Graham Corporation Awarded $3 Million in Orders for U.S. Oil Refinery and Alternative Energy Facilities
- Supplying replacement ejector system components for existing oil refinery
- Providing steam surface condensers for two new 18MW biomass energy facilities
BATAVIA, N.Y.--(BUSINESS WIRE)-- Graham Corporation (GHM) (NYSE MKT: GHM), a global business that engineers, manufactures, and sells 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 $3.0 million in orders for U.S. installations.
The equipment is to be used in refining and in power generation, two of the key industries served by Graham. The ejector system components order is to upgrade equipment at a U.S. oil refinery that Graham originally supplied equipment to in 1989. Graham will also design and build two steam surface condensers for two 18-megawatt biomass energy facilities currently under construction in the southeastern United States. Both orders have planned delivery schedules for the first quarter of fiscal 2014, which begins April 1, 2013.
James R. Lines, Grahams President and Chief Executive Officer, commented, Despite the overall concern surrounding the U.S. and global economy, bidding activity for us is high in the refining, petrochemical and power markets. We are actively pursuing several alternative energy projects, such as this biomass to energy project we have won. In addition, we have seen a recent increase in bid work for North American oil refineries which is encouraging considering how much this market had slowed during the past recession.
We have invested in people and technology and believe that we are in a solid position to capture opportunities as our markets recover. We remain focused on being a leader in engineered-to-order critical equipment for the industries we serve, concluded Mr. Lines.
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 F. Glajch, Vice President Finance and CFO
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
Source: Graham CorporationCopyright Business Wire 2012