Graham Corporation Awarded Five Orders Totaling $7.5 Million
Graham Corporation Awarded Five Orders Totaling $7.5 Million
Graham to supply equipment for oil refining, oil sands, recycled oil re-refining and renewable energy applications
Projects are geographically dispersed from North America and Latin America to Southeast Asia
BATAVIA, N.Y.--(BUSINESS WIRE)-- Graham Corporation (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, announced that it has been awarded five orders totaling $7.5 million. The orders are expected to ship over the next nine to 15 months.
James R. Lines, Graham's President and Chief Executive Officer, commented, "Our bid work in oil refining, petrochemical and renewable energy markets remains very active. We believe this recent release of orders is an indicator of an improving environment in our key markets. Despite a continued air of caution among customers, we expect a more predictable pattern of order activity in coming quarters."
The diverse group of orders includes Graham's traditional oil refining market, as well as its growing presence in renewable energy applications. In the U.S., Graham will be providing an ejector system for the revamp of an oil refinery to improve conversion of crude oil to transportation fuels. In addition, Graham is designing and manufacturing ejector and liquid ring pump systems for a U.S. refinery that recycles used oil in a re-refining process to produce lubricating oils.
A steam surface condenser will be supplied by Graham for a previously idled oil sands refinery upgrader project in Alberta, Canada that has been reinitiated. An oil refinery project in Southeast Asia will also receive a Graham steam surface condenser. In Latin America, two steam surface condensers will be provided to two biomass-to-energy projects for sugar mills.
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 Graham's 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 Corporation's subsidiary Energy Steel & Supply Co. is a leading code fabrication and specialty machining company dedicated exclusively to the nuclear power industry.
Graham Corporation's 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 Graham's 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.
Graham Corporation
Jeffrey F. Glajch, 585-343-2216
Vice President Finance and CFO
jglajch@graham-mfg.com
or
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
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