- Includes four ejector systems and a surface condenser for refinery revamps and upgrades in Canada and the U.S. as well as for expanding oil sands upgrader capacity
BATAVIA, N.Y., April 4, 2013 (GLOBE NEWSWIRE) -- Graham Corporation (NYSE MKT:GHM), 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 $12 million during its fourth quarter which ended March 31, 2013. The projects are expected to ship at various times from the third quarter of the fiscal year ending March 31, 2014 through the third quarter of the fiscal year ending March 31, 2015.
James R. Lines, Graham's President and Chief Executive Officer, commented, "North America continues to represent an important market for Graham and, even though new refineries are not being constructed in the United States, we continue to see opportunities in revamps and upgrades of refineries that include several decades of our installed base of equipment, as well as in oil sands projects."
Two of the orders are for ejector systems to be installed in refineries undergoing upgrades to accommodate the processing of different types of crude oil. One of these ejector systems will replace current Graham equipment in a U.S. oil refinery to enable the processing of synthetic crude while the other ejector system will also replace Graham equipment in a Canadian oil refinery in order to expand the variety of crude oil that the facility can accept and process. The order for a steam surface condenser for installation at a U.S. refinery will replace equipment that Graham originally provided nearly 50 years ago.
The other two ejector system orders will be installed at an oil sands upgrader facility located in Alberta, Canada as part of an ongoing project to increase upgrading capacity in that region.
"We believe that the evolving landscape of hydrocarbon resources continues to create new opportunities for Graham's engineered-to-order solutions. These recent awards reinforce our reputation as a trusted manufacturer and provider of quality systems," concluded Mr. Lines.
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," "optimism," "could," 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, statements relating to Graham's acquisition of Energy Steel & Supply Co. (including but not limited to, the integration of the acquisition of Energy Steel, revenue, backlog and expected performance of Energy Steel, and expected expansion and growth opportunities within the domestic and international nuclear power generation market), anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, 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 press 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