BATAVIA, N.Y., Sept. 4, 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 secured four new orders totaling approximately $7.5 million for oil refining and chemical industry projects.
Graham, which has significant market share in China for distillation column vacuum systems for oil refineries, will engineer and manufacture an ejector system for a new oil refinery currently under construction in China. The ejector system is scheduled for shipment in approximately 12 months.
James R. Lines, Graham's President and Chief Executive Officer, commented, "In just an eight-year period, we have successfully built a strong brand and market position in the oil refinery industry in China. This success was facilitated by our unique sales approach, which involves our early participation in project planning with customers. The technical assistance we offer is intended to support customer operating objectives, thereby allowing us to integrate our products into facility design. We are known for our quality, and especially valued in China are the depth and breadth of our quality assurance processes for components fabricated in-country. Additionally, we believe that our on-location manufacturing specialists and our project management, as well as the post-installation support and training we provide, give us differentiating advantages in this market."
China is expected to be the world's largest oil consumer in 2014, and net daily refining capacity in China is expected to expand by 4.4 million barrels of oil by 2020. Comparatively, in the same time period, the U.S. is expected to increase net capacity by roughly 400,000 barrels of oil per day.
Two separate orders are for U.S. petrochemical facilities investing in incremental capacity as a result of the availability of low-cost natural gas that serves as a primary feedstock and energy source for the petrochemical plants. Each plant requires steam surface condensers and planned shipment is within 12 months.
The Company's fourth project being announced today is for a liquid ring compressor package for an upgrader application in the Canadian oil sands region. This package will be shipped in approximately 18 months.
Mr. Lines concluded, "I believe that these wins are a reflection of the ongoing improvement in our oil refining and petrochemicals markets and are a testament to the success we are having with our sales and marketing strategy to expand our opportunities."
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.