BATAVIA, N.Y.--(BUSINESS WIRE)-- Graham Corporation (NYSE MKT: GHM), a global designer and manufacturer of critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear energy facilities, today announced that it has been awarded $5.0 million in new orders.
The orders awarded to Graham span two key markets within the Company’s targeted energy industry: oil refining and nuclear energy. Graham’s first win in the nuclear energy market in China is for ejector systems to be built in Graham’s Batavia operation. The ejector systems will be installed at four Chinese nuclear energy facilities currently under construction. The second order is for an ejector system with liquid ring vacuum pumps that will be installed in an existing Chinese oil refinery to nearly double its capacity as demand for transportation fuels in China continues to grow. Both orders have planned delivery schedules within the current fiscal year, which ends March 31, 2013.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “We have successfully secured our third order within the past two months for oil refining capacity investments in China, marking what we believe is a continued high level of confidence in our brand. Of significance is our entrance into the nuclear energy industry in China, which is expected to expand significantly over the next ten years. The four nuclear energy reactors currently under construction in China are well advanced in their procurement cycle for critical equipment. I believe that these orders are a testament to our strategy in China to establish our capabilities, build awareness and develop customer relationships. We have earned a large share of incremental capacity added during the past six years in the Chinese oil refining market, and we are now successfully expanding into the petrochemical and nuclear industries.
“Both domestically and internationally in all of our markets, we continue to experience elevated bidding activity as the pipeline of opportunities expands. We finished fiscal 2012 with $42.3 million of orders in our fourth quarter, and it is encouraging to have this momentum carry into the first quarter of 2013.”
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 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.
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