Graham Corporation Awarded $4 Million in U.S. Gulf Coast Petrochemical Industry Orders
April 05 2018 - 5:30AM
Business Wire
Consists of two orders for replacement
equipment in Graham’s installed base
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 two orders totaling approximately $4 million, both for
the petrochemical industry in U.S. Gulf Coast ethylene plants.
Both of the orders are for replacement components within the
Company’s installed base, for two separate petrochemical upgrade
projects. One involves replacing two Graham steam surface
condensers that were installed in 1996. That equipment will be
updated with more corrosion resistant material. The other award is
for replacement parts and components for an onsite upgrade of the
two existing surface condensers. Equipment delivery for both orders
is planned for fiscal 2019.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “The availability of low cost natural gas from shale
development continues to spur investments by North American
petrochemical companies in new capacity as well as revamps and
debottlenecking projects. Graham has a large installed base that
creates opportunities such as these two projects as well as several
other projects with which the Company has been awarded since the
last wave of new capacity investments.”
He added, “We have begun to identify a number of investments in
our pipeline for a second wave of petrochemical new capacity. While
encouraged, we continue to believe that its pace and size will not
be as strong as the 2013-2014 wave.”
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: https://www.businesswire.com/news/home/20180405005133/en/
Graham CorporationJeffrey F. Glajch,
585-343-2216Vice President – Finance and
CFOjglajch@graham-mfg.comorKei Advisors LLCDeborah K.
Pawlowski, 716-843-3908dpawlowski@keiadvisors.comorKaren L.
Howard, 716-843-3942khoward@keiadvisors.com
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