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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 awarded five orders totaling $10 million during July 2013. The projects are expected to ship at various times over the next nine to fifteen months, from the first quarter through the third quarter of the fiscal year ending March 31, 2015.
Two of the orders were for new ejector systems in the Middle East, with one for an oil refinery and the other for a new petrochemical production plant. The Middle Eastern oil refinery ejector system represents the Company’s third win for the new 400,000 BBL/day refineries being built in this region, continuing its successful track record as a preferred global supplier for world-scale refining operations.
A South American refiner ordered replacement ejector system components for a system the Company supplied in the late 1990’s. Lastly, two U.S. orders were also for replacement equipment, one for a nuclear power utility and the other for an edible oils facility.
“We believe that the benefit of our diverse geographic and end markets is validated by these orders that represent the oil refining, petrochemical, edible oil and nuclear power generation markets. We further believe the reliability of our products and responsive customer service drove the three significant orders for replacement equipment and having a large installed base supports future aftermarket revenue opportunity,” commented James R. Lines, Graham’s President and Chief Executive Officer.
Mr. Lines concluded, “We believe that our order pattern confirms an improvement in our markets for large new and replacement equipment projects, as well as short cycle projects. While we are encouraged with this progress, we continue to expect our order rate will vary from quarter to quarter in these early stages of recovery.”