BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE Amex: GHM), a global designer and manufacturer of critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear power plants, today announced that it has been awarded orders for three steam surface condensers, two for the Chinese market and one for the U.S. market, totaling $4.3 million.
The first two steam surface condensers are for a new petrochemical facility currently under construction in China and the third is for a capacity expansion of a U.S.-based ethylene production facility. The U.S. order will replace a condenser supplied by Graham more than 45 years ago that is still in operation. All three condensers are planned to be produced in Graham’s Batavia, New York facility, with deliveries planned for the quarter ending June 30, 2012. Graham’s current fiscal year ends March 31, 2012.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “Planned investment in new capacity to refine oil, produce petrochemicals and expand production of fertilizers has increased the number of opportunities on which we are bidding. In particular, we are seeing more bidding activity in Asia, the Middle East and, to a lesser extent, South America. We are also seeing renewed activity in U.S.-based petrochemical investments. The order for the ethylene plant is due in part to lower natural gas prices which have resulted in more favorable economics for U.S.-based production. For these wins, the customer placed considerable value on our engineering and fabrication expertise, process know-how and product reliability by the end-user.”
Commenting on the U.S. order, Mr. Lines noted, “I believe the fact that a steam surface condenser supplied in the early 1960’s remained in operation for over 45 years is a testament to the quality of Graham’s engineering and fabrication, and exemplifies what the Graham brand stands for.”
"We believe our markets are in the early stages of recovery and we remain encouraged by our expanding bidding pipeline,” Mr. Lines added.
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 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,” “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.