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 energy facilities, today announced that it has been awarded three orders totaling $7.0 million.
Two orders were awarded by Westinghouse Electric Company to Graham’s subsidiary Energy Steel & Supply Co. for the supply of structural supports and assemblies at two nuclear power plant sites in the Southeastern United States where four AP1000® pressurized water reactor units are under construction. Deliveries to the two sites are projected to span fiscal years 2013, 2014 and 2015.
The third order is for a steam surface condenser to be installed at a 20MW biomass to energy facility associated with a cellulosic ethanol plant under construction in the U.S. Delivery of the condenser is planned for the second fiscal quarter of 2013 ending September 30, 2012.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “The orders awarded to Energy Steel and Supply Co. are for U.S.-based nuclear energy facilities under construction. We believe that securing business for new facility construction is not only a clear indication of Energy Steel’s strong brand and proven capability for executing large and complex orders for the nuclear energy market but is also a testament to the strong management team and capabilities of Energy Steel’s personnel. Expanding Energy Steel’s reach into new nuclear energy facility construction is an important aspect of our plan to continue to expand Energy Steel’s sales and profitability.”
Commenting further, Mr. Lines noted, “While considerable procurement has been completed by Westinghouse for its two nuclear power plant projects, there are additional equipment requirements on which Energy Steel is bidding and we hope to be in a position to win. Moreover, while the pace is unclear, there are more nuclear energy facilities planned for construction in the U.S. over the next two decades. In addition, it appears that the biomass to energy markets remain quite active. Our recent win on the biomass to energy project adds to our seven other orders in the recent past for the alternative energy market.”
"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.