Graham Corporation (NYSE Amex: GHM) a manufacturer of critical equipment for energy, petrochemical and other process industries, today announced it has received an order in excess of $25 million from Northrop Grumman Shipbuilding for the supply of four steam surface condensers for the second aircraft carrier of the Gerald R. Ford class, the unnamed CVN 79.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “Project management and design control, judicious quality management, adherence to rigorous fabrication requirements and on-time delivery are all critical to our customer and are hallmarks of our Company. Our selection by Northrop Grumman Shipbuilding for this project is a testament to the strength of the Graham brand. Graham has a long and proud history of providing equipment for the U.S. Navy dating back to the 1940s, and we look forward to continuing our relationship as a supplier for the next class of super carrier.”
Revenue from the contract award is expected to begin to be recognized in fiscal 2012 which begins April 1, 2011, and will continue into fiscal 2014. The surface condensers are expected to be engineered and manufactured in the Company’s Batavia, New York, facility.