Graham Corporation Awarded $9.5 Million in New Orders for Nuclear Energy and Oil Sands Markets
- Two orders awarded for the supply of structural supports and assemblies at two Southeastern U.S. nuclear energy facilities
- Oil sands upgrader in Alberta requires replacement parts for a Graham ejector system
BATAVIA, N.Y.--(BUSINESS WIRE)-- Graham Corporation (GHM), a designer and manufacturer of critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear energy facilities, today announced that it has been awarded $9.5 million in orders for nuclear energy facilities and an oil sands upgrader.
The two orders received from Westinghouse Electric Company were awarded to Grahams wholly-owned subsidiary Energy Steel. Energy Steel will supply structural supports and assemblies for two nuclear power plant sites in the Southeastern United States where four AP1000® pressurized water reactor units are under construction. The equipment is planned to be delivered throughout fiscal years 2013, 2014 and 2015.
The second order is for replacement parts for an ejector system originally supplied by Graham that is operating at an oil sands upgrader in Alberta. The parts are planned to be delivered in the first quarter of fiscal year 2013.
James R. Lines, Grahams President and Chief Executive Officer, commented, We believe that our attention to detail, the high quality of our products, our engaged and responsive customer service and our demonstrated capability to execute complex orders were all critical in our selection as a Westinghouse AP1000 supplier. We consider the orders awarded to us over the last two quarters for the new nuclear energy facilities under construction in the Southeastern United States to be an affirmation both of our reputation for consistently delivering high quality products as well as our exceptional customer service.
We believe our recent order activity is a solid indication that customers are becoming more likely to place orders. Bidding activity continues to be strong, and although we cannot predict when such activity will convert to orders, we have become more optimistic in the recovery of our markets.
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat transfer technology, Graham Corporation is a global designer, manufacturer and supplier of custom-engineered ejectors, pumps, condensers, vacuum systems and heat exchangers. For more than 75 years, Graham has built a reputation for top quality, reliable products and high-standards of customer service. Sold either as components or complete system solutions, the principal markets for Grahams equipment are energy, including oil and gas refining and nuclear and other power generation, chemical/petrochemical and other process industries. In addition, Graham's equipment can be found in diverse applications, such as metal refining, pulp and paper processing, shipbuilding, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning, and in nuclear power installations, both inside the reactor vessel and outside the containment vessel.
Graham Corporations subsidiary Energy Steel & Supply Co. is a leading code fabrication and specialty machining company dedicated exclusively to the nuclear power industry.
Graham Corporations reach spans the globe. Its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East. Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as expects, estimates, projects, anticipates, believes, optimism, could, and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, statements relating to Grahams acquisition of Energy Steel & Supply Co. (including but not limited to, the integration of the acquisition of Energy Steel, revenue, backlog and expected performance of Energy Steel, and expected expansion and growth opportunities within the domestic and international nuclear power generation market), anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, foreign sales operations, its ability to improve cost competitiveness, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition strategy are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation's most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled Risk Factors.
Should one or more of these risks or uncertainties materialize, or should any of Graham Corporation's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation's forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
Jeffrey Glajch, 585-343-2216
Vice President Finance and CFO
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
Source: Graham CorporationCopyright Business Wire 2012