----

| 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)          |

|                                     |   | Name of each exchange on |
|------------------------------------------|--------|--------------------------|
| Title of each class                      |   | which registered         |
| Common Shares, par value $0.10 per share |   | New York Stock Exchange  |

| Large accelerated filer [   ] | Accelerated filer [ X ] | Non-accelerated filer [    ] | Smaller reporting company [   ] |
|---------------------------------------------------|------------------------------|-------------------------------------------------------|------------------------------------------------|

|                                                                                                 | Form 10-KPart Number                                                                          |
|------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| Portions of Registrant’s Definitive Proxy Statement filed pursuant to Regulation 14A           |                                                                                          |
| in connection with Registrant’s Annual Meeting of Shareholders to be held on June 1, 2011 |                III |

----

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|   |   |   |   Page |
|--------|--------|--------|------------------|

|   | Item 1.  | Business                                            | 1  |
|--------|----------|-----------------------------------------------------|----|
|   |     | Executive Officers of the Registrant                | 7  |
|   | Item 1A. | Risk Factors                                        | 8  |
|   | Item 1B. | Unresolved Staff Comments                           | 11 |
|   | Item 2.  | Properties                                          | 12 |
|   | Item 3.  | Legal Proceedings                                   | 13 |
|   | Item 4.  | Submission of Matters to a Vote of Security Holders | 13 |

|   | Item 5.  | Market for the Registrant’s Common Equity, Related Shareholder Matters and            |   |
|--------|----------|---------------------------------------------------------------------------------------------|--------|
|   |     | Issuer Purchases of Equity Securities                                                       | 14     |
|   | Item 6.  | Selected Financial Data                                                                     | 17     |
|   | Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 18     |
|   |     | Forward-Looking Statements; Factors That May Affect Future Results                          | 26     |
|   | Item 7A. | Quantitative and Qualitative Disclosure About Market Risks                                  | 27     |
|   | Item 8.  | Financial Statements and Supplementary Data                                                 | 28     |
|   | Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure        | 63     |
|   | Item 9A. | Controls and Procedures                                                                     | 63     |
|   | Item 9B. | Other Information                                                                           | 63     |

|   | Item 10. | Directors, Executive Officers and Corporate Governance                                         | 64 |
|--------|----------|------------------------------------------------------------------------------------------------|----|
|   | Item 11. | Executive Compensation                                                                         | 64 |
|   | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters | 64 |
|   | Item 13. | Certain Relationships and Related Transactions, and Director Independence                      | 64 |
|   | Item 14. | Principal Accountant Fees and Services                                                         | 64 |

|   | Item 15. | Exhibits and Financial Statement Schedules | 65 |
|--------|----------|--------------------------------------------|----|

| SIGNATURES | 72 |
|------------|----|

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Index

|  FACTORS THAT MAY AFFECT FUTURE RESULTS Met-Pro’s prospects are subject to certain uncertainties and risks.  This Annual Report on Form 10-K also contains certain forward-looking statements within the meaning of the Federal securities laws.  Met-Pro’s future results may differ materially from its current results and actual results could differ materially from those projected in the forward-looking statements, perhaps for reasons described in “Risk Factors”, and perhaps for other unanticipated reasons. Readers should pay particular attention to the considerations described in the section of this report entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements; Factors That May Affect Future Results.” Readers should also carefully review the risk factors identified in this Annual Report and in other documents Met-Pro files from time to time with the Securities and Exchange Commission.  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 1.  Business:

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|          | Percentage of Net Sales        |
|---------------|--------------------------------|
|          | Fiscal Years Ended January 31, |
|          | 2011                           |   | 2010 |   | 2009 |   |   |
| United States | 74.8                           | % | 75.5 | % | 74.3 | % |   |
| Foreign       | 25.2                           | % | 24.5 | % | 25.7 | % |   |
| Net Sales     | 100.0                          | % | 100.0 | % | 100.0 | % |   |

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----

Index

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Executive Officers of the Registrant:

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Index

Item 1A.  Risk Factors:

| Our operating results may be adversely affected by unfavorable economic and market conditions and the uncertain geopolitical environment. |
|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | reduced demand for our products, especially for those offered by our Product Recovery/Pollution Control Technologies reporting segment, which include large dollar projects more likely to be affected by economic conditions; |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | increased price competition for our products; |
|---------------------------|-----------------------------------------------|

| ·     | increased risk of excess and obsolete inventories; |
|---------------------------|----------------------------------------------------|

| ·     | increased risk in the collectability of cash from our customers; |
|--------------------------------|------------------------------------------------------------------|

| ·     | increased risk of the impairment of goodwill of our Flex-Kleen business; |
|---------------------------|--------------------------------------------------------------------------|

| ·     | increased risk in potential reserves for doubtful accounts and write-offs of accounts receivable; and |
|---------------------------|-------------------------------------------------------------------------------------------------------|

| ·     | higher operating costs as a percentage of revenues. |
|---------------------------|-----------------------------------------------------|

| We sell our products in highly competitive markets, which puts pressure on our profit margins and limits our ability to maintain or increase the market share of our products. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| We are party to asbestos-containing product litigation that could adversely affect our financial condition, results of operations and cash flows. |
|---------------------------------------------------------------------------------------------------------------------------------------------------|

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| Changes in pension fund investment performance or assumptions relating to pension costs may have a material effect on the valuation of our obligations under our defined benefit pension plans, the funded status of these plans and our pension expense, which can affect our earnings results as well as our cash flows. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| If our goodwill or indefinite-lived intangible assets become impaired, we may be required to record a significant charge to earnings and performance by our Flex-Kleen business unit must continue to improve to avoid an impairment charge. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| If we are unable to obtain raw materials at favorable prices, our operating margins and results of operations will be adversely affected. |
|-------------------------------------------------------------------------------------------------------------------------------------------|

| We may incur significant expense as a result of breach of contract, negligence, product liability and warranty claims, which could adversely affect our financial condition, results of operations and cash flows. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Natural or man-made disasters could negatively affect our business. |
|---------------------------------------------------------------------|

| A substantial portion of our business is sold internationally, we also manufacture outside the United States, and we plan to increase our international distribution and manufacturing of our products.  These international activities subject us to additional business risks. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | export and import restrictions, tax consequences and other trade barriers, |
|---------------------------|----------------------------------------------------------------------------|

| ·     | currency fluctuations, |
|---------------------------|------------------------|

| ·     | greater difficulty in accounts receivable collections, |
|---------------------------|--------------------------------------------------------|

| ·     | economic and political instability, |
|---------------------------|-------------------------------------|

| ·     | foreign exchange controls that prohibit payment in U.S. dollars, and |
|---------------------------|----------------------------------------------------------------------|

| ·     | increased complexity and costs of managing and staffing international operations. |
|---------------------------|-----------------------------------------------------------------------------------|

| Our products could infringe the intellectual property rights of others and we may be exposed to costly litigation. |
|--------------------------------------------------------------------------------------------------------------------|

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| Our ability to operate our Company effectively could be impaired if we fail to attract and retain key personnel. |
|------------------------------------------------------------------------------------------------------------------|

| Changes in accounting may affect our reported earnings. |
|---------------------------------------------------------|

| Additional risks to the Company. |
|----------------------------------|

Item 1B.  Unresolved Staff Comments:

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Item 2.  Properties:

|                        | User                            |   |                               | Structure  |   |   |   | Property/Location |   | Status |   |
|-----------------------------|---------------------------------|--------|------------------------------------|------------|--------|--------|--------|-------------------|--------|--------|--------|
|                        |                            |   |                               |       |
| Product Recovery/Pollution  | 73,000 square foot, cement      |   | 17 acres in Harleysville,          | Owned      |
| Control Technologies        | building, with finestone facing |   | Pennsylvania (1)                   |       |
|                        |                            |   |                               |       |
|                        | 45,500 square foot, brick       |   | 2.3 acres in Glendale Heights,     | Owned      |
|                        | building                        |   | Illinois                           |       |
|                        |                            |   |                               |       |
|                        | 3,239 square foot, masonry      |   | Vaughan, Ontario,                  | Leased (2) |
|                        | building                        |   | Canada                             |       |
|                        |                            |   |                               |       |
|                        | 63,000 square foot, metal       |   | 7 acres in Owosso,                 | Owned      |
|                        | and masonry building            |   | Michigan (3)                       |       |
|                        |                            |   |                               |       |
|                        | 5,758 square foot, masonry      |   | Tualatin, Oregon                   | Leased (4) |
|                        | building                        |   |                               |       |
|                        |                            |   |                               |       |
| Fluid Handling Technologies | 93,500 square foot, cement      |   | 8 acres in Telford,                | Owned      |
|                        | building with brick facing      |   | Pennsylvania                       |       |
|                        |                            |   |                               |       |
|                        | 66,000 square foot, metal       |   | 17.1 acres in Indianapolis,        | Owned      |
|                        | building                        |   | Indiana                            |       |
|                        |                            |   |                               |       |
| Mefiag Filtration           | 34,000 square foot, metal       |   | 1.7 acres in Heerenveen,      | Owned      |
| Technologies                | and masonry building            |   | The Netherlands                    |       |
|                        |                            |   |                               |       |
|                        | Vacant land                     |   | 3 acres in Heerenveen,             | Owned      |
|                        |                            |   | The Netherlands                    |       |
|                        |                            |   |                               |       |
|                        | 11,000 square foot cement       |   | Guangzhou, People’s Republic | Leased (5) |
|                        | building                        |   | of China                           |       |
|                        |                            |   |                               |       |
| Filtration/Purification     | 31,000 square foot, cement      |   | 2.3 acres in Hatfield,             | Owned      |
| Technologies                | block building                  |   | Pennsylvania                       |       |
|                        |                            |   |                               |       |
|                        | 22,000 square foot, cement      |   | 2.55 acres in Waukegan,            | Owned      |
|                        | block building                  |   | Illinois                           |       |

| (1) | Executive offices are housed in the building located in Harleysville, Pennsylvania.                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | On February 10, 2011, Met-Pro Product Recovery/Pollution Control Technologies, Inc. renewed a lease for a sales and warehouse facility in Vaughan, Ontario, Canada which expires on March 31, 2013. |
| (3) | Mefiag Filtration Technologies leases space in the Product Recovery/Pollution Control Technologies facility located in Owosso, Michigan.                                                            |
| (4) | On October 8, 2010, Bio-Reaction Industries Inc. entered into a lease for a sales and warehouse facility in Tualatin, Oregon which expires on September 30, 2012.                                   |
| (5) | Mefiag Filtration Technologies lease for the operation in Guangzhou, People’s Republic of China expires on July 31, 2014.                                                                     |

----

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Item 3.  Legal Proceedings:

Item 4.   Submission of Matters to a Vote of Security Holders:

----

Index

Item 5.   Market for the Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities:

|                          |   | Quarter ended |   |   |
|-------------------------------|--------|---------------|--------|--------|
| Year ended January 31, 2011   | April  |          | July   |   | October |   | January |   |
|                          |   |          |   |   |   |   |   |   |
| Price range of common shares: |   |          |   |   |   |   |   |   |
| High                          | $10.60 |          | $11.62 |   | $11.50 |   | $12.50 |   |
| Low                           | 9.00   |          | 9.00   |   | 8.91 |   | 10.44 |   |
| Cash dividend paid            | .0600  |          | .0600  |   | .0600 |   | .0660 |   |
|                          |   |          |   |   |   |   |   |   |
| Year ended January 31, 2010   | April  |          | July   |   | October |   | January |   |
|                          |   |          |   |   |   |   |   |   |
| Price range of common shares: |   |          |   |   |   |   |   |   |
| High                          | $12.76 |          | $11.25 |   | $10.94 |   | $10.84 |   |
| Low                           | 6.05   |          | 8.50   |   | 9.15 |   | 9.03 |   |
| Cash dividend paid            | .0600  |          | .0600  |   | .0600 |   | .0600 |   |

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Index

|                                  | January 31, |
|---------------------------------------|-------------|
|                                  | 2006        |   | 2007 |   | 2008 |   | 2009 |   | 2010 |   | 2011 |   |
| Met-Pro Corporation                   | $100.00     |   | $120.20 |   |  $109.66 |   | $118.53 |   | $104.00 |   | $123.42 |   |
| S&P SC Industrial Machinery Index | 100.00      |   |   117.23 |   |  115.81 |   | 71.90 |   | 94.58 |   | 130.85 |   |
| S&P 500 Index                     | 100.00      |   | 114.50 |   | 111.85 |   | 68.66 |   | 91.41 |   | 111.69 |   |
| Russell 2000 Index                    | 100.00      |   |   110.42 |   |  99.63 |   | 62.92 |   | 86.72 |   | 113.91 |   |

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Index

|                                   |                   |                   | Number of Securities                                                                                                                        |
|----------------------------------------|------------------------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                   | Number of Securities   |                   | Remaining Available                                                                                                                         |
|                                   | to be Issued Upon      | Weighted-Average       | For Future Issuance                                                                                                                         |
|                                   | Exercise of            | Exercise Price of      | Under Equity                                                                                                                                |
|                                   | Outstanding Restricted | Outstanding Restricted | Compensation Plans                                                                                                                          |
|                                   | Stock Units, Options,  | Stock Units, Options   | (Excluding Securities                                                                                                                       |
| Plan Category                          | Warrants and Rights    | Warrants and Rights    | Reflected in Column (A))                                                                                                                    |
|                                   | (A)                    | (B)                    | (C)                                                                                                                                         |
| Equity compensation plans approved by  |                   |                   |                                                                                                                                        |   |   |   |   |   |   |
|                                   | security holders       |                   |     1,286,519                                                                                                           | (1) |   | $10.21 |   |   |    814,460 |  (2) |
| Equity compensation plans not approved |                   |                   |                                                                                                                                        |   |   |   |   |   |   |
|                                   | by security holders    |                   |                        - |   |   | - |   |   | - |   |

| (1)   | The number of securities to be issued upon exercise of outstanding options and restricted stock units for the 1997 Stock Option Plan, the 2001 Equity Incentive Plan, the 2005 Equity Incentive Plan and the 2008 Equity Incentive Plan amounted to 35,788; 445,636; 785,252 and 19,843 shares, respectively. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The number of securities remaining available for future issuance under equity compensation plans for the 1997 Stock Option Plan, the 2001 Equity Incentive Plan, the 2005 Equity Incentive Plan and the 2008 Equity Incentive Plan amounted to zero (0); zero (0); 84,303 and 730,157 shares, respectively. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                 |   |      |   |                                         |   | Total      |   | Maximum   |   |
|----------------------|--------|-----------|--------|----------------------------------------------|--------|------------|--------|-----------|--------|
|                 |   |      |   |                                         |   | Number of  |   | Number of |   |
|                 |   |      |   |                                         |   | Shares     |   | Shares    |   |
|                 |   |      |   |                                         |   | Purchased  |   | That May  |   |
|                 |   |      |   |                                         |   | As Part of |   | Yet Be    |   |
|                 |   | Total     |   |                                         |   | Publicly   |   | Purchased |   |
|                 |   | Number of |   | Average                                      |   | Announced  |   | Under the |   |
|                 |   | Shares    |   | Price Paid                                   |   | Plans or   |   | Plans or  |   |
| Period               |   | Purchased |   | Per Share                                    |   | Programs   |   | Programs  |   |
| February 1-28, 2010  |   | 0         |   | $       - |   | 0          |   | 273,763   |   |
| March 1-31, 2010     |   | 22,803    |   | 9.94                                         |   | 22,803     |   | 250,960   |   |
| April 1-30, 2010     |   | 0         |   | -                                            |   | 0          |   | 250,960   |   |
| May 1-31, 2010       |   | 0         |   | -                                            |   | 0          |   | 250,960   |   |
| June 1-30, 2010      |   | 4,092     |   | 9.82                                         |   | 4,092      |   | 246,868   |   |
| July 1-31, 2010      |   | 0         |   | -                                            |   | 0          |   | 246,868   |   |
| 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   |   |
| November 1-30, 2010  |   | 0         |   | -                                            |   | 0          |   | 211,028   |   |
| December 1-31, 2010  |   | 23,671    |   | 11.66                                        |   | 23,671     |   | 187,357   |   |
| January 1-31, 2011   |   | 0         |   | -                                            |   | 0          |   | 187,357   |   |
| Total                |   | 86,406    |   | $10.83                                       |   | 86,406     |   | 187,357   |   |

----

Index

Item 6.  Selected Financial Data:

|                                            | Years ended January 31, |
|-------------------------------------------------|-------------------------|
|                                            |                    | 2011 |   | 2010 |   | 2009 |   | 2008 |   | 2007 |
|                                            |                    |   |   |   |   |   |   |   |   |   |
| Selected Operating Statement Data               |                    |   |   |   |   |   |   |   |   |   |
| Net sales                                       |                    | $88,865,426 |   | $80,132,493 |   | $103,391,926 |   | $106,867,849 |   | $93,505,504 |
| Income from operations                          |                    | 8,970,321 |   | 6,512,555 |   | 14,057,079 |   | 17,597,491 | (1) | 9,757,075 |
| Net income                                      |                    | 6,139,132 |   | 4,439,811 |   | 9,861,065 |   | 11,906,165 | (2) | 6,926,804 |
| Earnings per share, basic                       |                    | .42 |   | .30 |   | .66 |   | .79 | (3) | .46 |
| Earnings per share, diluted                     |                    | .42 |   | .30 |   | .65 |   | .78 | (4) | .46 |
|                                            |                    |   |   |   |   |   |   |   |   |   |
| Selected Balance Sheet Data                     |                    |   |   |   |   |   |   |   |   |   |
| Current assets                                  |                    | $65,346,052 |   | $63,245,243 |   | $64,161,732 |   | $68,095,140 |   | $58,803,353 |
| Current liabilities                             |                    | 11,208,173 |   | 10,198,047 |   | 12,239,667 |   | 16,850,801 |   | 14,364,393 |
| Working capital                                 |                    | 54,137,879 |   | 53,047,196 |   | 51,922,065 |   | 51,244,339 |   | 44,438,960 |
| Current ratio                                   |                    | 5.8 |   | 6.2 |   | 5.2 |   | 4.0 |   | 4.1 |
| Total assets                                    |                    | 108,046,328 |   | 104,608,359 |   | 104,752,304 |   | 109,410,903 |   | 96,741,657 |
| Long-term obligations                           |                    | 3,011,988 |   | 3,536,755 |   | 3,753,228 |   | 4,075,682 |   | 5,417,990 |
| Total shareholders’ equity                |                    | 84,472,924 |   | 80,977,584 |   | 78,777,481 |   | 83,243,168 |   | 72,313,132 |
| Total capitalization                            |                    | 87,484,912 |   | 84,514,339 |   | 82,530,709 |   | 87,318,850 |   | 77,731,122 |
| Return on average total assets, %               |                    | 5.8 |   | 4.2 |   | 9.2 |   | 11.6 |   | 7.5 |
| Return on average shareholders’ equity, % |                    | 7.4 |   | 5.6 |   | 12.2 |   | 15.3 |   | 9.9 |
|                                            |                    |   |   |   |   |   |   |   |   |   |
| Other Financial Data                            |                    |   |   |   |   |   |   |   |   |   |
| Net cash flows from operating activities        |                    | $8,597,505 |   | $15,645,713 |   | $12,142,087 |   | $9,875,144 |   | $3,900,152 |
| Capital expenditures                            |                    | 1,665,949 |   | 2,133,807 |   | 1,580,528 |   | 5,456,418 |   | 4,398,910 |
| Dollar value of share repurchases               |                    | 935,631 |   | 251,612 |   | 7,694,333 |   | 630,515 |   | - |
| Shareholders’ equity per share            |                    | 5.76 |   | 5.54 |   | 5.40 |   | 5.56 |   | 4.84 |
| Cash dividends paid per share                   |                    | .246 |   | .240 |   | .230 |   | .207 |   | .191 |
| Average common shares, basic                    |                    | 14,629,215 |   | 14,602,276 |   | 14,909,809 |   | 15,002,012 |   | 14,943,174 |
| Average common shares, diluted                  |                    | 14,758,659 |   | 14,675,735 |   | 15,219,540 |   | 15,328,368 |   | 15,205,012 |
| Common shares outstanding                       |                    | 14,658,262 |   | 14,617,015 |   | 14,600,109 |   | 15,039,030 |   | 14,953,658 |

| (1)   | Includes $3,513,940 from the sale of a building owned by the Company in Hauppauge, New York. |
|-----------------|----------------------------------------------------------------------------------------------|

| (2)   | Includes $2,213,782 (net of tax) from the sale of a building owned by the Company in Hauppauge, New York. |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (3)   | Includes $0.14 per share from the sale of a building owned by the Company in Hauppauge, New York. |
|-----------------|---------------------------------------------------------------------------------------------------|

| (4)   | Includes $0.15 per share from the sale of a building owned by the Company in Hauppauge, New York. |
|-----------------|---------------------------------------------------------------------------------------------------|

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Index

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations:

|                                        | Years ended January 31, |
|---------------------------------------------|-------------------------|
|                                        | 2011                    |   | 2010 |   | 2009 |   |
| Net sales                                   | 100.0                   | % | 100.0 | % | 100.0 | % |
| Cost of goods sold                          | 63.7                    | % | 65.8 | % | 65.1 | % |
| Gross profit                                | 36.3                    | % | 34.2 | % | 34.9 | % |
|                                        |                    |   |   |   |   |   |
| Selling, general and administrative expense | 26.2                    | % | 26.1 | % | 21.3 | % |
| Income from operations                      | 10.1                    | % | 8.1 | % | 13.6 | % |
|                                        |                    |   |   |   |   |   |
| Interest expense                            | (.2                     | %) | (.3 | %) | (.2 | %) |
| Other income, net                           | .4                      | % | .4 | % | .4 | % |
| Income before taxes                         | 10.3                    | % | 8.2 | % | 13.8 | % |
|                                        |                    |   |   |   |   |   |
| Provision for taxes                         | 3.4                     | % | 2.7 | % | 4.3 | % |
|                                        |                    |   |   |   |   |   |
| Net income                                  | 6.9                     | % | 5.5 | % | 9.5 | % |

----

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Index

|              |   |      |       |        |   |       |   |     |   |          |   |        |   | Total       |
|-------------------|--------|-----------|------------|-------------|--------|------------|--------|----------|--------|---------------|--------|-------------|--------|-------------|
|              |   |      |       |        |   |       |   |     |   |          |   |        |   | Contractual |
| Payments Due By   |   | Long-Term |       | Purchase    |   | Operating  |   | Interest |   | Pension       |   | Cash        |
| Period            |   | Debt      |       | Obligations |   | Leases     |   | Expense  |   | Contributions |   | Obligations |
| Less than 1 Year  |   |      | $532,540   |        |   | $5,542,812 |   | $117,203 |   | $182,234      |   | $2,997,815  |   | $9,372,604  |
| 1 – 3 Years |   |      | 768,478    |        |   | -          |   | 156,147  |   | 299,109       |   | 1,989,122   |   | 3,212,856   |
| 3 – 5 Years |   |      | 741,520    |        |   | -          |   | -        |   | 211,964       |   | 1,168,093   |   | 2,121,577   |
| More than 5 Years |   |      | 1,227,682  |        |   | -          |   | -        |   | 217,298       |   | 376,167     |   | 1,821,147   |
| Total             |   |      | $3,270,220 |        |   | $5,542,812 |   | $273,350 |   | $910,605      |   | $6,531,197  |   | $16,528,184 |

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Index

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Index

Forward-Looking Statements; Factors That May Affect Future Results:

| ·  | 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.  During 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.  In the fiscal year ended January 31, 2011, Flex-Kleen’s net sales were below that which is required by our impairment model, while the fiscal year 2011 operating profit was slightly higher than the amount which is required by our impairment model.  During the fiscal year ended January 31, 2011, 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.  Our impairment model requires that Flex-Kleen’s sales and operating profit improve during each of the next several fiscal years in order for us to avoid a potential impairment charge. While we project that Flex-Kleen’s performance during the fiscal year ending January 31, 2012 will be sufficient to avoid an impairment charge, 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 fiscal year ended January 31, 2011, a rehabilitation order was entered against one of our insurers, based upon its alleged insolvency. It appears that our remaining insurers have assumed prospectively the share of the defense and indemnity obligations that this one insurer had agreed to assume, and despite the alleged insolvency of this one insurer, 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 January 31, 2011 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;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

----

Index

| ·  | 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 7A.  Quantitative and Qualitative Disclosure About Market Risks:

----

Index

Item 8.   Financial Statements and Supplementary Data:

|   | Index to Consolidated Financial Statements and Supplementary Data: |                                                                          |
|--------|--------------------------------------------------------------------|-------------------------------------------------------------------------------|
|   |                                                               |                                                                          |  Page |
|   | Consolidated Financial Statements:                                 |                                                                          |
|   |                                                               | Management’s Annual Report on Internal Control Over Financial Reporting | 29 |
|   |                                                               | Reports of Independent Registered Public Accounting Firms                     | 30 |
|   |                                                               | Consolidated Statements of Income                                             | 33 |
|   |                                                               | Consolidated Balance Sheets                                                   | 34 |
|   |                                                               | Consolidated Statements of Cash Flows                                         | 35 |
|   |                                                               | Consolidated Statements of Shareholders’ Equity                         | 36 |
|   |                                                               | Notes to Consolidated Financial Statements                                    | 37 |

----

Index

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

|   |                                  |
|--------|---------------------------------------|
|   | /s/ Raymond J. De Hont                |
|   | Raymond J. De Hont                    |
|   | President and Chief Executive Officer |
|   |                                  |
|   |                                  |
|   | /s/ Gary J. Morgan                    |
|   | Gary J. Morgan                        |
|   | Chief Financial Officer               |

----

Index

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

| /s/ Marcum LLP            |   |
|---------------------------|--------|
|                      |   |
| Marcum LLP                |   |
| Bala Cynwyd, Pennsylvania |   |
| March 17, 2011            |   |

----

Index

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

| /s/ Margolis & Company P.C. |   |
|---------------------------------|--------|
|                            |   |
| Margolis & Company P.C      |   |
| Bala Cynwyd, Pennsylvania       |   |
| February 20, 2009               |   |

----

Index

| /s/ Marcum LLP            |   |
|---------------------------|--------|
|                      |   |
| Marcum LLP                |   |
| Bala Cynwyd, Pennsylvania |   |
| March 17, 2011            |   |

----

Index

CONSOLIDATED STATEMENTS OF INCOME

|                                   |   |     Years ended January 31, |
|----------------------------------------|--------|-------------------------------------------------|
|                                   |   | 2011                                            |   | 2010 |   | 2009 |
| Net sales                              |   | $88,865,426                                     |   | $80,132,493 |   | $103,391,926 |   |
| Cost of goods sold                     |   | 56,587,326                                      |   | 52,755,941 |   | 67,290,930 |   |
| Gross profit                           |   | 32,278,100                                      |   | 27,376,552 |   | 36,100,996 |   |
|                                   |   |                                            |   |   |   |   |   |
| Operating expenses                     |   |                                            |   |   |   |   |   |
|   Selling                    |   | 11,674,270                                      |   | 9,741,528 |   | 10,704,584 |   |
|   General and administrative |   | 11,633,509                                      |   | 11,122,469 |   | 11,339,333 |   |
|                                   |   | 23,307,779                                      |   | 20,863,997 |   | 22,043,917 |   |
| Income from operations                 |   | 8,970,321                                       |   | 6,512,555 |   | 14,057,079 |   |
|                                   |   |                                            |   |   |   |   |   |
| Interest expense                       |   | (212,470                                        | ) | (224,143 | ) | (228,249 | ) |
| Other income, net                      |   | 362,046                                         |   | 260,177 |   | 429,074 |   |
| Income before taxes                    |   | 9,119,897                                       |   | 6,548,589 |   | 14,257,904 |   |
|                                   |   |                                            |   |   |   |   |   |
| Provision for taxes                    |   | 2,980,765                                       |   | 2,108,778 |   | 4,396,839 |   |
| Net income                             |   | $6,139,132                                      |   | $4,439,811 |   | $9,861,065 |   |
|                                   |   |                                            |   |   |   |   |   |
| Earnings per share                     |   |                                            |   |   |   |   |   |
|   Basic                      |   | $.42                                            |   | $.30 |   | $.66 |   |
|   Diluted                    |   | $.42                                            |   | $.30 |   | $.65 |   |
|                                   |   |                                            |   |   |   |   |   |
| Average number of common and           |   |                                            |   |   |   |   |   |
| common equivalent shares outstanding   |   |                                            |   |   |   |   |   |
|   Basic                      |   | 14,629,215                                      |   | 14,602,276 |   | 14,909,809 |   |
|   Diluted                    |   | 14,758,659                                      |   | 14,675,735 |   | 15,219,540 |   |

----

Index

CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                   | January 31,  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|
| ASSETS                                                                                                                                                 | 2011         |   | 2010 |   |
| Current assets                                                                                                                                         |         |   |   |   |
|    Cash and cash equivalents                                                                                                            | $32,400,814  |   | $30,662,104 |   |
|    Short-term investments                                                                                                               | 497,155      |   | 725,004 |   |
|    Accounts receivable, net of allowance for                                                                                            |         |   |   |   |
|            doubtful accounts of approximately                                                   |         |   |   |   |
|            $444,000 and $204,000, respectively                                                  | 15,311,322   |   | 14,011,950 |   |
|    Inventories                                                                                                                          | 15,474,430   |   | 16,136,521 |   |
|    Prepaid expenses, deposits and other current assets                                                                                  | 1,578,176    |   | 1,709,664 |   |
|    Deferred income taxes                                                                                                                | 84,155       |   | - |   |
|                  Total current assets                             | 65,346,052   |   | 63,245,243 |   |
|                                                                                                                                                   |         |   |   |   |
| Property, plant and equipment, net                                                                                                                     | 19,863,031   |   | 19,860,751 |   |
| Goodwill                                                                                                                                               | 20,798,913   |   | 20,798,913 |   |
| Other assets                                                                                                                                           | 2,038,332    |   | 703,452 |   |
|                  Total assets                                     | $108,046,328 |   | $104,608,359 |   |
|                                                                                                                                                   |         |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                             |         |   |   |   |
| Current liabilities                                                                                                                                    |         |   |   |   |
|    Current portion of long-term debt                                                                                                    | $532,540     |   | $534,251 |   |
|    Accounts payable                                                                                                                     | 4,864,724    |   | 4,297,936 |   |
|    Accrued salaries, wages and benefits                                                                                                 | 1,650,314    |   | 1,020,383 |   |
|    Other accrued expenses                                                                                                               | 2,286,043    |   | 2,405,308 |   |
|    Dividend payable                                                                                                                     | 967,445      |   | 876,279 |   |
|    Customers’ advances                                                                                                            | 907,107      |   | 882,637 |   |
|    Deferred income taxes                                                                                                                | -            |   | 181,253 |   |
|                  Total current liabilities                        | 11,208,173   |   | 10,198,047 |   |
|                                                                                                                                                   |         |   |   |   |
| Long-term debt                                                                                                                                         | 3,011,988    |   | 3,536,755 |   |
| Accrued pension retirement benefits                                                                                                                    | 6,553,262    |   | 8,127,412 |   |
| Other non-current liabilities                                                                                                                          | 54,195       |   | 51,998 |   |
| Deferred income taxes                                                                                                                                  | 2,745,786    |   | 1,716,563 |   |
|                  Total liabilities                                | 23,573,404   |   | 23,630,775 |   |
| Commitments and contingencies                                                                                                                          |         |   |   |   |
| Shareholders’ equity                                                                                                                             |         |   |   |   |
|    Common shares, $.10 par value; 36,000,000 shares                                                                                     |         |   |   |   |
|            authorized, 15,928,679 shares issued,                                                |         |   |    |   |
|            of which 1,270,417 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                                                                                                           | 3,448,249    |   | 2,988,950 |   |
|    Retained earnings                                                                                                                    | 93,113,247   |   | 90,662,820 |   |
|    Accumulated other comprehensive loss                                                                                                 | (3,201,767   | )      | (3,679,641 | ) |
|    Treasury shares, at cost                                                                                                             | (10,479,673  | )      | (10,587,413 | ) |
|                  Total shareholders’ equity                      | 84,472,924   |   | 80,977,584 |   |
|                  Total liabilities and shareholders’ equity | $108,046,328 |   | $104,608,359 |   |

----

Index

CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                                                   | Years ended January 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------|-------------------------|--------|
|                                                                                                                                   | 2011                    |   | 2010 |   | 2009 |   |
|                                                                                                                                   |                    |   |   |   |   |   |
| Cash flows from operating activities                                                                                                   |                    |   |   |   |   |   |
|      Net income                                                                                               | $6,139,132              |   | $4,439,811 |   | $9,861,065 |   |
|      Adjustments to reconcile net income to net                                                               |                    |   |   |   |   |   |
|                 cash provided by operating activities: |                    |   |   |   |   |   |
|          Depreciation and amortization                                                    | 1,824,685               |   | 1,931,512 |   | 1,924,611 |   |
|          Deferred income taxes                                                            | 439,069                 |   | 406,754 |   | 913,356 |   |
|          (Gain) loss on sales of property and equipment, net                              | 8,231                   |   | (20,585 | ) | (18,174 | ) |
|          Loss on sale of investments                                                      | -                       |   | - |   | 11,102 |   |
|          Stock-based compensation                                                         | 645,891                 |   | 645,967 |   | 432,204 |   |
|          Allowance for doubtful accounts                                                  | 240,133                 |   | 37,189 |   | 14,695 |   |
|          Change in operating assets and liabilities:                                      |                    |   |   |   |   |   |
|              Accounts receivable                                      | (1,464,863              | )      | 6,409,090 |   | 2,414,216 |   |
|              Inventories                                              | 676,071                 |   | 4,280,330 |   | 723,256 |   |
|              Prepaid expenses, deposits and other assets              | (243,598                | )      | (9,904 | ) | (279,422 | ) |
|              Accounts payable and accrued expenses                    | 977,454                 |   | (2,551,921 | ) | (3,113,308 | ) |
|              Customers’ advances                                | 22,004                  |   | 524,678 |   | 96,670 |   |
|              Other non-current liabilities                            | (666,704                | )      | (447,208 | ) | (838,184 | ) |
|              Net cash provided by operating activities                |   8,597,505        |   |   15,645,713 |   |   12,142,087 |   |
|                                                                                                                                   |                    |   |   |   |   |   |
| Cash flows from investing activities                                                                                                   |                    |   |   |   |   |   |
|      Proceeds from sales of property and equipment                                                            | 36,387                  |   | 40,318 |   | 20,785 |   |
|      Acquisitions of property and equipment                                                                   | (1,665,949              | )      | (2,133,807 | ) | (1,580,528 | ) |
|      Purchase of investments                                                                                  | (745,218                | )      | (1,445,004 | ) | - |   |
|      Proceeds from maturities of investments                                                                  | 725,004                 |   | 720,000 |   | - |   |
|      Increase in securities available for sale                                                                | -                       |   | - |   | (472 | ) |
|      Proceeds from sale of securities                                                                         | -                       |   | - |   | 11,190 |   |
|      Payment for acquisition of business                                                                      | (955,268                | )      | - |   | - |   |
|              Net cash (used in) investing activities                  | (2,605,044              | )      | (2,818,493 | ) | (1,549,025 | ) |
|                                                                                                                                   |                    |   |   |   |   |   |
| Cash flows from financing activities                                                                                                   |                    |   |   |   |   |   |
|      Proceeds from new borrowings                                                                             | 189,074                 |   | 485,336 |   | - |   |
|      Reduction of debt                                                                                        | (717,134                | )      | (926,497 | ) | (1,664,252 | ) |
|      Exercise of stock options                                                                                | 780,834                 |   | 225,584 |   | 1,912,398 |   |
|      Payment of dividends                                                                                     | (3,597,539              | )      | (3,504,026 | ) | (3,359,962 | ) |
|      Purchase of treasury shares                                                                              | (935,631                | )      | (251,612 | ) | (7,694,333 | ) |
|              Net cash (used in) financing activities                  | (4,280,396              | )      | (3,971,215 | ) | (10,806,149 | ) |
| Effect of exchange rate changes on cash                                                                                                | 26,645                  |   | 56,446 |   | 55,863 |   |
| Net increase (decrease) in cash and cash equivalents                                                                                   | 1,738,710               |   | 8,912,451 |   | (157,224 | ) |
| Cash and cash equivalents at beginning of year                                                                                         | 30,662,104              |   | 21,749,653 |   | 21,906,877 |   |
| Cash and cash equivalents at end of year                                                                                               | $32,400,814             |   | $30,662,104 |   | $21,749,653 |   |

----

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, 2008                                                             | $1,592,881 |       | $1,897,655 |          | $83,267,096             |   |   | $1,340,427  |   |   | ($4,854,891 | ) | $83,243,168 |   |
| Comprehensive income:                                                                  |       |       |       |          |                    |   |   |        |   |   |   |   |   |   |
|    Net income                                                           | -          |       | -          |          | 9,861,065               |   |   | -           |   |   | - |   |   |   |
|    Pension measurement                                                  | -          |       | -          |          | 7,969                   |   |   | -           |   |   | - |   |   |   |
|    Foreign currency translation adjustment                              | -          |       | -          |          | -                       |   |   | (771,445    | )      |   | - |   |   |   |
|    Interest rate swap, net of tax of $67,972                            | -          |       | -          |          | -                       |   |   | (115,736    | )      |   | - |   |   |   |
|    Securities available for sale, net of tax                            |       |       |       |          |                    |   |   |        |   |   |   |   |   |   |
|       of  ($537)                               | -          |       | -          |          | -                       |   |   | 914         |   |   | - |   |   |   |
|    Minimum pension liability adjustment,                                |       |       |       |          |                    |   |   |        |   |   |   |   |   |   |
|       net of tax of $2,806,393                           | -          |       | -          |          | -                       |   |   | (4,778,453  | )      |   | - |   |   |   |
|           Total comprehensive income |       |       |       |          |                    |   |   |        |   |   |   |   | 4,204,314 |   |
| Dividends paid, $.165 per share                                                        | -          |       | -          |          | (2,532,815              | )      |   | -           |   |   | - |   | (2,532,815 | ) |
| Dividend declared, $.06 per share                                                      | -          |       | -          |          | (876,007                | )      |   | -           |   |   | - |   | (876,007 | ) |
| Stock-based compensation                                                               | -          |       | 432,204    |          | -                       |   |   | -           |   |   | - |   | 432,204 |   |
| Stock option transactions                                                              | -          |       | 46,769     |          | -                       |   |   | -           |   |   | 1,865,629 |   | 1,912,398 |   |
| Purchase of 731,735 treasury shares                                                    | -          |       | -          |          | -                       |   |   | -           |   |   | (7,694,333 | ) | (7,694,333 | ) |
| Stock option tax benefit                                                               | -          |       | 88,552     |          | -                       |   |   | -           |   |   | - |   | 88,552 |   |
| Common share adjustment                                                                | (13        | )          | 13         |          | -                       |   |   | -           |   |   | - |   | - |   |
| 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                                                           | -          |       | -          |          | 4,439,811               |   |   | -           |   |   | - |   |   |   |
|    Foreign currency translation adjustment                              | -          |       | -          |          | -                       |   |   | 439,575     |   |   | - |   |   |   |
|    Interest rate swap, net of tax of ($35,603)                          | -          |       | -          |          | -                       |   |   | 60,621      |   |   | - |   |   |   |
|    Minimum pension liability adjustment,                                |       |       |       |          |                    |   |   |        |   |   |   |   |   |   |
|       net of tax of  ($84,838)                 | -          |       | -          |          | -                       |   |   | 144,456     |   |   | - |   |   |   |
|           Total comprehensive income |       |       |       |          |                    |   |   |        |   |   |   |   | 5,084,463 |   |
| Dividends paid, $.18 per share                                                         | -          |       | -          |          | (2,628,020              | )      |   | -           |   |   | - |   | (2,628,020 | ) |
| Dividends declared, $.06 per share                                                     | -          |       | -          |          | (876,279                | )      |   | -           |   |   | - |   | (876,279 | ) |
| Stock-based compensation                                                               | -          |       | 645,967    |          | -                       |   |   | -           |   |   | - |   | 645,967 |   |
| Stock option transactions                                                              | -          |       | (122,210   | )             | -                       |   |   | -           |   |   | 347,794 |   | 225,584 |   |
| Purchase of 26,237 treasury shares                                                     | -          |       | -          |          | -                       |   |   | -           |   |   | (251,612 | ) | (251,612 | ) |
| 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                                                           | -          |       | -          |          | 6,139,132               |   |   | -           |   |   | - |   |   |   |
|    Foreign currency translation adjustment                              | -          |       | -          |          | -                       |   |   | (82,149     | )      |   | - |   |   |   |
|    Interest rate swap, net of tax of $6,040                             | -          |       | -          |          | -                       |   |   | (10,284     | )      |   | - |   |   |   |
|    Minimum pension liability adjustment,                                |       |       |       |          |                    |   |   |        |   |   |   |   |   |   |
|       net of tax of  ($334,943)                | -          |       | -          |          | -                       |   |   | 570,307     |   |   | - |   |   |   |
|           Total comprehensive income |       |       |       |          |                    |   |   |        |   |   |   |   | 6,617,006 |   |
| Dividends paid, $.18 per share                                                         | -          |       | -          |          | (2,721,260              | )      |   | -           |   |   | - |   | (2,721,260 | ) |
| Dividends declared, $.066 per share                                                    | -          |       | -          |          | (967,445                | )      |   | -           |   |   | - |   | (967,445 | ) |
| Stock-based compensation                                                               | -          |       | 645,891    |          | -                       |   |   | -           |   |   | - |   | 645,891 |   |
| Stock option transactions                                                              | -          |       | (262,537   | )             | -                       |   |   | -           |   |   | 1,043,371 |   | 780,834 |   |
| Purchase of 86,406 treasury shares                                                     | -          |       | -          |          | -                       |   |   | -           |   |   | (935,631 | ) | (935,631 | ) |
| Stock option tax benefit                                                               | -          |       | 75,945     |          | -                       |   |   | -           |   |   | - |   | 75,945 |   |
| Balances, January 31, 2011                                                             | $1,592,868 |       | $3,448,249 |          | $93,113,247             |   |   | ($3,201,767 | )      |   | ($10,479,673 | ) | $84,472,924 |   |

----

Index

NOTE 1:               NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

| Level 1  | Quoted market prices in active markets for identical assets or liabilities;                                                                                                                                                                                                                                |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |                                                                                                                                                                                                                                                                                                       |
| Level 2  | Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and |
|               |                                                                                                                                                                                                                                                                                                       |
| Level 3  | Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability.                                                                                                                |

----

Index

|                       | Years            |
|----------------------------|------------------|
| Buildings and improvements | 10-39            |
| Machinery and equipment    |   5-10 |
| Furniture and fixtures     | 5-7              |
| Automotive equipment       | 3                |

----

Index

|                                | Product Recovery/ |           |   |         | Mefiag  |         | Filtration/ |       |
|-------------------------------------|-------------------|----------------|--------|--------------|---------|--------------|-------------|------------|
|                                | Pollution Control | Fluid Handling |   | Filtration   |    | Purification |        |
|                                | Technologies      | Technologies   |   | Technologies |    | Technologies | Total       |
| Balance as of February 1, 2010      |              | $15,706,667    |   |         | $11,542 |         |        | $1,732,482 |   |   |   | $3,348,222 |   | $20,798,913 |
| Goodwill acquired during the period |              | -              |   |         | -       |         |        | -          |   |   |   | - |   | - |
| Balance as of January 31, 2011      |              | $15,706,667    |   |         | $11,542 |         |        | $1,732,482 |   |   |   | $3,348,222 |   | $20,798,913 |

|                          |                  | January 31, 2011 |   | January 31, 2010 |   |
|-------------------------------|-----------------------|------------------|--------|------------------|--------|
|                          |                  | Gross Carrying   |   | Accumulated      |   | Gross Carrying |   | Accumulated |   |
| Amortized intangible assets   |                  | Amount           |   | Amortization     |   | Amount |   | Amortization |   |
|                          | Patents               |             |   | $709,132         |   |   | ($70,452 | ) |   | $64,590 |   |   | ($45,433 | ) |
|                          | Customer lists        |             |   | 339,823          |   |   | (217,093 | ) |   | 214,823 |   |   | (205,663 | ) |
|                          | Intellectual property |             |   | 195,886          |   |   | (195,886 | ) |   | 195,886 |   |   | (195,886 | ) |
|                          | Other                 |             |   | 181,337          |   |   | (78,517 | ) |   | 131,337 |   |   | (62,949 | ) |
|                          |                  |             |   | $1,426,178       |   |   | ($561,948 | ) |   | $606,636 |   |   | ($509,931 | ) |
|                          |                  |             |   |             |   |   |   |   |   |   |   |   |   |   |
| Unamortized intangible assets |                  |             |   |             |   |   |   |   |   |   |   |   |   |
|                          | Trademarks            |             |   | $10,500          |   |   | $0 |   |   | $500 |   |   | $0 |   |

|                           |                                |   |     |
|--------------------------------|-------------------------------------|--------|----------|
| Amortization Expense           |                                |   |
|                           | For the year ended January 31, 2009 |   | $24,103  |
|                           | For the year ended January 31, 2010 |   | 37,047   |
|                           | For the year ended January 31, 2011 |   | 52,017   |
|                           |                                |   |     |
| Estimated Amortization Expense |                                |   |
|                           | For the year ended January 31, 2012 |   | $104,912 |
|                           | For the year ended January 31, 2013 |   | 94,680   |
|                           | For the year ended January 31, 2014 |   | 78,013   |
|                           | For the year ended January 31, 2015 |   | 77,568   |
|                           | For the year ended January 31, 2016 |   | 76,621   |
|                           | Thereafter                          |   | 432,436  |
|                           |                                |   | $864,230 |

----

Index

----

Index

|                           | 2011         |      | 2010   |      | 2009   |
|--------------------------------|--------------|-----------|--------|-----------|--------|
| Cash paid during the year for: |         |      |   |      |   |
|                           | Interest     | $210,497  |   | $220,919  |   | $248,970 |
|                           | Income taxes | 2,096,789 |   | 1,608,485 |   | 4,305,042 |

----

Index

|            | January 31, |
|-----------------|-------------|
|            | 2011        |   | 2010 |
| Fair value      | $3,858,888  |   | $4,422,584 |
| Carrying amount | 3,544,528   |   | 4,071,006 |

----

Index

|                                                      |             |   |            | Quoted Prices |      |        |         |   |   |
|-----------------------------------------------------------|------------------|--------|-----------------|---------------|-----------|-------------|--------------|--------|--------|
|                                                      |             |   |            | in Active     |      |        |         |   |   |
|                                                      |             |   |            | Markets for   |      | Significant | Significant  |
|                                                      |             |   |            | Identical     |      | Observable  | Unobservable |
|                                                      | Balance at       |   | Assets          |          | Inputs    | Inputs      |
|                                                      | January 31, 2011 |   |  (Level 1) |          | (Level 2) | (Level 3)   |
| Cash and cash equivalents                                 | $32,400,814      |   |            | $32,400,814   |      |        | $0           |   | $0     |   |
| Short-term investments                                    | 497,155          |   |            | 497,155       |      |        | -            |   | -      |   |
| Long-term investments                                     | 248,063          |   |            | 248,063       |      |        | -            |   | -      |   |
| Cash surrender value -  life insurance policies | 912,417          |   |            | -             |      |        | 912,417      |   | -      |   |
| Interest rate swap agreement                              | 274,308          |   |            | -             |      |        | 274,308      |   | -      |   |
|                                                      | $34,332,757      |   |            | $33,146,032   |      |        | $1,186,725   |   | $0     |   |

|                                           |             |   |            | Quoted Prices |      |        |         |   |     |
|------------------------------------------------|------------------|--------|-----------------|---------------|-----------|-------------|--------------|--------|----------|
|                                           |             |   |            | in Active     |      |        |         |   |     |
|                                           |             |   |            | Markets for   |      | Significant | Significant  |
|                                           |             |   |            | Identical     |      | Observable  | Unobservable |
|                                           | Balance at       |   | Assets          |          | Inputs    | Inputs      |
|                                           | January 31, 2010 |   |  (Level 1) |          | (Level 2) | (Level 3)   |
| Cash and cash equivalents                      | $30,662,104      |   |            | $30,662,104   |      |        | $0           |   | $0       |    |
| Short-term investments                         | 725,004          |   |            | 725,004       |      |        | -            |   | -        |   |
| Cash surrender value - life insurance policies | 606,243          |   |            | -             |      |        | 606,243      |   | -        |   |
| Interest rate swap agreement                   | 257,984          |   |            | -             |      |        | 257,984      |   | -        |   |
|                                           | $32,251,335      |   |            | $31,387,108   |      |        | $864,227     |   |  $0 |   |

----

Index

|                        |                                                                                                              | January 31, |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------|-------------|
|                        |                                                                                                              | 2011        |   | 2010 |   | 2009 |
| Numerator:                  |                                                                                                              |        |   |   |   |
|                        | Net income                                                                                                        | $6,139,132  |   | $4,439,811 |   | $9,861,065 |
| Denominator:                |                                                                                                              |        |   |   |   |
|                        | Weighted average common shares outstanding during     the period for basic computation   | 14,629,215  |   | 14,602,276 |   | 14,909,809 |
|                        | Dilutive effect of stock-based compensation plans                                                                 | 129,444     |   | 73,459 |   | 309,731 |
|                        | Weighted average common shares outstanding during     the period for diluted computation | 14,758,659  |   | 14,675,735 |   | 15,219,540 |
|                        |                                                                                                              |        |   |   |   |   |
| Earnings per share, basic   | $.42                                                                                                              |        | $.30 |   | $.66 |
| Earnings per share, diluted | $.42                                                                                                              |        | $.30 |   | $.65 |

|            | January 31, |
|-----------------|-------------|
|            | 2011        |   | 2010 |
| Raw materials   | $11,639,410 |   | $11,965,727 |
| Work in process | 1,914,412   |   | 2,023,065 |
| Finished goods  | 1,920,608   |   | 2,147,729 |
|            | $15,474,430 |   | $16,136,521 |

----

Index

|                          | January 31, |
|-------------------------------|-------------|
|                          | 2011        |   | 2010 |
| Land                          | $2,449,329  |   | $2,456,676 |
| Buildings and improvements    | 20,051,371  |   | 19,936,325 |
| Machinery and equipment       | 13,769,406  |   | 13,186,060 |
| Furniture and fixtures        | 5,612,378   |   | 5,164,530 |
| Automotive equipment          | 1,459,614   |   | 1,444,540 |
| Construction in progress      | 1,619,561   |   | 1,293,873 |
|                          | 44,961,659  |   | 43,482,004 |
| Less accumulated depreciation | 25,098,628  |   | 23,621,253 |
|                          | $19,863,031 |   | $19,860,751 |

|                                                     | January 31,                                              |
|----------------------------------------------------------|----------------------------------------------------------|
|                                                     | 2011                                                     |   | 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 January 31, 2011), maturing April, 2021,        |   |   |   |
|                                                     | collateralized by the Telford, PA building               | $2,396,878 |   | $2,630,720 |
|                                                     |                                                     |   |   |
| Note payable, bank, payable in quarterly installments of |                                                     |   |   |
|                                                     | $34,230 (25,000 Euro), plus interest at a fixed rate of  |   |   |   |
|                                                     | 3.82%, maturing January, 2016                            | 684,600 |   | 831,782 |
|                                                     |                                                     |   |   |
| Equipment note, payable in monthly installments of       |                                                     |   |   |
|                                                     | $13,482, no interest, maturing March 2012                | 188,742 |   | 350,520 |
|                                                     |                                                     |   |   |
|                                                     | 3,270,220                                                |   | 3,813,022 |
| Less current portion                                     | 532,540                                                  |   | 534,251 |
|                                                     | 2,737,680                                                |   | 3,278,771 |
| Fair market value of interest rate swap liability        | 274,308                                                  |   | 257,984 |
| Long-term portion                                        | $3,011,988                                               |   | $3,536,755 |

----

Index

| Year Ending |       |   |
|-------------|------------|--------|
| January 31, |       |   |
| 2012        | $532,540   |   |
| 2013        | 397,718    |   |
| 2014        | 370,760    |   |
| 2015        | 370,760    |   |
| 2016        | 370,760    |   |
| Thereafter  | 1,227,682  |   |
|        | $3,270,220 |   |

|                                             |   | 2011        |   | 2010   |
|--------------------------------------------------|--------|-------------|--------|--------|
| Interest rate swap, net of tax                   |   | ($172,814   | )      |   | ($162,530 | ) |
| Foreign currency translation adjustment          |   | 1,038,123   |   |   | 1,120,272 |   |
| Minimum pension liability adjustment, net of tax |   | (4,067,076  | )      |   | (4,637,383 | ) |
|                                             |   | ($3,201,767 | )      |   | ($3,679,641 | ) |

----

Index

|                           | Units  |
|--------------------------------|--------|
| Non-vested at February 1, 2010 | 0      |   |
| Granted                        | 12,315 |   |
| Vested                         | -      |   |
| Forfeited                      | -      |   |
| Non-vested at January 31, 2011 | 12,315 |   |

----

Index

|                          |  Fiscal Years Ended |
|-------------------------------|--------------------------|
|                          | January 31,              |
|                          | 2011                     | 2010 | 2009 |
|                          |                     |   |   |
|  Expected term (years)   | 5.0                      | 3.0 - 5.0 | 5.0 |
|  Risk-free interest rate | 1.90% - 3.53%            | 1.90% - 4.50% | 3.53% - 4.50% |
|  Expected volatility     | 29% - 45%                | 29% - 39% | 29% |
|  Dividend yield          | 1.88% - 2.48%            | 1.86% - 2.80% | 1.86% - 1.88% |

|     |                            |      |           |         |      | Weighted  |   |       |
|----------|---------------------------------|-----------|----------------|--------------|-----------|-----------|--------|------------|
|     |                            |      |           | Weighted     | Average   | Aggregate |
|     |                            |      |           | Average      | Remaining | Intrinsic |
|     |                            | Shares    | Exercise Price | Life (years) | Value     |
| Options: |                            |      |           |         |      |      |   |       |
|     | Outstanding at February 1, 2010 | 1,373,027 |           | $9.6866      |      | 6.41      |   |       |   |
|     | Granted                         | 125,448   |           | 12.1800      |      |      |   |       |   |
|     | Forfeited                       | 30,750    |           | 10.3897      |      |      |   |       |   |
|     | Expired                         | 65,868    |           | 11.2054      |      |      |   |       |   |
|     | Exercised                       | 127,653   |           | 6.1168       |      |      |   |       |   |
|     | Outstanding at January 31, 2011 | 1,274,204 |           | $10.1942     |      | 6.29      |   | $1,265,764 |   |
|     |                            |      |           |         |      |      |   |       |   |
|     | Exercisable at January 31, 2011 | 952,358   |           | $9.9445      |      | 5.34      |   | $1,099,432 |   |

|                 |   | Options Outstanding |             | Options Exercisable |
|----------------------|--------|---------------------|------------------|---------------------|
|                 |   |                | Weighted Average |                |   |   |   |
|                 |   |                | Remaining        | Weighted Average    |   |   | Weighted Average |
|                 |   | Shares              | Life (years)     | Exercise Price      |   | Shares | Exercise Price |
| Range of prices:     |   |                |             |                |   |   |   |   |   |   |   |   |
| $5.50 – 6.99   |   | 39,825              |             | 1.57                |   | $5.5328 |   |   | 39,825 |   | $5.5328 |   |
| $7.00 – 8.99   |   | 121,450             |             | 3.91                |   | 7.4583 |   |   | 121,450 |   | 7.4583 |   |
| $9.00 – 9.99   |   | 470,344             |             | 6.26                |   | 9.4848 |   |   | 326,949 |   | 9.3948 |   |
| $10.00 – 10.99 |   | 155,337             |             | 5.76                |   | 10.8975 |   |   | 155,337 |   | 10.8975 |   |
| $11.00 – 11.99 |   | 361,800             |             | 6.62                |   | 11.5575 |   |   | 308,797 |   | 11.5939 |   |
| $12.00 – 12.99 |   | 125,448             |             | 9.88                |   | 12.1800 |   |   | - |   | - |   |
|                 |   | 1,274,204           |             | 6.29                |   | $10.1942 |   |   | 952,358 |   | $9.9445 |   |

----

Index

|                            | 2011       |   | 2010         |   | 2009       |
|---------------------------------|------------|--------|--------------|--------|------------|
| Current                         |       |   |         |   |       |
|     Federal | $2,106,753 |   | $1,464,160   |   | $2,880,591 |
|     State   | 299,616    |   | 199,327      |   | 463,805    |
|     Foreign | 135,327    |   | 38,537       |   | 139,087    |
|                            | 2,541,696  |   | 1,702,024    |   | 3,483,483  |
| Deferred                        |       |   |         |   |       |
|     Federal | 429,442    |   | 377,441      |   | 825,509    |
|     State   | 37,892     |   | 33,304       |   | 72,839     |
|     Foreign | (28,265    | )      |  (3,991 | )      | 15,008     |
|                            | $2,980,765 |   | $2,108,778   |   | $4,396,839 |

|                           | January 31, |   |
|--------------------------------|-------------|--------|
|                           | 2011        |   | 2010 |   |
| Deferred tax assets            |        |   |   |   |
| Inventory cost capitalization  | $131,255    |   | $166,561 |   |
| Pension cost                   | 2,460,898   |   | 3,045,811 |   |
| Management incentive           | 178,825     |   | - |   |
| Non-compete agreements         | 31,967      |   | 64,033 |   |
| Stock options                  | 363,429     |   | 279,679 |   |
| Interest rate swap             | 101,494     |   | 95,454 |   |
| Other                          | 401,038     |   | 180,658 |   |
| Total deferred tax assets      | 3,668,906   |   | 3,832,196 |   |
|                           |        |   |   |   |
| Deferred tax liabilities       |        |   |   |   |
| Property, plant and equipment  | 2,255,538   |   | 1,928,751 |   |
| Inventory – LIFO         | 333,764     |   | 363,723 |   |
| Prepaid expenses               | 200,876     |   | 195,910 |   |
| Goodwill                       | 3,540,359   |   | 3,241,628 |   |
| Total deferred tax liabilities | 6,330,537   |   | 5,730,012 |   |
| Net deferred tax (liabilities) | ($2,661,631 | )      | ($1,897,816 | ) |

----

Index

|                                            | 2011                                 |                           | 2010   |   | 2009   |
|-------------------------------------------------|--------------------------------------|--------------------------------|--------|--------|--------|
| Computed expected                               |                                 |                           |   |   |   |   |   |   |   |   |   |   |   |   |
|     federal tax expense     | $3,100,765                           |       | 34.0   | %      |   | $2,226,520 |      | 34.0 | % |   | $4,847,687 |     | 34.0 | % |
| Manufacturing exemption                         |  (207,968                       | )                              | (2.3   | )      |   |  (129,428 | ) | (2.0 | ) |   |  (187,029 | )  | (1.4 | ) |
| State income taxes,                             |                                 |                           |   |   |   |   |   |   |   |   |   |   |   |   |
|     net of federal          |                                 |                           |   |   |   |   |   |   |   |   |   |   |   |   |
|     income tax benefit      | 197,747                              |                           | 2.2    |   |   | 131,556 |   | 2.0 |   |   | 306,111 |     | 2.1 |   |
| Research and                                    |                                 |                           |   |   |   |   |   |   |   |   |   |   |   |   |
|     development tax credits | (143,361                             | )                              | (1.5   | )      |   | (121,917 | ) | (1.9 | ) |   | (105,463 | ) | (.7 | ) |
| Stock option tax expense/                       |                                 |                           |   |   |   |   |   |   |   |   |   |   |   |   |
|     (benefit)               | 20,076                               |                           | .2     |   |   | 82,030 |   | 1.3 |   |   | (591,550 | ) | (4.1 | ) |
| Other                                           |      13,506 |                           | .1     |   |   |      (79,983 | ) | (1.2 | ) |   |      127,083 |   | .9 |   |
| Effective income taxes                          | $2,980,765                           |                           | 32.7   | %      |   | $2,108,778 |   | 32.2 | % |   | $4,396,839 |   | 30.8 | % |

|                             | Open Tax Year           |
|----------------------------------|-------------------------|
|                             |                    |   | Examination Not Yet |
|                             | Examination in Progress |   | Initiated |
| United States                    |                    |   |   |
| Federal                          | n/a                     |   | 2009 – 2011 |
| State                            | n/a                     |   | 2007 – 2011 |
| Canada                           | n/a                     |   | 2006 – 2011 |
| The Netherlands                  | n/a                     |   | 2007 – 2011 |
| People’s Republic of China | n/a                     |   | 2011 |

----

Index

| 2012   | $117,203 |
|--------|----------|
| 2013   | 104,984  |
| 2014   | 51,163   |
|   | $273,350 |

|                                             | 2011       | 2010   | 2009      |   |
|--------------------------------------------------|------------|--------|-----------|--------|
| Service cost - benefits earned during the period | $211,500   |   | $69,225   |   | $144,072 |   |   |
| Interest cost on projected benefit obligation    | 1,118,007  |   | 1,134,779 |   | 1,349,383 |   |   |
| Expected return on assets                        | (1,011,021 | )      | (785,901  | )      | (1,653,966 | ) |   |
| Amortization                                     | 243,640    |   | 240,890   |   | 39,006 |   |   |
| Curtailment loss                                 | -          |   | -         |   | 51,044 |   |   |
|                                             | $562,126   |   | $658,993  |   | ($70,461 | ) |   |

----

Index

|                                                                 | 2011        |   | 2010        |   |
|----------------------------------------------------------------------|-------------|--------|-------------|--------|
|                                                                 |        |   |        |   |
| Change in benefit obligation:                                        |        |   |        |   |
| Benefit obligation at beginning of year                              | $19,711,075 |   | $18,045,229 |   |
|     Service cost                                 | 211,500     |   | 69,225      |   |
|     Interest cost                                | 1,118,007   |   | 1,134,779   |   |
|     Actuarial loss                               | 841,333     |   | 1,656,791   |   |
|     Administrative expenses                      | (204,011    | )      | (210,908    | )      |
|     Benefits paid                                | (1,002,585  | )      | (984,041    | )      |
| Benefit obligation at end of year                                    | $20,675,319 |   | $19,711,075 |   |
|                                                                 |        |   |        |   |
| Change in plan assets:                                               |        |   |        |   |
| Fair value of plan assets at beginning of year                       | $11,930,933 |   | $9,261,376  |   |
|     Actual gain on plan assets                   | 2,513,964   |   | 2,431,096   |   |
|     Employer contribution                        | 1,569,244   |   | 1,433,410   |   |
|     Administrative expenses                      | (204,011    | )      | (210,908    | )      |
|     Benefits paid                                | (1,002,585  | )      | (984,041    | )      |
| Fair value of plan assets at end of year                             | $14,807,545 |   | $11,930,933 |   |
|                                                                 |        |   |        |   |
| Funded status:                                                       | ($5,867,774 | )      | ($7,780,142 | )      |
|     Unrecognized actuarial loss                  | 6,455,676   |   | 7,360,926   |   |
| Net amount recognized                                                | $587,902    |   | ($419,216   | )      |
|                                                                 |        |   |        |   |
| Amounts recognized in the consolidated balance sheets consist of:    |        |   |        |   |
|     Accrued benefit liability – short term | ($97,815    | )      | ($104,508   | )      |
|     Accrued benefit liability – long term  | (5,769,959  | )      | (7,675,634  | )      |
|     Accumulated other comprehensive loss         | 6,455,676   |   | 7,360,926   |   |
| Net amount recognized                                                | $587,902    |   | ($419,216   | )      |

| Year Ending       |        |   |
|-------------------|-------------|--------|
| January 31,       |        |   |
| 2012              | $1,099,563  |   |
| 2013              | 1,190,730   |   |
| 2014              | 1,230,092   |   |
| 2015              | 1,286,426   |   |
| 2016              | 1,332,625   |   |
| 2017 – 2021 | 7,056,456   |   |
|              | $13,195,892 |   |

----

Index

|                                        | 2011   |    | 2010   |   | 2009   |   |
|---------------------------------------------|--------|---------|--------|--------|--------|--------|
| Discount rate                               | 5.50   | %  |   | 5.75   | %      |   | 6.50 | % |   |
| Expected long-term rate of                  |   |    |   |   |   |   |   |   |   |
|     return on assets    | 8.50   | %       |   | 8.50   | %      |   | 8.50 | % |   |
| Rate of increase in                         |   |    |   |   |   |   |   |   |   |
|     compensation levels |   |    |   |   |   |   |   |   |   |
|     (where applicable)  | 4.50   | %       |   | 4.50   | %      |   | 4.50 | % |   |

|                                     | 2011   |   | 2010   |   | 2009   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|
| Discount rate                            | 5.75   | %      |   | 6.50   | %      |   | 6.25 | % |   |
| Expected long-term rate of               |   |   |   |   |   |   |   |   |   |
|     return on assets | 8.50   | %      |   | 8.50   | %      |   | 8.50 | % |   |
| Rate of increase in                      |   |   |   |   |   |   |   |   |   |
| compensation levels                      |   |   |   |   |   |   |   |   |   |
| (where applicable)                       | 4.50   | %      |   | 4.50   | %      |   | 4.50 | % |   |

|                                                                                | January 31, |   | January 31, |
|-------------------------------------------------------------------------------------|-------------|--------|-------------|
|                                                                                | 2011        |   | 2010        |
| Target allocation:                                                                  |        |   |        |
|            Equity securities | 40-80%      |   | 40-80%      |
|            Debt securities   | 20-60%      |   | 20-60%      |
|                                                                                |        |   |        |
| Asset allocation:                                                                   |        |   |        |
|           Equity securities       | 80%         |   | 77%         |
|           Debt securities         | 20%         |   | 23%         |
|           Total                   | 100%        |   | 100%        |

----

Index

|                          |                                |       |   | Quoted Prices |   |        |         |   |   |   |
|-------------------------------|-------------------------------------|------------|--------|---------------|--------|-------------|--------------|--------|--------|--------|
|                          |                                |       |   | in Active     |   |        |         |   |   |   |
|                          |                                |       |   | Markets for   |   | Significant | Significant  |
|                          |                                |       |   | Identical     |   | Observable  | Unobservable |
|                          |                                |       |   | Assets        |   | Inputs      | Inputs       |
|                          |                                | Total      |   | (Level 1)     |   | (Level 2)   | (Level 3)    |
| Asset Class:                  |                                |       |   |          |   |        |         |   |   |   |
| Equity securities             |                                |       |   |          |   |        |         |   |   |   |
|                          | U.S. large cap equities (a)         | $9,558,142 |   | $0            |   |        | $9,558,142   |   |   | $0     |   |
|                          | U.S. mid cap equities (a)           | 1,471,812  |   | -             |   |        | 1,471,812    |   |   | -      |   |
|                          | U.S. small cap equities (a)         | 740,232    |   | -             |   |        | 740,232      |   |   | -      |   |
| Fixed income securities       |                                |       |   |          |   |        |         |   |   |   |
|                          | Intermediate duration corporate and |       |   |          |   |        |         |   |   |   |   |
|                          | government bonds (b)                | 2,923,014  |   | -             |   |        | 2,923,014    |   |   | -      |   |
| Cash and cash equivalents (c) | 114,345                             |       | -      |          |   | 114,345     |         |   | -      |   |
| Total pension assets          | $14,807,545                         |       | $0     |          |   | $14,807,545 |         |   | $0     |   |

| (a)    | These categories consist of various managed funds that invest primarily in common stocks, as well as other equity securities and a combination of other funds. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)    | Investments in this category consist of a fixed income fund that invests primarily in intermediate duration bonds, as well as a combination of other funds, that together are designed to track the performance of the Barclay's Capital Aggregate Bond Index. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)    | Cash is comprised of money market funds, which are valued utilizing the net asset value per unit based on the fair value of the underlying assets as determined by the fund’s investment managers. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

| 1997 Plan                                 |   | 2011     |   |   | 2010     |   |   | 2009     |   |
|-------------------------------------------|--------|----------|--------|--------|----------|--------|--------|----------|--------|
| Options outstanding, beginning            |   | 69,924   |   |   | 113,067  |   |   | 242,858  |   |
| Grants                                    |   | -        |   |   | -        |   |   | -        |   |
| Exercises                                 |   | 34,136   |   |   | 43,143   |   |   | 129,791  |   |
| Cancellations                             |   | -        |   |   | -        |   |   | -        |   |
| Options outstanding, ending               |   | 35,788   |   |   | 69,924   |   |   | 113,067  |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Options price range at January 31         |   | $5.5476  |   |   | $5.1047  |   |   | $4.1133  |   |
|                                      |   | to       |   |   | to       |   |   | to       |   |
|                                      |   | $9.6440  |   |   | $9.6440  |   |   | $9.6440  |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Options exercisable at January 31         |   | 35,788   |   |   | 69,924   |   |   | 113,067  |   |
| Options available for grant at January 31 |   | 0        |   |   | 0        |   |   | 0        |   |
| 2001 Plan                                 |   | 2011     |   |   | 2010     |   |   | 2009     |   |
| Options outstanding, beginning            |   | 488,037  |   |   | 500,483  |   |   | 682,973  |   |
| Grants                                    |   | 51,116   |   |   | -        |   |   | -        |   |
| Exercises                                 |   | 93,517   |   |   | -        |   |   | 143,820  |   |
| Cancellations                             |   | -        |   |   | 12,446   |   |   | 38,670   |   |
| Options outstanding, ending               |   | 445,636  |   |   | 488,037  |   |   | 500,483  |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Options price range at January 31         |   | $5.5181  |   |   | $5.5181  |   |   | $5.5181  |   |
|                                      |   | to       |   |   | to       |   |   | to       |   |
|                                      |   | $12.1800 |   |   | $11.7500 |   |   | $11.7500 |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Options exercisable at January 31         |   | 394,520  |   |   | 485,370  |   |   | 492,979  |   |
| Options available for grant at January 31 |   | 0        |   |   | 51,116   |   |   | 38,670   |   |
| 2005 Plan                                 |   | 2011     |   |   | 2010     |   |   | 2009     |   |
| Awards outstanding, beginning             |   | 815,066  |   |   | 579,983  |   |   | 412,450  |   |
| Grants (a)                                |   | 66,804   |   |   | 241,083  |   |   | 206,600  |   |
| Exercises                                 |   | -        |   |   | -        |   |   | 19,333   |   |
| Cancellations                             |   | 96,618   |   |   | 6,000    |   |   | 19,734   |   |
| Awards outstanding, ending (a)            |   | 785,252  |   |   | 815,066  |   |   | 579,983  |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Exercise price at January 31              |   | $8.5600  |   |   | $8.5600  |   |   | $10.8975 |   |
|                                      |   | to       |   |   | to       |   |   | to       |   |
|                                      |   | $12.1800 |   |   | $11.7500 |   |   | $11.7500 |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Awards exercisable at January 31          |   | 522,050  |   |   | 383,778  |   |   | 179,499  |   |
| Awards available for grant at January 31  |   | 84,303   |   |   | 54,489   |   |   | 289,572  |   |
| 2008 Plan                                 |   | 2011     |   |   | 2010     |   |   | 2009     |   |
| Awards outstanding, beginning             |   | -        |   |   | -        |   |   | -        |   |
| Grants                                    |   | 19,843   |   |   | -        |   |   | -        |   |
| Exercises                                 |   | -        |   |   | -        |   |   | -        |   |
| Cancellations                             |   | -        |   |   | -        |   |   | -        |   |
| Awards outstanding, ending                |   | 19,843   |   |   | -        |   |   | -        |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Exercise price at January 31              |   | $12.1800 |   |   | -        |   |   | -        |   |
|                                      |   |     |   |   |     |   |   |     |   |
|                                      |   |     |   |   |     |   |   |     |   |
| Awards exercisable at January 31          |   | -        |   |   | -        |   |   | -        |   |
| Awards available for grant at January 31  |   | 730,157  |   |   | 750,000  |   |   | 750,000  |   |

| (a)  | Grants under the 2005 Plan for the fiscal year ending January 31, 2011 include 12,315 RSUs. |
|-----------|---------------------------------------------------------------------------------------------|

----

Index

|                           | 2011     |   |   | 2010     |   |   | 2009     |   |
|--------------------------------|----------|--------|--------|----------|--------|--------|----------|--------|
| Options outstanding, beginning | $9.6866  |   |   | $9.5374  |   |   | $8.5920  |   |
| Grants                         | $12.1800 |   |   | $9.6666  |   |   | $11.3450 |   |
| Exercises                      | $6.1168  |   |   | $5.2287  |   |   | $6.5282  |   |
| Cancellations                  | $10.9450 |   |   | $10.1973 |   |   | $9.4811  |   |
| Options outstanding, ending    | $10.1942 |   |   | $9.6866  |   |   | $9.5374  |   |

|                       | 2011     |   |   | 2010     |   |   | 2009     |   |
|----------------------------|----------|--------|--------|----------|--------|--------|----------|--------|
| Interest income            | $221,972 |   |   | $218,165 |   |   | $377,018 |   |
| Other miscellaneous income | 140,074  |   |   | 42,012   |   |   | 52,056   |   |
|                       | $362,046 |   |   | $260,177 |   |   | $429,074 |   |

----

Index

----

Index

|                                            | Years ended January  31, |
|-------------------------------------------------|------------------------------------|
|                                            | 2011                               |   |   | 2010 |   |   | 2009 |
| Net sales to unaffiliated customers             |                               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $41,426,858                        |   |   | $35,899,630 |   |   | $49,968,918 |
| Fluid Handling Technologies                     | 27,488,559                         |   |   | 24,527,998 |   |   | 30,414,765 |
| Mefiag Filtration Technologies                  | 9,897,038                          |   |   | 9,526,908 |   |   | 11,183,054 |
| Filtration/Purification Technologies            | 10,052,971                         |   |   | 10,177,957 |   |   | 11,825,189 |
|                                            | $88,865,426                        |   |   | $80,132,493 |   |   | $103,391,926 |
|                                            |                               |   |   |   |   |   |   |
| Income (loss) from operations                   |                               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $2,046,716                         |   |   | $1,924,005 |   |   | $5,556,919 |
| Fluid Handling Technologies                     | 5,926,592                          |   |   | 4,325,853 |   |   | 6,848,148 |
| Mefiag Filtration Technologies                  | 401,695                            |   |   | (34,886 | ) |   | 488,514 |
| Filtration/Purification Technologies            | 595,318                            |   |   | 297,583 |   |   | 1,163,498 |
|                                            | $8,970,321                         |   |   | $6,512,555 |   |   | $14,057,079 |
|                                            |                               |   |   |   |   |   |   |
| Depreciation and amortization expense           |                               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $657,724                           |   |   | $620,734 |   |   | $538,867 |
| Fluid Handling Technologies                     | 672,072                            |   |   | 703,644 |   |   | 770,072 |
| Mefiag Filtration Technologies                  | 265,261                            |   |   | 331,065 |   |   | 365,025 |
| Filtration/Purification Technologies            | 229,628                            |   |   | 276,069 |   |   | 250,647 |
|                                            | $1,824,685                         |   |   | $1,931,512 |   |   | $1,924,611 |
|                                            |                               |   |   |   |   |   |   |
| Capital expenditures                            |                               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $305,803                           |   |   | $312,221 |   |   | $551,789 |
| Fluid Handling Technologies                     | 476,104                            |   |   | 291,452 |   |   | 431,402 |
| Mefiag Filtration Technologies                  | 138,384                            |   |   | 29,740 |   |   | 213,985 |
| Filtration/Purification Technologies            | 57,679                             |   |   | 59,278 |   |   | 128,160 |
|                                            | 977,970                            |   |   | 692,691 |   |   | 1,325,336 |
| Corporate                                       | 687,979                            |   |   | 1,441,116 |   |   | 255,192 |
|                                            | $1,665,949                         |   |   | $2,133,807 |   |   | $1,580,528 |
|                                            |                               |   |   |   |   |   |   |
| Identifiable assets at January 31               |                               |   |   |   |   |   |   |
| Product Recovery/Pollution Control Technologies | $34,003,251                        |   |   | $34,466,168 |   |   | $39,623,284 |
| Fluid Handling Technologies                     | 18,114,257                         |   |   | 18,068,428 |   |   | 22,056,812 |
| Mefiag Filtration Technologies                  | 12,814,143                         |   |   | 12,257,281 |   |   | 11,410,677 |
| Filtration/Purification Technologies            | 8,369,385                          |   |   | 8,257,837 |   |   | 9,369,905 |
|                                            | 73,301,036                         |   |   | 73,049,714 |   |   | 82,460,678 |
| Corporate                                       | 34,745,292                         |   |   | 31,558,645 |   |   | 22,291,626 |
|                                            | $108,046,328                       |   |   | $104,608,359 |   |   | $104,752,304 |

----

Index

|                                                   | 2011         |   | 2010         |   | 2009         |
|--------------------------------------------------------|--------------|--------|--------------|--------|--------------|
| Net sales:                                             |         |   |         |   |         |
| United States                                          | $66,459,905  |   | $60,499,608  |   | $76,866,031  |
| Foreign                                                | 22,405,521   |   | 19,632,885   |   | 26,525,895   |
|                                                   | $88,865,426  |   | $80,132,493  |   | $103,391,926 |
|                                                   |         |   |         |   |         |
| Foreign Sales by Segment:                              |         |   |         |   |         |
|   Product Recovery/Pollution Control Technologies | $7,912,462   |   | $7,017,041   |   | $10,565,955  |
|   Fluid Handling Technologies                     | 7,086,069    |   | 5,081,925    |   | 7,320,016    |
|   Mefiag Filtration Technologies                  | 7,310,354    |   | 7,444,774    |   | 8,397,998    |
|   Filtration/Purification Technologies            | 96,636       |   | 89,145       |   | 241,926      |
|                                                   | $22,405,521  |   | $19,632,885  |   | $26,525,895  |
|                                                   |         |   |         |   |         |
| Income from operations:                                |         |   |         |   |         |
| United States                                          | $5,721,656   |   | $4,991,481   |   | $10,712,796  |
| Foreign                                                | 3,248,665    |   | 1,521,074    |   | 3,344,283    |
|                                                   | $8,970,321   |   | $6,512,555   |   | $14,057,079  |
|                                                   |         |   |         |   |         |
| Total assets:                                          |         |   |         |   |         |
| United States                                          | $97,875,243  |   | $94,035,051  |   | $95,223,147  |
| Foreign                                                | 10,171,085   |   | 10,573,308   |   | 9,529,157    |
|                                                   | $108,046,328 |   | $104,608,359 |   | $104,752,304 |

----

Index

----

Index

|           |        |   |       |   |       |       |         | Earnings     |   | Earnings   |
|----------------|-------------|--------|------------|--------|------------|------------|--------------|--------------|--------|------------|
|           |        |   | Gross      |   |       |       |         | Per Share,   |   | Per Share, |
| 2011           | Net Sales   |   | Profit     |   | Net Income | Basic      |         | Diluted      |
| First Quarter  | $22,277,077 |   | $7,981,539 |   |       | $1,411,078 |    |    | $.10   |       |   | $.10 |   |
| Second Quarter | 21,436,886  |   | 7,843,152  |   |       | 1,552,730  |         |    | .11    |       |   | .11 |   |
| Third Quarter  | 21,384,674  |   | 7,795,036  |   |       | 1,419,199  |         |    | .10    |       |   | .10 |   |
| Fourth Quarter | 23,766,789  |   | 8,658,373  |   |       | 1,756,125  |         |    | .12    |       |   | .12 |   |
|           |        |   |       |   |       |       |         |         |   |       |   |   |   |
|           |        |   |       |   |       |       |         | Earnings     |   | Earnings   |
|           |        |   | Gross      |   |       |       |         | Per Share,   |   | Per Share, |
| 2010           | Net Sales   |   | Profit     |   | Net Income | Basic      |         | Diluted      |
| First Quarter  | $19,641,008 |   | $7,012,968 |   |       | $952,449   |         |         | $.07   |       |   | $.07 |   |
| Second Quarter | 20,885,583  |   | 7,105,953  |   |       | 1,182,868  |         |         | .08    |       |   | .08 |   |
| Third Quarter  | 19,807,781  |   | 6,676,537  |   |       | 1,024,830  |         |         | .07    |       |   | .07 |   |
| Fourth Quarter | 19,798,121  |   | 6,581,094  |   |       | 1,279,664  |         |         | .09    |       |   | .09 |   |

----

Index

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure:

Item 9A.  Controls and Procedures:

Item 9B.  Other Information:

----

Index

PART III

Item 10.   Directors, Executive Officers and Corporate Governance:

Item 11.  Executive Compensation:

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters:

Item 13.  Certain Relationships and Related Transactions, and Director Independence:

Item 14.  Principal Accountant Fees and Services:

----

Index

PART IV

| (a)    | Exhibits and Financial Statements/Schedules: |
|--------|----------------------------------------------|
|   |                                         |   |
|   | (1)                                          | Financial Statements: |
|   |                                         |   |
|   |                                         | See Index to Consolidated Financial Statements and Supplementary Data that appears on page 28 of this report. |
|   |                                         |   |
|   | (2)                                          | Financial Statement Schedule – See “Schedule II – Valuation and Qualifying Accounts” below. |

|             |   |              |   | Additions Charged |    |          |   |        |   |
|------------------|--------|-------------------|--------|-------------------|---------|---------------|--------|-------------|--------|
|             |   | Balance at        |   | to Costs          |    |          |   | Balance at  |
| Fiscal Year End  |   | Beginning of Year |   | and Expenses      |    | Deductions(1) |   | End of Year |
| January 31, 2009 |   | $152,135          |   |              | $69,136 |          |   | ($54,441    | )      |   | $166,830 |   |
| January 31, 2010 |   | 166,830           |   |              | 157,653 |          |   | (120,464    | )      |   | 204,019 |   |
| January 31, 2011 |   | 204,019           |   |              | 368,983 |          |   | (128,850    | )      |   | 444,152 |   |

|   | (3) | Exhibits, including those incorporated by reference: |
|--------|-----|------------------------------------------------------|

| Exhibit No. | Description |
|-------------|-------------|
|        |        |   |
|        | (2)(c)      | Agreement and Plan of Merger dated July 31, 2003 by and between Met-Pro Corporation, a Delaware corporation, and Met-Pro Pennsylvania, Inc., a Pennsylvania corporation, incorporated by reference to the Company’s Current Report on Form 8-K filed on August 6, 2003. |
|        |        |   |
|        | (3)(f)      | Articles of Incorporation of Met-Pro Corporation, a Pennsylvania corporation formerly known as Met-Pro Pennsylvania, Inc., incorporated by reference to the Company’s Current Report of Form 8-K filed on August 6, 2003. |
|        |        |   |
|        | (3)(g)      | By-Laws of Met-Pro Corporation, a Pennsylvania corporation formerly known as Met-Pro Pennsylvania, Inc., incorporated by reference to the Company’s Current Report on Form 8-K filed on August 6, 2003. |
|        |        |   |
|        | (4)         | Shareholders’ Rights Plan, incorporated by reference to the Company’s Current Report on Form 8-K filed on January 6, 2000. |
|        |        |   |
|        | (4)(a)      | Amendment No. 1 to Shareholders’ Rights Plan, incorporated by reference to the Company’s Current Report on Form 8-K filed on December 17, 2009. |
|        |        |   |
|        | (10)(b)     | The 1997 Stock Option Plan, incorporated by reference to the Company’s Registration Statement on Form S-8 filed January 16, 1998.* |
|        |        |   |
|        | (10)(d)     | Amendment No. 1 to the 1997 Stock Option Plan, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|        |        |   |
|        | (10)(f)     | Key Employee Severance Agreement between Met-Pro Corporation and Gary J. Morgan, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |

----

Index

| Exhibit No.  | Description |
|--------------|-------------|
|    |        |
|         | (10)(g)     | Key Employee Severance Agreement between Met-Pro Corporation and Raymond J. De Hont, incorporated by reference to the  Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(i)     | Amendment to Key Employee Severance Agreement between Met-Pro Corporation and Gary J. Morgan, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(j)     | The Company’s Director’s Retirement Plan, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(k)     | Amendment No. 1 to the Company’s Director’s Retirement Plan, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(l)     | Amendment No. 2 to the Company’s Director’s Retirement Plan, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(m)     | Restoration Plan, effective February 1, 2000, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(n)     | Amendment No. 1 to the Company’s Restoration Plan, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(o)     | Additional 1% Supplemental Executive Retirement Plan, effective February 1, 2000, incorporated by reference to the Company’s Annual Report on Form 10-K filed on May 4, 2001.* |
|         |        |   |
|         | (10)(p)     | The 2001 Equity Incentive Plan, incorporated by reference to the Company’s Registration Statement on Form S-8 filed August 22, 2001.* |
|         |        |   |
|         | (10)(q)     | Year 2000 Employee Stock Purchase Plan, incorporated by reference to the Company’s Registration Statement on Form S-8 filed on June 13, 2000.* |
|         |        |   |
|         | (10)(r)     | Salaried Pension Plan Amended and Restated effective September 1, 2000, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(s)     | First Amendment to the Company’s Salaried Pension Plan dated August 15, 2002, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(t)     | Second Amendment to the Company’s Salaried Pension Plan dated October 23, 2002, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(u)     | Amendment No. 3 to the Company’s Directors’ Retirement Plan dated as of February 24, 2003, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(v)     | Amendment No. 1 to the Company’s Additional 1% Supplemental Executive Plan dated as of March 21, 2003, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(w)     | Directors Retirement Plan Trust dated as of February 11, 2000, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(x)     | Amendment No. 1 to the Company’s Directors’ Retirement Plan Trust dated as of February 24, 2003, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(y)     | Amendment No. 2 to the Company’s Directors’ Retirement Plan Trust dated as of February 24, 2003, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |
|         | (10)(z)     | Restoration and Supplemental Executive Retirement Plan Trust Agreement dated as of February 11, 2000, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|         |        |   |

----

Index

| Exhibit No. | Description    |
|-------------|----------------|
|        |           |   |
|        | (10)(aa)       | Amendment No. 1 to the Company’s Restoration and Supplemental Executive Retirement Plan Trust Agreement dated as of February 24, 2003, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 28, 2003.* |
|        |           |   |
|        | (10)(ab)       | The 2005 Equity Incentive Plan, incorporated by reference to the Company’s Registration Statement on Form S-8 filed June 9, 2005.* |
|        |           |   |
|        | (10)(ac)       | Third Amendment to the Company’s Salaried Pension Plan dated as of August 31, 2005, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 13, 2007. * |
|        |           |   |
|        | (10)(ad)       | Fourth Amendment to the Company’s Salaried Pension Plan dated as of April 5, 2006, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 13, 2007. * |
|        |           |   |
|        | (10)(ae)       | Fifth Amendment to the Company’s Salaried Pension Plan dated as of October 18, 2006, incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 13, 2007. * |
|        |           |   |
|        | (10)(af)  | Standard form for the Company’s Non-Employee Director Stock Option Agreement dated as of December 10, 2007. * |
|        |           |   |
|        | (10)(ag)       | Standard form for the Company’s Incentive Stock Option Agreement dated as of December 10, 2007. * |
|        |           |   |
|        | (10)(ah)       | Non-Qualified Defined Contribution Supplemental Executive Retirement Plan Agreement dated as of May 1, 2008. * |
|        |           |   |
|        | (10)(ai)       | Amended and Restated Key Severance Agreement for the Chief Executive Officer dated as of April 3, 2008. * |
|        |           |   |
|        | (10)(aj)       | Amended and Restated Key Severance Agreement for the Chief Financial Officer dated as of April 3, 2008. * |
|        |           |   |
|        | (10)(ak)       | The 2008 Equity Incentive Plan, incorporated by reference to the Company’s Registration Statement on Form S-8 filed on December 8, 2008.* |
|        |           |   |
|        | (10)(al)       | Second Amended and Restated Key Employee Severance Pay Agreement for the Chief Executive Officer dated as of December 3, 2008, incorporated by reference to the Company’s Current Report on 8-K filed on December 5, 2008. * |
|        |           |   |
|        | (10)(am)       | Second Amended and Restated Key Employee Severance Pay Agreement for the Chief Financial Officer dated as of December 3, 2008, incorporated by reference to the Company’s Current Report on 8-K filed on December 5, 2008. * |
|        |           |   |
|        | (10)(an)  | Standard Form for the Non-Employee Stock Option Agreement dated December 3, 2008, incorporated by reference to the Company’s Current Report on Form 8-K filed on January 11, 2010. * |
|        |           |   |
|        | (10)(ao)  | Standard Form for the Incentive Stock Option Agreement dated December 3, 2008, incorporated by reference to the Company’s Current Report on Form 8-K filed on January 11, 2010. * |
|        |           |   |
|        | (10)(ap)       | Standard Form for the Employee Non-Qualified Stock Option Agreement dated December 3, 2008, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 11, 2010. * |
|        |           |   |
|        | (10)(aq)       | Standard Form for the Non-Employee Stock Option Agreement dated December 11, 2009, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 11, 2010. * |
|        |           |   |
|        | (10)(ar)       | Standard Form for the Incentive Stock Option Agreement dated December 11, 2009, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 11, 2010. * |
|        |           |   |
|        | (10)(as)       | Standard Form for the Employee Non-Qualified Stock Option Agreement dated December 11, 2009, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 11, 2010. * |
|        |           |   |

----

Index

| Exhibit No. | Description |
|-------------|-------------|
|        |        |   |
|        | (10)(at)    | FYE 2010 Incentive Plan for Chief Executive Officer and Chief Financial Officer, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 12, 2010. * |
|        |        |   |
|        | (10)(au)    | FYE 2010 Incentive Plan for Executive Vice President, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 12, 2010. * |
|        |        |   |
|        | (10)(av)    | FYE 2010 Incentive Plan for Vice Presidents/General Managers, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 12, 2010. * |
|        |        |   |
|        | (10)(aw)    | Salaried Pension Plan Amended and Restated effective September 1, 2007, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 15, 2010. * |
|        |        |   |
|        | (10)(ax)    | First (Corrective) Amendment to the Met-Pro Corporation Salaried Pension Plan, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 15, 2010. * |
|        |        |   |
|        | (10)(ay)    | Second (Qualification) Amendment to the Met-Pro Corporation Salaried Pension Plan, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 15, 2010. * |
|        |        |   |
|        | (10)(az)    | Met-Pro Corporation Retirement Savings Plan effective January 1, 2007, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 19, 2010. * |
|        |        |   |
|        | (10)(ba)    | First (Qualification) Amendment to the Met-Pro Corporation Retirement Savings Plan, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 19, 2010. * |
|        |        |   |
|        | (10)(bb)    | Second Amendment to the Met-Pro Corporation Retirement Savings Plan, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 19, 2010. * |
|        |        |   |
|        | (10)(bc)    | Third (Good Faith) Amendment to the Met-Pro Corporation Retirement Savings Plan, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on January 19, 2010. * |
|        |        |   |
|        | (10)(bd)    | Promissory Line of Credit Note dated February 23, 1996, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on February 1, 2010. * |
|        |        |   |
|        | (10)(be)    | Reaffirmation of Line of Credit dated January 19, 2010, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on February 1, 2010. * |
|        |        |   |
|        | (10)(bf)    | Third (Good Faith) Amendment to the Met-Pro Corporation Salaried Pension Plan effective January 29, 2010, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on February 1, 2010. * |
|        |        |   |
|        | (10)(bg)    | Financing Agreement dated December 30, 2005, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bh)    | Trade Confirmation, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bi)    | ISDA Master Agreement, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bj)    | ISDA Schedule to the Master Agreement, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bk)    | Fortis Bank General Credit Offer dated October 19, 2005, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bl)    | Positive/Negative Mortgage Statement dated October 19, 2005, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |

----

Index

| Exhibit No. | Description |
|-------------|-------------|
|        |        |   |
|        | (10)(bm)    | Fortis Bank General Conditions, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bn)    | General Credit Conditions of Fortis Bank (Nederland) N.V., incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bo)    | Interest Assessment dated November 2, 2005, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bp)    | Supplement to the General Credit Offer dated October 19, 2005, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(bq)    | Microsoft Financing Master Agreement dated March 18, 2009, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 12, 2010. * |
|        |        |   |
|        | (10)(br)    | FYE 2011 Incentive Plan for Chief Executive Officer and Chief Financial Officer, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on April 5, 2010. * |
|        |        |   |
|        | (10)(bs)    | FYE 2011 Incentive Plan for Executive Vice President, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on April 5, 2010. * |
|        |        |   |
|        | (10)(bt)    | FYE 2011 Incentive Plan for Vice Presidents/General Managers, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on April 5, 2010. * |
|        |        |   |
|        | (10)(bu)    | Fourth Amendment to the Met-Pro Corporation Retirement Savings Plan dated October 20, 2010, incorporated by reference to the Company's Current Report filed on Form 10-Q filed on December 2, 2010.* |
|        |        |   |
|        | (10)(bv)    | Reaffirmation of Discretionary Demand Line of Credit dated November 29, 2010, incorporated by reference to the Company's Current Report filed on Form 10-Q filed on December 2, 2010.* |
|        |        |   |
|        | (10)(bw)    | Form of a Letter Agreement Regarding Amendment of Stock Option Agreements for Non-Employee Directors dated November 29, 2010, incorporated by reference to the Company's Current Report filed on Form 10-Q filed on December 2, 2010.* |
|        |        |   |
|        | (10)(bx)    | Met-Pro Corporation Pension Restoration Plan (Amended and Restated Effective January 1, 2010), incorporated by reference to the Company's Current Report filed on Form 8-K filed on January 4, 2011.* |
|        |        |   |
|        | (10)(by)    | First Amendment to the Met-Pro Corporation Salaried Employee Stock Ownership Plan, incorporated by reference to the Company's Current Report filed on Form 8-K filed on January 4, 2011.* |
|        |        |   |
|        | (10)(bz)    | Fourth Amendment to the Met-Pro Corporation Salaried Pension Plan, incorporated by reference to the Company's Current Report filed on Form 8-K filed on January 4, 2011.* |
|        |        |   |
|        | (10)(ca)    | Fifth Amendment to the Met-Pro Corporation Retirement Savings Plan, incorporated by reference to the Company's Current Report filed on Form 8-K filed on January 4, 2011.* |
|        |        |   |
|        | (10)(cb)    | FYE 2012 Incentive Plan for Chief Executive Officer and Chief Financial Officer, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on February 1, 2011. * |
|        |        |   |
|        | (10)(cc)    | FYE 2012 Incentive Plan for Executive Vice President, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on February 1, 2011. * |
|        |        |   |
|        | (10)(cd)    | FYE 2012 Incentive Plan for Vice Presidents/General Managers, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on February 1, 2011. * |
|        |        |   |
|        | (10)(ce)    | Standard Form for the Non-Employee Restricted Stock Unit Agreement dated December 17, 2010, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 8, 2011.* |
|        |        |   |

----

Index

| Exhibit No. | Description |
|-------------|-------------|
|        |        |   |
|        | (10)(cf)    | Standard Form for the Incentive Stock Option Agreement dated December 17, 2010, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 8, 2011.* |
|        |        |   |
|        | (10)(cg)    | Standard Form for the Employee Non-Qualified Option Agreement dated December 17, 2010, incorporated by reference to the Company’s Current Report filed on Form 8-K filed on March 8, 2011.* |
|        |        |   |
|        | (11)        | Statement Re-computation of Per Share Earnings. See page 33 of Item 8. |
|        |        |   |
|        | (21)        | List of Subsidiaries of Registrant as of January 31, 2011: |

|   | Corporate                   |   | Jurisdiction of               |   | Name under which Business               |
|--------|-----------------------------|--------|-------------------------------|--------|-----------------------------------------|
|   | Name                        |   | Incorporation                 |   | is Conducted                            |
|   |                        |   |                          |   |                                    |
|   | Mefiag B.V.                 |   | The Netherlands               |   | Mefiag B.V., a wholly owned             |
|   |                        |   |                          |   | Subsidiary of Met-Pro Corporation       |
|   |                        |   |                          |   |                                    |
|   | Met-Pro Product             |   | Ontario, Canada               |   | Met-Pro Product Recovery/Pollution      |
|   | Recovery/Pollution Control  |   |                          |   | Control Technologies Inc.,              |
|   | Technologies Inc.           |   |                          |   | a wholly-owned subsidiary of            |
|   |                        |   |                          |   | Met-Pro Corporation                     |
|   |                        |   |                          |   |                                    |
|   | Strobic Air Corporation     |   | Delaware                      |   | Strobic Air Corporation,                |
|   |                        |   |                          |   | a wholly-owned subsidiary of            |
|   |                        |   |                          |   | Met-Pro Corporation                     |
|   |                        |   |                          |   |                                    |
|   | MPC Inc.                    |   | Delaware                      |   | MPC Inc.,                               |
|   |                        |   |                          |   | a wholly-owned subsidiary of            |
|   |                        |   |                          |   | Met-Pro Corporation                     |
|   |                        |   |                          |   |                                    |
|   | Pristine Water Solutions    |   | Delaware                      |   | Pristine Water Solutions Inc.,          |
|   | Inc.                        |   |                          |   | a wholly-owned subsidiary of            |
|   |                        |   |                          |   | Met-Pro Corporation                     |
|   |                        |   |                          |   |                                    |
|   | Met-Pro Industrial Services |   | Pennsylvania                  |   | Met-Pro Industrial Services Inc.        |
|   | Inc.                        |   |                          |   | a wholly-owned subsidiary of            |
|   |                        |   |                          |   | Met-Pro Corporation                     |
|   |                        |   |                          |   |                                    |
|   | Bio-Reaction Industries     |   | Delaware                      |   | Bio-Reaction Industries Inc.            |
|   | Inc.                        |   |                          |   | a wholly-owned subsidiary of            |
|   |                        |   |                          |   | Met-Pro Corporation                     |
|   |                        |   |                          |   |                                    |
|   | Mefiag (Guangzhou) Filter   |   | People’s Republic of    |   | Mefiag (Guangzhou) Filter Systems Ltd., |
|   | Systems Ltd.                |   |     China |   | a wholly-owned subsidiary of Met-Pro    |
|   |                        |   |                          |   | (Hong Kong) Company Limited             |
|   |                        |   |                          |   |                                    |
|   | Met-Pro (Hong Kong)         |   | Hong Kong                     |   | Met-Pro (Hong Kong) Company             |
|   | Company  Limited  |   |                          |   | Limited, a wholly-owned subsidiary      |
|   |                        |   |                          |   | of Met-Pro Corporation                  |

|   |   |                                                                                                  |
|--------|--------|-------------------------------------------------------------------------------------------------------|
|   | (23a)  | Independent Registered Public Accounting Firm’s Consent **                                      |
|   |   |                                                                                                  |
|   | (23b)  | Consent of Independent Registered Public Accounting Firm **                                           |
|   |   |                                                                                                  |
|   | (31.1) | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ** |
|   |   |                                                                                                  |
|   | (31.2) | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ** |

----

Index

| Exhibit No. | Description |
|-------------|-------------|
|        |        |   |
|        | (32.1)      | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ** |
|        |        |   |
|        | (32.2)      | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ** |

|                      | (9)  | Voting trust agreements.                                                  |
|--------------------------------------------------------------------------------------------------------------------------|------|---------------------------------------------------------------------------|
|                                                                                                                     | (12) | Statements re computation of ratios.                                      |
|                                                                                                                     | (13) | Annual report to security holders.                                        |
|                                                                                                                     | (14) | Code of ethics.                                                           |
|                                                                                                                     | (16) | Letter re change in certifying accountant.                                |
|                                                                                                                     | (18) | Letter re change in accounting principles.                                |
|                                                                                                                     | (22) | Published report regarding matters submitted to vote of security holders. |
|                                                                                                                     | (24) | Power of attorney.                                                        |

----

Index

SIGNATURES

|   |           |   | MET-PRO CORPORATION |
|--------|----------------|--------|---------------------|
|   |           |   |                |   |
|   |           |   |                |   |
|   | March 17, 2011 |   | By:            |  /s/ Raymond J. De Hont |
|   | Date           |   |                | Raymond J. De Hont |
|   |           |   |                | Chairman, Chief Executive |
|   |           |   |                | Officer and President |

|   |                        | Signature                      |           |   | Title |   |   | Date |   |
|--------|-----------------------------|--------------------------------|----------------|--------|-------|--------|--------|------|--------|
|   |                        |                           |           |
|   |                        |                           |           |
|   | /s/ Raymond J. De Hont      | Chairman,                      | March 17, 2011 |
|   | Raymond J. De Hont          | Chief Executive Officer        |           |
|   |                        | and President                  |           |
|   |                        |                           |           |
|   |                        |                           |           |
|   | /s/ Gary J. Morgan          | Senior Vice President-Finance, | March 17, 2011 |
|   | Gary J. Morgan              | Secretary, Treasurer,          |           |
|   |                        | Chief Financial Officer,       |           |
|   |                        | Chief Accounting Officer       |           |
|   |                        | and Director                   |           |
|   |                        |                           |           |
|   | /s/ George H. Glatfelter II | Director                       | March 17, 2011 |
|   | George H. Glatfelter II     |                           |           |
|   |                        |                           |           |
|   | /s/ Michael J. Morris       | Director                       | March 17, 2011 |
|   | Michael J. Morris           |                           |           |
|   |                        |                           |           |
|   | /s/ Judith A. Spires        | Director                       | March 17, 2011 |
|   | Judith A. Spires            |                           |           |
|   |                        |                           |           |
|   | /s/ Stanley W. Silverman    | Director                       | March 17, 2011 |
|   | Stanley W. Silverman        |                           |           |
|   |                        |                           |           |
|   | /s/ Robin L. Wiessmann      | Director                       | March 17, 2011 |
|   | Robin L. Wiessmann          |                           |           |

| 72 |
|----|