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Graham Corporation (NYSE Amex:
The two orders received from Westinghouse Electric Company were awarded to Graham’s wholly-owned subsidiary Energy Steel. Energy Steel will supply structural supports and assemblies for two nuclear power plant sites in the Southeastern United States where four AP1000® pressurized water reactor units are under construction. The equipment is planned to be delivered throughout fiscal years 2013, 2014 and 2015.
The second order is for replacement parts for an ejector system originally supplied by Graham that is operating at an oil sands upgrader in Alberta. The parts are planned to be delivered in the first quarter of fiscal year 2013.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “We believe that our attention to detail, the high quality of our products, our engaged and responsive customer service and our demonstrated capability to execute complex orders were all critical in our selection as a Westinghouse AP1000 supplier. We consider the orders awarded to us over the last two quarters for the new nuclear energy facilities under construction in the Southeastern United States to be an affirmation both of our reputation for consistently delivering high quality products as well as our exceptional customer service.
“We believe our recent order activity is a solid indication that customers are becoming more likely to place orders. Bidding activity continues to be strong, and although we cannot predict when such activity will convert to orders, we have become more optimistic in the recovery of our markets.”