2010. |

----

Index

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

|                                                                 |       |         |       |         |          |         | Accumulated |         |         |          |
|----------------------------------------------------------------------|------------|--------------|------------|--------------|---------------|--------------|-------------|--------------|--------------|---------------|
|                                                                 |       |         | Additional |         |          | Other        |        |         |         |
|                                                                 | Common     |         | Paid-in    | Retained     | Comprehensive | Treasury     |        |         |
|                                                                 | Shares     |         | Capital    | Earnings     | Income/(Loss) | Shares       | Total       |         |
| Balances, January 31, 2010                                           | $1,592,868 |    | $2,988,950 |    | $90,662,820   |    | ($3,679,641 | )            | ($10,587,413 | )             | $80,977,584 |   |
|                                                                 |       |    |       |         |          |    |        |    |         |     |   |   |
| Comprehensive income:                                                |       |    |       |         |          |         |        |         |         |     |   |   |
|    Net income                                         | -          |         | -          |    | 4,383,007     |    | -           |    | -            |     |   |   |
|    Foreign currency translation                       |       |    |       |         |          |         |        |         |         |     |   |   |
|      adjustment                             | -          |    | -          |    | -             |         | (6,615      | )            | -            |     |   |   |
|    Interest rate swap,                                |       |         |       |         |          |         |        |         |         |     |   |   |
|      net of tax of $43,318             | -          |    | -          |    | -             |         | (73,757     | )            | -            |     |   |   |
|        Total comprehensive income |       |    |       |         |          |         |        |         |         |     | 4,302,635 |   |
|                                                                 |       |    |       |         |          |         |        |    |         |     |   |   |
| Dividends paid, $.12 per share                                       | -          |         | -          |    | (1,755,161    | )            | -           |         | -            |          | (1,755,161 | )  |
| Dividends declared, $.066 per share                                  | -          |         | -          |    | (966,098      | )            | -           |    | -            |     | (966,098 | ) |
| Stock-based compensation                                             | -          |    | 484,416    |    | -             |         | -           |    | -            |     | 484,416 |   |
| Stock option transactions                                            | -          |         | (133,034   | )            | -             |    | -           |    | 680,266      |     | 547,232 |   |
| Purchase of 62,735 treasury shares                                   | -          |    | -          |    | -             |    | -           |    | (660,019     | )             | (660,019 | ) |
| Balances, October 31, 2010                                           | $1,592,868 |    | $3,340,332 |         | $92,324,568   |    | ($3,760,013 | )       | ($10,567,166 | )   | $82,930,589 |   |
|                                                                 |       |         |       |         |          |         |        |         |         |          |   |   |
|                                                                 |       |         |       |         |          |         |        |         |         |          |   |   |

|                                                                 |       |         |       |         |          |         | Accumulated |          |         |          |        |
|----------------------------------------------------------------------|------------|--------------|------------|--------------|---------------|--------------|-------------|---------------|--------------|---------------|-------------|
|                                                                 |       |         | Additional |         |          | Other        |        |          |         |          |
|                                                                 | Common     |         | Paid-in    | Retained     | Comprehensive | Treasury     |        |          |         |
|                                                                 | Shares     |         | Capital    | Earnings     | Income/(Loss) | Shares       |        | Total         |         |
| Balances, January 31, 2009                                           | $1,592,868 |    | $2,465,193 |    | $89,727,308   |    | ($4,324,293 | )             | ($10,683,595 | )             | $78,777,481 |   |
|                                                                 |       |    |       |         |          |         |        |          |         |          |        |   |
| Comprehensive income:                                                |       |         |       |         |          |    |        |          |         |          |        |   |
|    Net income                                         | -          |    | -          |    | 3,160,147     |         | -           |     | -            |     |        |   |
|    Foreign currency translation                       |       |         |       |    |          |    |        |          |         |          |        |   |
|      adjustment                             | -          |         | -          |    | -             |         | 751,136     |     | -            |     |        |   |
|    Interest rate swap,                                |       |    |       |    |          |         |        |     |         |          |        |   |
|      net of tax of ($29,894)           | -          |    | -          |    | -             |    | 50,901      |     | -            |     |        |   |
|        Total comprehensive income |       |         |       |    |          |         |        |     |         |          | 3,962,184   |   |
|                                                                 |       |         |       |    |          |         |        |     |         |          |        |   |
| Dividends paid, $.12 per share                                       | -          |    | -          |    | (1,752,013    | )            | -           |     | -            |     | (1,752,013  | ) |
| Dividends declared, $.06 per share                                   | -          |    | -          |    | (876,006      | )            | -           |     | -            |     | (876,006    | ) |
| Stock-based compensation                                             | -          |         | 494,625    |    | -             |    | -           |     | -            |     | 494,625     |   |
| Balances, October 31, 2009                                           | $1,592,868 |    | $2,959,818 |    | $90,259,436   |    | ($3,522,256 | )   | ($10,683,595 | )   | $80,606,271 |   |

| See accompanying notes to consolidated financial statements. |
|--------------------------------------------------------------|

----

Index

CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                                                                                 |   |   |              |   |        |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------|--------|-------------|--------|
|                                                                                                                                                                 |   |   | Nine Months Ended |   |
|                                                                                                                                                                 |   |   | October 31,       |   |
|                                                                                                                                                                 |   |   | 2010              |   | 2009        |   |
|                                                                                                                                                                 |   |   |              |   |        |   |
| Cash flows from operating activities                                                                                                                                 |   |   |              |   |        |   |
|    Net income                                                                                                                                         |   |   | $4,383,007        |   | $3,160,147  |   |
|    Adjustments to reconcile net income to net           cash provided by operating activities: |   |   |              |   |        |   |
|        Depreciation and amortization                                                                                              |   |   | 1,344,262         |   | 1,458,401   |   |
|        Deferred income taxes                                                                                                      |   |   | (1,809            | )      | (1,792      | )      |
|        (Gain) on sale of property and equipment, net                                                                              |   |   | (13,236           | )      | (13,695     | )      |
|        Stock-based compensation                                                                                                   |   |   | 484,416           |   | 494,625     |   |
|        Allowance for doubtful accounts                                                                                            |   |   | (31,473           | )      | 101,492     |   |
|        Changes in operating assets and liabilities:                                                                               |   |   |              |   |        |   |
|            Accounts receivable                                                                                |   |   | 364,097           |   | 6,910,662   |   |
|            Inventories                                                                                        |   |   | 214,319           |   | 3,832,976   |   |
|            Prepaid expenses, deposits and other assets                                                        |   |   | (269,599          | )      | 251,165     |   |
|            Accounts payable and accrued expenses                                                              |   |   | 1,839,376         |   | (1,385,430  | )      |
|            Customers’ advances                                                                          |   |   | (324,249          | )      | 298,448     |   |
|            Other non-current liabilities                                                                      |   |   | (31,922           | )      | (354,793    | )      |
|          Net cash provided by operating activities                                                                      |   |   | 7,957,189         |   | 14,752,206  |   |
|                                                                                                                                                                 |   |   |              |   |        |   |
| Cash flows from investing activities                                                                                                                                 |   |   |              |   |        |   |
|    Proceeds from sale of property and equipment                                                                                                       |   |   | 36,037            |   | 20,382      |   |
|    Acquisitions of property and equipment                                                                                                             |   |   | (1,128,403        | )      | (1,826,975  | )      |
|    Payment for acquisition of business                                                                                                                |   |   | (955,268          | )      | -           |   |
|          Net cash used in investing activities                                                                          |   |   | (2,047,634        | )      | (1,806,593  | )      |
|                                                                                                                                                                 |   |   |              |   |        |   |
| Cash flows from financing activities                                                                                                                                 |   |   |              |   |        |   |
|    Proceeds from new borrowing                                                                                                                        |   |   | 189,074           |   | 485,336     |   |
|    Reduction of debt                                                                                                                                  |   |   | (584,864          | )      | (373,336    | )      |
|    Exercises of stock options                                                                                                                         |   |   | 547,232           |   | -           |   |
|    Payments of dividends                                                                                                                              |   |   | (2,631,441        | )      | (2,628,020  | )      |
|    Purchases of treasury shares                                                                                                                       |   |   | (660,019          | )      | -           |   |
|          Net cash used in financing activities                                                                          |   |   | (3,140,018        | )      | (2,516,020  | )      |
| Effect of exchange rate changes on cash                                                                                                                              |   |   | 38,386            |   | 106,550     |   |
|                                                                                                                                                                 |   |   |              |   |        |   |
| Net increase in cash and cash equivalents                                                                                                                            |   |   | 2,807,923         |   | 10,536,143  |   |
|                                                                                                                                                                 |   |   |              |   |        |   |
| Cash and cash equivalents at February 1                                                                                                                              |   |   | 31,387,108        |   | 21,749,653  |   |
| Cash and cash equivalents at October 31                                                                                                                              |   |   | $34,195,031       |   | $32,285,796 |   |
| See accompanying notes to consolidated financial statements.                                                                                                         |

----

Index

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

----

Index

|                                                                                | Nine Months EndedOctober 31, |         | Three Months EndedOctober 31, |
|-------------------------------------------------------------------------------------|------------------------------|--------------|-------------------------------|
|                                                                                | 2010                         |    | 2009                          |   | 2010 |    | 2009 |
| Numerator:                                                                          |
| Net Income                                                                          | $4,383,007                   |    | $3,160,147                    |   | $1,419,199 |    | $1,024,830 |
| Denominator:                                                                        |
| Weighted average common shares outstanding duringthe period for basic computation   | 14,621,802                   |    | 14,600,109                    |   | 14,620,439 |    | 14,600,109 |
| Dilutive effect of stock-based compensation plans                                   | 95,282                       |    | 76,188                        |   | 90,617 |    | 76,416 |
| Weighted average common shares outstanding duringthe period for diluted computation | 14,717,084                   |    | 14,676,297                    |   | 14,711,056 |    | 14,676,525 |
|                                                                                |                         |         |                          |   |   |   |   |
| Earnings per share, basic                                                           | $.30                         |    | $.22                          |   | $.10 |    | $.07 |
| Earnings per share, diluted                                                         | $.30                         |    | $.22                          |   | $.10 |    | $.07 |

----

Index

|                          | Nine Months Ended |
|-------------------------------|-------------------|
|                          | October 31,       |
|                          | 2010              |   | 2009 |
|  Expected term (years)   | 5.0               |   | 3.0 - 5.0 |
|  Risk-free interest rate | 1.90% - 3.53%     |   | 1.90% - 4.50% |
|  Expected volatility     | 29% - 45%         |   | 29% - 39% |
|  Dividend yield          | 1.88% - 2.48%     |   | 1.86% - 2.80% |

|     |                            |      |   |           | Weighted     |            |
|----------|---------------------------------|-----------|--------|----------------|--------------|-----------------|
|     |                            |      |   | Weighted       | Average      |            |
|     |                            |      |   | Average        | Remaining    | Aggregate       |
|     |                            | Shares    |   | Exercise Price | Life (years) | Intrinsic Value |
| Options: |                            |      |   |           |         |
|     | Outstanding at February 1, 2010 | 1,373,027 |   | $9.6866        | 6.41         |            |
|     | Granted                         | -         |   | -              |         |            |
|     | Forfeited                       | (96,618   | )      | 10.9458        |         |            |
|     | Expired                         | -         |   | -              |         |            |
|     | Exercised                       | (83,561   | )      | 6.5489         |         |            |
|     | Outstanding at October 31, 2010 | 1,192,848 |   | $9.8044        | 5.96         | $1,868,196      |
|     |                            |      |   |           |         |            |
|     | Exercisable at October 31, 2010 | 821,494   |   | $9.5165        | 4.78         | $1,524,513      |

|                 |   | Options Outstanding |             | Options Exercisable |
|----------------------|--------|---------------------|------------------|---------------------|
|                 |   |                | Weighted Average |                |   |   |   |
|                 |   |                | Remaining        | Weighted Average    |   |   | Weighted Average |
|                 |   | Shares              | Life (years)     | Exercise Price      |   | Shares | Exercise Price |
| Range of prices:     |   |                |             |                |   |   |   |   |   |   |   |   |
| $5.00 – 5.49   |   | 24,180              |             | 0.32                |   | $5.1047 |   |   | 24,180 |   | $5.1047 |   |
| $5.50 – 6.99   |   | 59,737              |             | 1.82                |   | 5.5328 |   |   | 59,737 |   | 5.5328 |   |
| $7.00 – 8.99   |   | 121,450             |             | 4.16                |   | 7.4583 |   |   | 121,450 |   | 7.4583 |   |
| $9.00 – 9.99   |   | 470,344             |             | 6.52                |   | 9.4848 |   |   | 255,261 |   | 9.3119 |   |
| $10.00 – 10.99 |   | 155,337             |             | 6.01                |   | 10.8975 |   |   | 155,337 |   | 10.8975 |   |
| $11.00 – 11.99 |   | 361,800             |             | 6.87                |   | 11.5575 |   |   | 205,529 |   | 11.6199 |   |
|                 |   | 1,192,848           |             | 5.96                |   | $9.8044 |   |   | 821,494 |   | $9.5165 |   |

----

Index

|             | October 31, |   | January 31, |
|------------------|-------------|--------|-------------|
|             | 2010        |   | 2010        |
| Raw materials    | $11,646,627 |   | $11,965,727 |
| Work in progress | 2,269,536   |   | 2,023,065   |
| Finished goods   | 2,035,205   |   | 2,147,729   |
|             | $15,951,368 |   | $16,136,521 |

|                                         | Nine Months Ended |
|----------------------------------------------|-------------------|
|                                         | October 31,       |
|                                         | 2010              |   | 2009 |
|   Cash paid during the period for: |              |   |   |
|      Interest       | $159,288          |   | $163,472 |
|      Income taxes   | 1,549,286         |   | 1,129,137 |

----

Index

|                                                                                     | October 31, |   | January 31, |
|------------------------------------------------------------------------------------------|-------------|--------|-------------|
|                                                                                     | 2010        |   | 2010        |
|                                                                                     |        |   |        |
| Bond payable, bank, payable in quarterly installments of $58,460,                        |        |   |        |
| plus interest at a rate equal to the greater of (i) 16 basis points                      |        |   |        |
| below the ninety day LIBOR rate or (ii) 250 basis points                                 |        |   |        |
|     (effective interest rate of 2.50% at October 31, 2010), maturing |        |   |        |
|     April, 2021, collateralized by the Telford, PA real property     | $2,455,339  |   | $2,630,720  |
|                                                                                     |        |   |        |
| Note payable, bank, payable in quarterly installments of                                 |        |   |        |
| $34,798 (25,000 Euro), plus interest at a fixed rate of 3.82%,                           |        |   |        |
| maturing January, 2016                                                                   | 730,749     |   | 831,782     |
|                                                                                     |        |   |        |
| Equipment note, payable in monthly installments of                                       |        |   |        |
| $13,482, no interest, maturing March 2012                                                | 229,186     |   | 350,520     |
|                                                                                     |        |   |        |
|                                                                                     | 3,415,274   |   | 3,813,022   |
| Less current portion                                                                     | 534,811     |   | 534,251     |
|                                                                                     | 2,880,463   |   | 3,278,771   |
| Fair market value of interest rate swap liability                                        | 375,059     |   | 257,984     |
| Long-term portion                                                                        | $3,255,522  |   | $3,536,755  |

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Index

| Quarter Ended |       |   |
|---------------|------------|--------|
| October 31,   |       |   |
| 2011          | $534,811   |   |
| 2012          | 440,441    |   |
| 2013          | 373,034    |   |
| 2014          | 373,034    |   |
| 2015          | 373,034    |   |
| Thereafter    | 1,320,920  |   |
|          | $3,415,274 |   |

|                                             | October 31, |     | January 31, |   |
|--------------------------------------------------|-------------|--------------------|-------------|--------|
|                                             | 2010        |     | 2010        |   |
| Interest rate swap, net of tax                   | ($236,287   | )             | ($162,530   | )      |
| Foreign currency translation adjustment          | 1,113,657   |     | 1,120,272   |   |
| Minimum pension liability adjustment, net of tax | (4,637,383  | )             | (4,637,383  | )      |
|                                             | ($3,760,013 | )             | ($3,679,641 | )      |

|                                 | Nine Months Ended |   |   | Three Months Ended |   |
|--------------------------------------|-------------------|--------|--------|--------------------|--------|
|                                 | October 31,       |   |   | October 31,        |   |
|                                 | 2010              |   |   | 2009               |   |   | 2010 |   |   | 2009 |   |
| Interest income                      | $167,024          |   |   | $148,325           |   |   | $60,248 |   |   | $65,731 |   |
| Other miscellaneous income (expense) | 41,810            |   |   | (9,884             | )      |   | (41,647 | ) |   | (4,042 | ) |
|                                 | $208,834          |   |   | $138,441           |   |   | $18,601 |   |   | $61,689 |   |

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Index

|                               | Nine Months Ended |   | Three Months Ended |     |
|------------------------------------|-------------------|--------|--------------------|----------|
|                               | October 31,       |   | October 31,        |     |
|                               | 2010              |   |               | 2009     |   |   | 2010 |   |   |   2009 |   |
| Service cost                       | $158,625          |   |               | $51,918  |   |   | $76,792 |   |   | $17,306 |   |
| Interest cost                      | 838,505           |   |               | 854,847  |   |   | 293,181 |   |   | 284,949 |   |
| Expected return on plan assets     | (758,266          | )      |               | (561,237 | ) |   | (258,987 | ) |   | (187,079 | ) |
| Amortization of prior service cost | -                 |   |               | (633     | ) |   | - |   |   | (211 | ) |
| Recognized net actuarial loss      | 182,730           |   |               | 177,948  |   |   | 70,745 |   |   | 59,316 |   |
| Net periodic benefit (income) cost | $421,594          |   |               | $522,843 |   |   | $181,731 |   |   | $174,281 |   |

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Index

|                                            | Nine Months Ended |   | Three Months Ended |
|-------------------------------------------------|-------------------|--------|--------------------|
|                                            | October 31,       |   | October 31,        |
|                                            | 2010              |   | 2009               |   |   | 2010 |   | 2009 |   |
| Net sales                                       |              |   |               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $29,924,788       |   | $26,900,405        |   |   | $9,204,381 |   | $9,012,363 |   |
| Fluid Handling Technologies                     | 20,070,626        |   | 18,491,303         |   |   | 7,031,096 |   | 5,781,338 |   |
| Mefiag Filtration Technologies                  |  7,421,375   |   | 6,981,727          |   |   | 2,478,656 |   | 2,502,795 |   |
| Filtration/Purification Technologies            | 7,681,848         |   | 7,960,937          |   |   | 2,670,541 |   | 2,511,285 |   |
|                                            | $65,098,637       |   | $60,334,372        |   |   | $21,384,674 |   | $19,807,781 |   |
|                                            |              |   |               |   |   |   |   |   |   |
| Income (loss) from operations                   |              |   |               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $1,483,092        |   | $1,610,321         |   |   | $324,695 |   | $561,966 |   |
| Fluid Handling Technologies                     |  4,166,526   |   | 3,110,175          |   |   | 1,563,262 |   | 833,094 |   |
| Mefiag Filtration Technologies                  | 459,248           |   | (111,372           | ) |   | 89,283 |   | 47,062 |   |
| Filtration/Purification Technologies            | 483,106           |   | 170,988            |   |   | 204,662 |   | 96,279 |   |
|                                            | $6,591,972        |   | $4,780,112         |   |   | $2,181,902 |   | $1,538,401 |   |
|                                            |              |   |               |   |   |   |   |   |   |
|                                            |              |   |               |   |   |   |   |   |   |
|                                            | October 31,       |   | January 31,        |   |   |   |   |   |   |
|                                            | 2010              |   | 2010               |   |   |   |   |   |   |
| Identifiable assets                             |              |   |               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $33,684,030       |   | $34,466,168        |   |   |   |   |   |   |
| Fluid Handling Technologies                     | 17,689,173        |   | 18,068,428         |   |   |   |   |   |   |
| Mefiag Filtration Technologies                  | 13,118,549        |   | 12,257,281         |   |   |   |   |   |   |
| Filtration/Purification Technologies            | 8,352,155         |   | 8,257,837          |   |   |   |   |   |   |
|                                            | 72,843,907        |   | 73,049,714         |   |   |   |   |   |   |
| Corporate                                       | 35,140,956        |   | 31,558,645         |   |   |   |   |   |   |
|                                            | $107,984,863      |   | $104,608,359       |   |   |   |   |   |   |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations:

|                               |   | Nine Months Ended |   | Three Months Ended |
|------------------------------------|--------|-------------------|--------|--------------------|
|                               |   | October 31,       |   | October 31,        |
|                               |   | 2010              |   | 2009               |   |   | 2010 |   | 2009 |   |
|                               |   |              |   |               |   |   |   |   |   |   |
| Net sales                          |   | 100.0             | %      | 100.0              | % |   | 100.0 | % | 100.0 | %  |
| Cost of goods sold                 |   | 63.7              | %      | 65.5               | % |   | 63.6 | % | 66.3 | % |
| Gross profit                       |   | 36.3              | %      | 34.5               | % |   | 36.4 | % | 33.7 | % |
|                               |   |              |   |               |   |   |   |   |   |   |
| Selling expense                    |   | 13.1              | %      | 12.3               | % |   | 13.3 | % | 11.9 | % |
| General and administrative expense |   | 13.1              | %      | 14.3               | % |   | 12.9 | % | 14.0 | % |
| Income from operations             |   | 10.1              | %      | 7.9                | % |   | 10.2 | % | 7.8 | % |
|                               |   |              |   |               |   |   |   |   |   |   |
| Interest expense                   |   | (0.2              | %)     | (0.3               | %) |   | (0.2 | %) | (0.3 | %) |
| Other income, net                  |   | 0.3               | %      | 0.2                | % |   | 0.1 | % | 0.3 | % |
| Income before taxes                |   | 10.2              | %      | 7.8                | % |   | 10.1 | % | 7.8 | % |
|                               |   |              |   |               |   |   |   |   |   |   |
| Provision for taxes                |   | 3.5               | %      | 2.6                | % |   | 3.5 | % | 2.6 | % |
| Net income                         |   | 6.7               | %      | 5.2                | % |   | 6.6 | % | 5.2 | % |

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| ·    | the write-down of goodwill, as a result of the determination that the acquired business is impaired.  Flex-Kleen, which initially performed well after being acquired by Met-Pro, thereafter had several years of declining performance which we attributed primarily to a general weakness in its served markets, followed by improved performance in the fiscal years ended January 31, 2007, 2008 and 2009.  In the fiscal year ended January 31, 2010, Flex-Kleen’s net sales and operating profit were below the projections in our impairment model, which we believe was a reflection of the downturn in global business and economic conditions during this period of time and was not due to any new development specific to Flex-Kleen.  During the fiscal year ended January 31, 2010, we performed an impairment analysis of the $11.1 million of goodwill that the Company carries for Flex-Kleen and concluded that no impairment had occurred.  For the nine-month period ended October 31, 2010, Flex-Kleen’s annualized projection for net sales is below that which is required by our impairment model for the fiscal year 2011, while the projected fiscal year 2011 operating profit is approximately equal to the amount |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|         | which is required by our impairment model for the fiscal year 2011.  Our projections are forward-looking statements where the actual results may not be as we presently anticipate; |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·    | materially adverse changes in economic conditions (i) in the markets served by us or (ii) in significant customers of ours; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·    | material changes in available technology; |
|---------------------|-------------------------------------------|

| ·    | adverse developments in the asbestos cases that have been filed against the Company, including without limitation the exhaustion of insurance coverage, the imposition of punitive damages or other adverse developments in the availability of insurance coverage. During the three months ended October 31, 2010, a rehabilitation order was entered against one of our insurers, based upon its alleged insolvency. We anticipate that our remaining insurers will assume the share of the defense and indemnity obligations that this one insurer had agreed to assume, and despite this development, we continue to believe that our insurance coverage is adequate for the cases currently pending against us and, assuming the continuation of the current profile and volume of cases, for the cases that may be filed against us in the foreseeable future; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·    | changes in accounting rules promulgated by regulatory agencies, including the SEC, which could result in an impact on earnings; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·    | the cost of compliance with Sarbanes-Oxley and other applicable legal and listing requirements, and the unanticipated possibility that Met-Pro may not meet these requirements; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·    | weaknesses in our internal control over financial reporting, which either alone or combined with actions by our employees intended to circumvent our internal control over financial reporting, to violate our policies, or to commit fraud or other bad acts, could lead to incorrect reporting of financial results.  We believe that our internal control over financial reporting as of October 31, 2010 is effective; however, there are limits to any control system and we cannot give absolute assurance that our internal control is effective or that financial statement misstatements will not occur or that policy violations and/or fraud within the Company will not occur; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·    | unexpected results in our product development activities; |
|---------------------|-----------------------------------------------------------|

| ·    | loss of key customers; |
|---------------------|------------------------|

| ·    | changes in product mix and the cost of materials, with effect on margins; |
|---------------------|---------------------------------------------------------------------------|

| ·    | changes in our existing management; |
|---------------------|-------------------------------------|

| ·    | exchange rate fluctuations; |
|---------------------|-----------------------------|

| ·   | changes in federal laws, state laws and regulations; |
|--------------------|------------------------------------------------------|

| ·   | lower than anticipated return on investments in the Company’s defined benefit plans, which could affect the amount of the Company’s pension liabilities; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the assertion of claims that the Company’s products, including products produced by companies acquired by the Company, infringe third party patents or have caused injury, loss or damage; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the effect of acquisitions and other strategic ventures; |
|--------------------|----------------------------------------------------------|

| ·   | failure to properly quote and/or execute customer orders, including misspecifications, design, engineering or production errors; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| · | the cancellation or delay of purchase orders or shipments; |
|--------|------------------------------------------------------------|

| ·  | losses related to international sales; and/or |
|--------------|-----------------------------------------------|

| ·     | failure in execution of acquisition strategy. |
|---------------------------|-----------------------------------------------|

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

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Item 4.  Controls and Procedures

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PART II – OTHER INFORMATION

Item 1.   Legal Proceedings

Item 1A.  Risk Factors

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Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

| (a)   | During the third quarter ended October 31, 2010, we did not sell any of our equity securities that were not registered under the Securities Act of 1933. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Not applicable. |
|-----------------|-----------------|

| (c)   | The following table summarizes Met-Pro’s purchases of its Common Shares for the quarter ended October 31, 2010: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| Period               |   | TotalNumber of SharesPurchased |   | AveragePrice PaidPer Share                                                       |   | TotalNumber ofSharesPurchasedAs Part ofPubliclyAnnouncedPlans orPrograms |   | MaximumNumber ofSharesThat MayYet bePurchasedUnder thePlan orPrograms |           (1) |
|----------------------|--------|--------------------------------|--------|----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|-----------------------------------------------------------------|
|                 |   |                           |   |                                                                             |   |                                                                     |   |                                                                  |                                                            |
| August 1-31, 2010    |   | 0                              |   |      $        - |   | 0                                                                        |   | 246,868                                                               |                                                            |
| September 1-30, 2010 |   | 0                              |   | -                                                                                |   | 0                                                                        |   | 246,868                                                               |                                                            |
| October 1-31, 2010   |   | 35,840                         |   | 10.97                                                                            |   | 35,840                                                                   |   | 211,028                                                               |                                                            |
| Total                |   | 35,840                         |   | $10.97                                                                           |   | 35,840                                                                   |   | 211,028                                                               |                                                            |

| (1)    | On November 3, 2008, our Board of Directors authorized a Common Share repurchase program that was publicly announced on November 5, 2008, for up to 300,000 shares.  The program has no fixed expiration date. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 3.   Defaults Upon Senior Securities

Item 4.   Removed and Reserved

Item 5.   Other Information

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Item 6.   Exhibits

| (a)                          |   | Exhibits Required by Item 601 of Regulation S-K |
|------------------------------|--------|-------------------------------------------------|
|                         |   |                                            |
|                         |   | Exhibit No.                                     |   | Description |
|                         |   |                                            |   |   |
|                         |   | (10)(bu)                                        |   | Fourth Amendment to the Met-Pro Corporation |
|                         |   |                                            |   | Retirement Savings Plan.* |
|                         |   |                                            |   |   |
|                         |   | (10)(bv)                                        |   | Reaffirmation of Discretionary Demand Line of Credit.* |
|                         |   |                                            |   |   |
|                         |   | (10)(bw)                                        |   | Form of a Letter Agreement regarding Amendment of Stock |
|                         |   |                                            |   | Option Agreements for Non-Employee Directors.* |
|                         |   |                                            |   |   |
|                         |   | (31.1)                                          |   | Certification of the Chief Executive Officer |
|                         |   |                                            |   | Pursuant to Section 302 of the |
|                         |   |                                            |   | Sarbanes-Oxley Act of 2002.* |
|                         |   |                                            |   |   |
|                         |   | (31.2)                                          |   | Certification of the Chief Financial Officer |
|                         |   |                                            |   | Pursuant to Section 302 of the |
|                         |   |                                            |   | Sarbanes-Oxley Act of 2002.* |
|                         |   |                                            |   |   |
|                         |   | (32.1)                                          |   | Certification of the Chief Executive Officer |
|                         |   |                                            |   | Pursuant to 18 U.S.C. Section 1350, as adopted |
|                         |   |                                            |   | Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.* |
|                         |   |                                            |   |   |
|                         |   | (32.2)                                          |   | Certification of the Chief Financial Officer |
|                         |   |                                            |   | Pursuant to 18 U.S.C. Section 1350, as adopted |
|                         |   |                                            |   | Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.* |
|                         |   |                                            |   |   |
|                         |   |                                            |   |   |
|                         |   |                                            |   |   |
|                         |   |                                            |   |   |
|                         |   |                                            |   |   |
|                         |   |                                            |   |   |
|                         |   |                                            |   |   |
| *  Filed herewith. |   |                                            |

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Index

SIGNATURES

|             |   | Met-Pro Corporation                 |
|------------------|--------|-------------------------------------|
|             |   | (Registrant)                        |
|             |   |                                |
|             |   |                                |
| December 2, 2010 |   | /s/ Raymond J. De Hont              |
|             |   | Raymond J. De Hont                  |
|             |   | Chairman, Chief Executive Officer   |
|             |   | and President                       |
|             |   |                                |
|             |   |                                |
| December 2, 2010 |   | /s/ Gary J. Morgan                  |
|             |   | Gary J. Morgan                      |
|             |   | Senior Vice President of Finance,   |
|             |   | Secretary and Treasurer, Chief      |
|             |   | Financial Officer, Chief Accounting |
|             |   | Officer and Director                |

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Index