Graham Corporation (NYSE Amex: GHM) a manufacturer of critical equipment for the oil refinery, petrochemical and power industries, today announced that it has been awarded orders for two refinery projects in the Middle East and a fertilizer project in Asia with a combined value exceeding $16 million. The orders were booked in Graham’s second quarter of fiscal 2010, which ended September 30, 2009, and are included in the $29.6 million in total orders booked during the quarter. The Company anticipates the majority of the related products shipping during the second half of fiscal 2011, which begins on April 1, 2010, and the early part of fiscal 2012.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “It is encouraging to see increased purchasing activity in our international markets, particularly in Asia and the Middle East, where we expected the recovery from the global recession to begin. We are also seeing renewed quoting activity in South America. However, we do not believe our markets are in full recovery, and we continue to expect non-uniform order levels for several more quarters.”
Mr. Lines concluded, “Throughout this contraction in the industries we serve, we have consistently maintained our customer support levels and have sought to strengthen our relationships with our customers as we all work through the economic slowdown. We remain committed to being ready for the upturn in our markets through continuous improvement in order execution and production efficiency, and by seeking opportunities to acquire companies that would contribute to expanded geographic capabilities, broadened markets, new customers or additional product offerings.” Graham announced separately today its financial results for the second quarter of fiscal 2010.