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U.S. Oil Refinery Order for New Ejector System
- Middle East Liquefied Natural Gas Facility Order to Replace Surface Condensers
BATAVIA, N.Y., Aug. 14, 2014 (GLOBE NEWSWIRE) -- Graham Corporation (NYSE:GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear energy facilities, announced today that it has been awarded two new orders totaling approximately $5 million. One order is for a new Graham ejector system at a U.S. oil refinery. The second order is to replace existing Graham surface condensers at a Middle East liquefied natural gas (LNG) facility. Both orders are expected to ship within nine to twelve months.
The domestic oil refiner is expanding its processing capabilities to increase the production of ultra-low-sulfur diesel, which requires a new ejector system. The Middle East liquefied natural gas facility order will upgrade existing Graham surface condensers following 40+ years of service.
James R. Lines, Graham's President and Chief Executive Officer, commented, "The past few quarters have been marked with stronger bidding activity in our global refining market, including the Middle East, Asia, South America and North America. This is especially encouraging in North America, given the strength of our brand in the domestic market."
Mr. Lines added, "I believe that the surface condenser order is a clear demonstration of the value of our large installed base. We will replace surface condensers that were sold to the same customer over 40 years ago for an LNG facility. Unfortunately, our equipment is not required typically in today's LNG facilities due to plant sizes and processing configurations. Nevertheless, we continue to seek out opportunities around the world where customers value our engineering expertise and ability to provide high quality, reliable, engineered-to-order solutions."
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 nearly 80 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," "typically," "anticipates," "believes," "appears," "could," "opportunities," seeking," "plans," 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 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 general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth 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 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.