Graham Corporation Awarded $5.5 Million in Global Refining Industry Orders
- Two orders for replacement equipment in Graham’s installed base
- One order for a new ejector system in a refinery revamp project
BATAVIA, N.Y.–(BUSINESS WIRE)–Graham
Corporation (NYSE:GHM), a global business that designs, manufactures
and sells critical equipment for the oil refining, petrochemical, power
and defense industries, announced today that it received three orders
totaling approximately $5.5 million, all for the refining industry.
Two of the orders are for replacement components within the Company’s
installed base. One involves replacing a Graham steam surface condenser
that was installed in a North American refinery more than 45 years ago.
That equipment will be updated with more corrosion resistant material.
The other replacement order is for a condenser in an ejector system that
Graham provided to a Southeast Asian refiner in 1980. The third order
involves a new ejector system for a Chinese refinery revamp project
where new process units will be added to expand production of
transportation fuel. Equipment delivery for all three orders is planned
for the second half of fiscal 2019.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “Graham is known for its quality and equipment reliability,
as is evident with the replacement order for equipment that operated for
more than 45 years. We place long-standing customer relationships in
high regard and we seek to benefit from our expansive installed base.”
He continued, “We have begun to see order activity from crude oil
refining markets. That is encouraging, following a couple of years of
inactivity from that industry. Further, equipment we provide to crude
oil refining markets generally offers higher margin potential when
compared with our other markets. This is due to more demanding quality
requirements, specialized equipment design and customers for these
applications generally valuing total cost of ownership over initial
capital cost.”
“Due to the level of anticipated orders, we expect backlog will expand
once again this quarter,” he concluded.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and chemical/petrochemical
industries. Energy markets include oil refining, cogeneration, nuclear
and alternative power. For the defense industry, the Company’s equipment
is used in nuclear propulsion power systems for the U.S. Navy. Graham’s
global brand is built upon world-renowned engineering expertise in
vacuum and heat transfer technology, responsive and flexible service and
unsurpassed quality. Graham designs and manufactures custom-engineered
ejectors, vacuum pumping systems, surface condensers and vacuum systems.
Graham is also a leading nuclear code accredited fabrication and
specialty machining company. Graham supplies components used inside
reactor vessels and outside containment vessels of nuclear power
facilities. Graham’s equipment can also be found in other diverse
applications such as metal refining, pulp and paper processing, water
heating, refrigeration, desalination, food processing, pharmaceutical,
heating, ventilating and air conditioning. Graham’s reach spans the
globe and 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,”
“confidence,” “projects,” “typically,” “outlook,” “anticipates,”
“believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,”
“aim,” “pursuit,” 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, expected expansion and growth opportunities within its
domestic and international markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins, tax
rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions in
the industries in which it operates, changes in commodities prices, the
effect on its business of volatility in commodities prices, changes in
general economic conditions and customer behavior, forecasts regarding
the timing and scope of the economic recovery in its markets, its
acquisition and growth strategy and the expected performance of Energy
Steel & Supply Co. and its operations in China and other international
locations, 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 Report filed
with the Securities and Exchange Commission, included 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 news release.
Contacts
For Graham Corporation
Jeffrey F. Glajch, 585-343-2216
Vice
President – Finance and CFO
[email protected]
or
Kei
Advisors LLC
Deborah K. Pawlowski / Karen L. Howard
716-843-3908
/ 716-843-3942
[email protected]
/ [email protected]
