- U.S. fertilizer orders demonstrate market leadership in chemical & petrochemical industry
- Nuclear orders result from broadened capabilities and offerings
BATAVIA, N.Y., Nov. 19, 2013 (GLOBE NEWSWIRE) -- Graham Corporation (NYSE MKT:GHM) ("Graham" or the "Company"), a global business that engineers, manufactures, and sells critical equipment for the oil refining, petrochemical and power industries, and also supplies components and raw materials for nuclear energy facilities, announced that it was recently awarded five orders totaling approximately $10 million for the U.S chemical & petrochemical and power generation markets. The projects are expected to ship during the next 9 to 15 months.
Three orders are for a total of nine surface condensers for use in U.S. ammonia production facilities serving domestic fertilizer markets, including one upgrade and two plant capacity expansions. The remaining two orders are for the U.S. nuclear power generation market. Graham will be providing upgraded filtration components for an existing nuclear facility and ejector systems for four new nuclear operations.
"Low cost natural gas continues to drive the growth of the U.S. chemical and petrochemical industry, which I believe is demonstrated by the number of orders we have secured over the past several months. The industry expansion continues to create opportunities for Graham to capitalize on its engineering and manufacturing expertise. We believe our focus on quality, responsiveness and our ability to manage complex orders are substantiated by these wins for the domestic fertilizer market. We remain excited about solid market fundamentals that support our decision to expand our Batavia execution capacity," commented James R. Lines, Graham's President and Chief Executive Officer.
He continued, "We have broadened the solutions we are offering for the nuclear power generation market and, as a result, were able to compete on these opportunities. Further, we are encouraged by the level and diversity of bids that are currently active in this market. It appears to us that nuclear power generation utility companies are returning to typical maintenance cycles, and required investments due to NRC mandates resulting from the events at Fukushima are advancing."
"We have a world-renowned brand in our markets, a continually growing installed base and long-term customer relationships. I believe that the combination of these factors have led to a record bid pipeline level. We expect this to translate into strong order growth and revenue expansion over the next few years," Mr. Lines concluded.
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 more than 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," "demonstrate", "encourage", "appears," "could," "plan," 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, the expected performance of Energy Steel & Supply Co, expected expansion and growth opportunities within the domestic and international nuclear power generation markets, anticipated revenue, anticipated capital expenditures and growth, 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 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 news release.
CONTACT: Jeffrey F. Glajch Vice President - Finance and CFO Phone: (585) 343-2216 Email: firstname.lastname@example.org Deborah K. Pawlowski Kei Advisors LLC Phone: (716) 843-3908 Email: email@example.comSource:Graham Corporation