Graham Corporation Awarded Two Surface Condenser Orders Totaling $2.4 Million for the Indian Market

Graham Corporation (NYSE Amex: 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 power plants, today announced that it has been awarded orders for two surface condensers, both for the Indian market, totaling $2.4 million.

One of the orders is for the expansion of a petrochemical facility to increase production of ethylene, with delivery planned for the quarter ending June 30, 2012.  The second order will increase the production of transportation fuels at an oil refinery, with delivery expected to occur in the quarter ending September 30, 2012. Graham’s current fiscal year ends March 31, 2012.

James R. Lines, Graham’s President and Chief Executive Officer, commented, “We continue to see investments in India in new and expanded capacity to produce fertilizers, petrochemicals, and fuels, driven by population growth and increased industrialization.  We believe that we are ideally positioned to capitalize on increased demand in India, with a strong, well-respected, and deeply-established brand.  In fact, our relationships with the customers who placed these two orders extend more than 20 years.”

 

“Other developing economies in Asia are also investing in new and expanded production capabilities, and we continue to be involved in the early bidding activity for projects in both the Middle East and South America.  We have also received early indications of new investments in North American refining and petrochemical production,” added Mr. Lines.