DALLAS, July 28, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a contract for multiple SCR systems to be installed on new fired heaters that are part of an olefins plant in Texas. The value of the award exceeds $4.5 million. The project is scheduled for completion by late summer 2015.
The two key olefins that are commonly produced are ethylene and propylene, which form the backbone of the petrochemicals market. Propylene, in particular, serves as the base for a number of products including plastics, automotive parts and synthetic fibers for clothing. Rising production of propane from U.S. shale formations are having a positive impact on the supply of propylene.
Peter J. Burlage, PMFG's chief executive officer said, "This is yet another example of one of our key end markets benefiting from the low cost supply of natural gas in the U.S. In fact, third-party research indicates that the U.S. could be a net exporter of propylene by 2017. This propylene production facility is located in a non-attainment region for ozone; and therefore, required to have SCR systems installed. This bodes well for our business, as we supply SCR and other associated pollution-control systems for both new construction and retrofit opportunities. We continue to believe we are still in the early stages of a multi-year expansion cycle driven by increased global natural gas consumption and increasingly stringent environmental regulations."
PMFG is a leading provider of custom-engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. PMFG primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, PMFG markets its systems and products worldwide.
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CONTACT: For Further Information Contact: Mr. Peter J. Burlage, Chief Executive Officer Mr. Ronald L. McCrummen, Chief Financial Officer PMFG, Inc. 14651 North Dallas Parkway, Suite 500 Dallas, Texas 75254 Phone: (214) 357-6181 Fax: (214) 351-4172 www.peerlessmfg.com or Shawn Severson The Blueshirt Group Managing Director, Energy Technology Practice Phone: (415) 489-2198 firstname.lastname@example.org