Graham Corporation Awarded $5.5 Million in Global Refining Industry Orders
March 13 2018 - 6:30AM
Business Wire
- Two orders for replacement equipment
in Graham’s installed base
- One order for a new ejector system
in a refinery revamp project
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313005234/en/
For Graham CorporationJeffrey F. Glajch, 585-343-2216Vice
President – Finance and CFOjglajch@graham-mfg.comorKei Advisors
LLCDeborah K. Pawlowski / Karen L. Howard716-843-3908 /
716-843-3942dpawlowski@keiadvisors.com /
khoward@keiadvisors.com
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